Pakistan’s economic growth gain momentum: Economic Outlook Report
The economic indicators of first quarter of the current fiscal year (2023-24) show Pakistan’s economy had set the growth momentum and was yielding positive results owing to government’s stabilization measures, according to the finance ministry.
Adil Aziz
Mobilink Bank to provide financial services to HRSG
Mobilink Bank signed a Memorandum of Understanding (MoU) with HRSG, a globally renowned service provider. This collaborative agreement strives to extend financial services to HRSG employees, showcasing the Bank’s dedication to improving the economic well-being of these individuals and supporting their financial aspirations.
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State Bank decided to maintain the policy rate at 22%
Monetary Policy Committee decided to maintain the policy rate at 22 Percent. The Committee noted that headline inflation rose in September 2023 as expected. However, it is projected to decline in October and then maintain a downward trajectory, especially in the second half of the fiscal year.
State Bank to announce Monetary Policy today
The State Bank of Pakistan will announce a new monetary policy for the next two months on Monday (Oct 30). According to the SBP sources, the Monetary Policy Committee (MPC) would convene in Karachi to assess economic statistics before deciding whether to raise or lower interest rates.
SECP initiates consultation on voluntary ESG Disclosure Guidelines
The Securities and Exchange Commission of Pakistan issued draft guidelines on ESG disclosures for consultation as part of its Environmental, Social and Governance (ESG) Regulatory Road map issued in June 2022. The guidelines have been prepared to encourage listed companies to enhance their ESG disclosures in a fair and transparent manner on voluntary basis. Since the guidelines are non-mandatory in nature, non-listed companies may also seek guidance from the draft guidelines for embarking on their journey towards adoption of ESG standards.
SBP imposes penalty of over Rs.83 Million on 4 banks
State Bank of Pakistan imposed fines of over Rs.83.157 million on four commercial banks during July- September 2023 on the charges of violation of regulatory instructions pertaining to foreign exchange, general banking operations and customers’ due diligence.
SBP forecast GDP growth FY 23-24 around 2 to 3 Percent
he State Bank of Pakistan said that Pakistan’s economic situation started to show some early signs of improvement and real GDP growth is expected to remain in the range of 2-3% while inflation may subside to 20 to 22% in FY24.
SBP introduces new measures to facilitate IT Exporters and Freelancers
To facilitate the IT exporters to boost the exports of IT and IT enabled services, SBP has increased the permissible retention limit of IT exporters from 35% to 50% of their export proceeds in the Exporters’ Specialized Foreign Currency Accounts (ESFCAs).
PSX Crosses 50,000 index after six years
The three top-trading companies were K-Electric Ltd with 83,163,817 shares at Rs.3.37 per share, Pak Refinery with 37,666,822 shares at Rs.17.47 per share and WorldCall Telecom with 25,884,545 shares at Rs1.28 per share.
Freelancers can receive payments invoicing from Apple Pay via SadaPay
SadaPay, the FinTech that launched a business account (SadaBiz) tailored for freelancers earlier this year, announces that SadaBiz users will now be able to receive payments via Apple Pay.