The total reserves with the central bank have dropped to $9.722 billion as of May 27, 2022, while the commercial banks hold $6.048 billion reserves. The SBP’s reserves are equal to six weeks imports of Pakistan. Total national reserves are at $15.771 billion as of May 27, the lowest since Nov 2019.
Economy
Slamming the government’s decision, the ousted prime minister claimed that the hike will increase the burden on the masses by Rs900 billion and massive inflation in the country.
“Government is still facing losses of Rs8 on light diesel, Rs9 on petrol, and Rs23 on high-speed diesel,” says Finance Minister Miftah Ismail.
NEPRA further said it determined different consumer-end tariffs for each distribution company (XWDiscos), owing to their different revenue requirements and varied levels of technical and distribution losses allowed to them.
Gul Ahmed Textile, Indus Dyeing, Fazal Cloth and Suraj Cotton are on top of the textile mills which have reported the highest amount of profits from July 2021 to March 2022 (three quarters). Textile mills, listed at PSX, have reported their profits to shareholders and regulators on June 1, 2022.
Wrong decision of the European Union to ban Russian oil has led to further unwanted increase in oil and gas prices at a time when the world is already experiencing super-cycle.
In 2023, BoA sees oil demand approaching pre-Covid levels—but only if Russia’s crude oil and condensate production stays at 10 million bpd and OPEC+’s crude oil output increases.
PM Shehbaz said that in next three years, Pakistan and Turkey can enhance their bilateral trade to $5 billion.