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Increased by $18.5 million to $8.04 billion, SBP’s foreign exchange reserves

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On March 22, the foreign exchange reserves of the central bank were valued at $8.22 billion.

The SBP did not provide an explanation for the reserve increase.

Meanwhile, the commercial banks’ foreign exchange reserves decreased by $67.2 million over the course of the week that concluded on March 29 to reach $5.3 billion from the previous total of $5.4 billion.

Pakistan’s total foreign exchange reserves decreased to $13.38 billion from $13.42 billion the week before, a $48.7 million decrease.

According to figures released by the Pakistan Bureau of Statistics (PBS), during the first nine months of the current fiscal year (2023–24), exports from Pakistan rose by 8.93% as compared to the same period the previous year.

From July to March of 2023–24, the nation’s exports increased by 8.93% to $22.91 billion from $21.03 billion during the same period in 2022–2023.

Pakistan’s imports this year have dropped by 8.65% to $39.94 billion from $43.72 billion.

The data shows a notable decrease of 24.94% in the trade deficit from $22.68 billion during the same time last year to $17.03 billion for the first nine months of the current fiscal year.

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The Deputy Prime Minister presides over a session of the Exploration and Production Committee.

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Deputy Prime Minister Ishaq Dar presided over the fifth session of the committee established by the Prime Minister to formulate a comprehensive action plan for tackling the difficulties confronting the exploration and production sector in Pakistan.

The committee achieved a preliminary consensus to present a long-anticipated framework to the executive committee of the national economic council on the sale of 35% of the unallocated gas volumes to external purchasers.

The committee resolved to commence a bidding process for accessible onshore exploration blocks by the following month.

The committee received an update on the current digitalisation initiatives of the Directorate General of Petroleum Concessions (DGPC). A competitive procedure has commenced to facilitate this digital transformation, which will optimise operations and improve efficiency in the sector.

The committee deliberated on a proposal to adjust petrol selling prices monthly or quarterly. The committee instructed the petroleum division to do a more thorough analysis of the idea and present it again at the next meeting.

The committee addressed the security concerns encountered by exploration and production companies, underscoring that the establishment of robust security measures is crucial for fostering investment in the E&P industry to ensure Pakistan’s energy security.

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PTI to intensify pressure on the government on November 24: Barrister Saif

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Khyber Pakhtunkhwa Information Adviser Barrister Saif stated on Tuesday that the Pakistan Tehreek-e-Insaf (PTI) intends to intensify pressure on the “Form-47 government” during its forthcoming protest campaign, planned to commence on November 24.

Saif stated that the residents of KP were making comprehensive arrangements for the gathering on November 24, noting that KP Chief Minister Ali Amin Khan Gandapur had issued directions to legislators from all constituencies to accelerate their preparations for the anti-government initiative.

“We are conducting rallies and corner meetings throughout KP to ensure the success of the gathering on November 24.” Thousands of individuals, along by public officials, will assemble at the Motorway, from which KP Chief Minister Ali Amin Gandapur will direct the procession towards Islamabad,” Saif reiterated.

He stated that November 24 will be a day for the supremacy of law and the constitution.

“I implore individuals to protect themselves from the actions of the fascist regime; otherwise, they will suffer the consequences,” he said.

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Twin cases are sent back to the regular bench by the constitutional court.

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A few cases were returned to the ordinary bench by the newly established constitutional bench on Tuesday, raising doubts about its constitutionality.

In the name of the Ministry of Petroleum, Saeed Khosa’s case was heard by a seven-member bench presided over by Justice Amin-ud-din Khan.

Only cases that fall inside the purview of the constitutional bench should be sent to it, said Justice Muhammad Ali Mazhar.

Notably, on October 23, the matter was referred to the constitutional bench by a three-member panel headed by Justice Mansoor Ali Shah.

Additionally, a different housing society case was returned to the regular bench as well.

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