Despite a sharp decline in the current account deficit, to $0.50 billion in Feb-2022 against $2.56 billion in Jan-2022, the value of dollar increased further in the inter-bank and open market amid growing political uncertainty in the country.
Economy
Trade deficit has increased alarmingly, to $29.87 billion in eight months of the ongoing financial year in comparison with $17.31 billion trade deficit in the same period in last financial year. Thus, more than $12 billion growth in the trade deficit has expanded the current account deficit in the first eight months of 2021-22.
Textiles, edible oil companies and oil refineries borrowed heavily for working capital, partly due to higher imported input costs. For export-oriented industries like textiles, the Export Finance Scheme and the Long-Term Financing Facility, along with continued disbursements under the Temporary Economic Refinance Facility, allowed them to borrow at concessional rates for working capital and fixed investment purposes
The PSO officials told Senate Standing Committee on Petroleum that although the PSO has 26-day stocks left, they feared that smaller companies would stop the supply citing losses.
The ECC meeting authorised the summary of the Ramazan Relief Package-2022 prepared by the Ministry of Industries and Production with the order to create procedural mechanisms for restricting the interventions by each household.
Bazaar Technologies has raised more than $100 million in investment.
In a statement to mark the launch of the strategy for the NDF, the Crown Prince said that the fund will contribute to tripling the share of non-oil GDP to SR605 billion over the same period.
US Federal Reserve must walk a tight line between reigning in inflation and maintaining the world’s largest economy