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State Bank announces monetary policy, maintains interest rate

State Bank of Pakistan’s (SBP) Monetary Policy Committee (MPC) has decided to maintain the policy rate at 7 per cent, Central bank Governor Dr Reza Baqir announced in a Press conference on Tuesday.

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State Bank announces monetary policy, maintains interest rate
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“Since its last meeting in May, the MPC was encouraged by the continued domestic recovery and improved inflation outlook following the recent decline in food prices and core inflation,” the SBP said, in a statement issued after the committee's meeting.

In addition, consumer and business confidence have risen to multi-year highs and inflation expectations have fallen. As a result of these positive developments, growth is projected to rise from 3.9 per cent in FY21 to 4 - 5 per cent this year, and average inflation to moderate to 7 - 9 per cent this year from its recent higher out-turns.

Baqir, addressing a press conference along with SBP officials said that this is the fifth consecutive time that the central bank has decided to maintain the policy rate.

Imports are expected to grow on the back of the domestic recovery and rebound in global commodity prices, albeit more moderately than in FY21.

The MPC noted that the market-based flexible exchange rate system, resilience in remittances, an improving outlook for exports, and appropriate macroeconomic policy settings should help contain the current account deficit in a sustainable range of 2 - 3 per cent of GDP in FY22.

Notwithstanding this moderate current account deficit, the country’s foreign exchange reserves position is expected to continue to improve this year due to adequate availability of external financing.

 

Against this backdrop, the MPC felt that the uncertainty created by the ongoing fourth Covid wave in Pakistan and the global spread of new variants warrant a continued emphasis on supporting the recovery through accommodative monetary policy.

Fateh Farooq is a senior editor at GNN, known for writing top quality content which garner very high readerships and has been covering every field of journalism, including politics, media, sports and scholarly articles. Fateh Farooq is nothing less than a Veteran Editor and has been writing for GNN for the past 7 months.

Sports

Ramiz Raja becomes PCB chairman unopposed

Lahore: Veteran cricketer and former Test captain-turned commentator Rameez Raja has emerged as the next chairman of the Pakistan Cricket Board (PCB) on Monday.

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Ramiz Raja becomes PCB chairman unopposed

To elect the 36th PCB Chairman, a special meeting of the Board of Governors (BoG) took place today, (September 13) at the High Performance in Lahore.

The PCB Election Commissioner, Mr Justice (retd) Sheikh Azmat Saeed conducted the election, presiding over the meeting.

The members of the BoG including Mr Aasim Wajid Jawad, Ms Alia Zafar, Mr Asad Ali Khan, Mr Arif Saeed, Mr Javed Kurieshi, Mr Ramiz Raja and Mr Wasim Khan attended the special meeting.

At 1415 inside the Bob Woolmer Indoor School, NHPC, the newly-elected PCB Chairman will hold his media conference, which will be live-streamed on all PCB social media channels.

As per the PCB Covid-19 Protocols, which are designed to ensure health and wellbeing of all involved, only reporters and correspondents who are fully vaccinated and have immunisation certificates are invited to attend the media conference.

Moreover, TV news channels will be welcome to use PCB’s broadcast quality live-stream details of which will be shared shortly before the start of the media conference.

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Regional

New island emerges near Balochistan’s Kund Malir beach

A new island have popped up near Sonmiani beach of Balochistan— discovered by the fishermen sailing along the coast on Thursday.

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New island emerges near Balochistan’s Kund Malir beach

The technical advisor on marine fisheries at World Wild Fund (WWF), Muhammad Moazzam Khan said that the new island appeared in west off the coast of Sonmiani near Kund Malir.

“Such phenomena occurs due to geographical changes within the ocean depths,” he said adding that these kind of small islands emerge, remain in place for a while and then diminish back into the waters.

It is pertinent mention here that such Islands had earlier emerged at the same location in 2000 and 2010.

The first known emergence, during November 1945, was concurrent with an earthquake of magnitude 8.0.

The 2nd and 3rd emergences were in March 1999 and November 2010 respectively.

In 2013, an island emerged off Gwadar coast after a powerful 7.7 magnitude earthquake struck Pakistan. However, the island disappeared after some time.

Landsat images of March 1999 and November 2010 emergences indicate appearance of round-shaped island of 4.4 and 5.2 hectare area, followed by erosion and disappearance. The island was composed of mud breccias and circular vents spewing mud slurry and methane gas.

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Entertainment

BTS takes over UNGA, performs ‘Permission to Dance’ inside assembly hall

BTS’ speech was followed by a pre-recorded performance of their latest song ‘Permission to Dance’ which in itself is a message of positivity and hoping for an end to the pandemic.

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BTS takes over UNGA, performs ‘Permission to Dance’ inside assembly hall

New York: Acclaimed K-POP band BTS addressed the United Nations General Assembly (UNGA) as the special presidential envoy for future generations and culture from their native South Korea— expressing their faith in young people's ability to imagine a better world despite pandemic.

They spoke about climate change, and sustainable development amid the pandemic. The band discussed the difficulties that the youth encountered as a result of the pandemic.

The group leader Kim Namjoon (RM) taking centrestage, began in Korean, “It is an honor to be here today, where BTS has been appointed as Special Presidential Envoy for The Republic of Korea. We’re here today to share the stories of a future generation. Before we came here, we asked the young people in their teens and 20s around the world about their past two years and about the world they find themselves in today".

BTS’ speech was followed by a pre-recorded performance of their latest song ‘Permission to Dance’ which in itself is a message of positivity and hoping for an end to the pandemic.

The artists took turns on stage during their seven-minute speech, but it wasn't all about UN goals. 

The pre-recorded video was presented soon after all members of the band- Jimin, J-Hope, Jin, Suga, RM, Jungkook, and V- spoke about the possibilities of the future generation and their ability to adapt to changing times amid a raging coronavirus pandemic.

Korean President Moon Jae-in, at the conclusion of his speech in session, introduced the seven band members as the ‘World's most loved artist’.

The UNICEF tweeted, “Today, BTS returned to #UNGA to share a powerful message on climate action, COVID-19 vaccines & the importance of taking care of ourselves and our communities. Thank you, @BTS_twt for inspiring a generation of young people. Together, we can create a better world. #BTSLoveMyself".

It is pertinent to mention here that BTS began their ‘Love Myself campaign’ with UNICEF in 2017, and it was the subject of RM's first UN speech, which he gave in English.

The band virtually attended the 75th Assembly. It took place last year and offered its message through a film that brought people comfort.

This time, the band members took turns speaking in Korean, which was simultaneously dubbed in English.

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