1. Market performance.
2. Important news
1.On January 22, Pakistan and the World Bank (WB) secured financing for two projects worth a total of 4$2.5 billion. The first is Value 2the $500 million Social Protection for Crisis Response (CRISP), an additional World Bank funded effort to build more resilient social protection systems to help poor and vulnerable households cope with future crises; This is followed by value 1The $7.5 billion Resilient Microfinance Program (RAM) aims to improve borrowers' access to microfinance and provide resilient support to the microfinance industry and its borrowers.
2.During the three-day official visit to Qatar by Jawad Sohrab Malik, Special Assistant to the Prime Minister for Expatriates and Human Resources, Pakistan signed a number of agreements and letters of intent (LOIs) with leading Qatari companies aimed at increasing employment opportunities for Pakistani expatriates in Qatar, according to Pakistan's newspaper The News on January 22. The signing of this agreement marks a key step in strengthening bilateral human resources cooperation between the two countries.
3.The State Bank of Pakistan (RBB) announced on January 23 the introduction of a centralized foreign exchange trading platform called FX matching for the interbank foreign exchange market. The platform serves the headquarters or main offices of all authorized forex brokers and will be officially effective from January 29, 2024. The move is intended to provide a more centralized trading environment for the interbank foreign exchange market. Transactions on the platform will be conducted anonymously, allowing participants to make or accept without revealing their identities**.
4.According to the Pakistan Bureau of Statistics (PBS) on January 24, in the first half of fiscal year 2024 (July 2023 to June 2024) (July-December 2023), Pakistan's seafood exports were 1$9.9 billion, down 1163%；The export volume is 9260,000 tons, a year-on-year increase of 512%。
5.Pakistan signed an oil concession agreement (PCAS) and exploration licence covering eight oil and gas blocks on January 24, according to The National. The move aims to boost the country's hydrocarbon reserves, close the gap between energy supply and demand, and attract more investment to the oil industry. It is reported that the relevant exploration and production companies plan to invest more than US$33.3 million in the next three years. In addition, to promote local communities, these companies will invest at least $30,000 per block per year in regional social welfare programs.
6.The Federal Revenue Service (FBR) of Pakistan has developed a simplified scheme for the taxation of estimated income for merchants, retailers and certain persons, with the aim of reducing the size of the informal economy, according to the Dawn newspaper on January 25. The estimated income amount will be determined by factors such as the location, value, and rent of the store, and taxes will be paid in monthly installments. The tax department expects that the scheme is expected to collect 4,000-500 billion Pakistani rupees in income tax revenue.
7.According to the State Bank of Pakistan (RBB) on January 25, as of January 19, the central bank's foreign exchange reserves increased by 2$4.3 billion to $82$700 million. The increase in foreign exchange reserves was due to the fact that Pakistan received 5SDR 2.8 billion. The central bank's reserves are now at their highest level since July 14, 2023. Net foreign exchange reserves held by commercial banks in Brazil fell by $46.8 million to 50.8 million$700 million. Pakistan's total liquid foreign exchange reserves are 133$400 million.
China Economic Net Data Center
January 29, 2024.
*: China Economic Net.