KARACHI: Pakistan’s central bank on Friday described fiscal year 2023 as “extraordinarily challenging” for national economy, saying it brought a number of domestic and external shocks for the country in which the financial well-being of the people was compromised by structural weaknesses and spiraling inflation.
The State Bank of Pakistan (SBP) presented a mixed economic report card in the Governor’s Annual Report (GAR) for the last fiscal year which it is legally require to prepare and submit to the national parliament, specifying its economic objectives, monetary policy conduct and the overall health of the economy and financial system.
The report said despite the economic hardships, the bank had focused on financial inclusion by facilitating the digitization of services which had led significant growth within the sector.
However, price stability and inflation remained major concerns for the country, with the average headline national consumer price index rising up to 29.2 percent. The bank noted this situation could only be addressed through tough measures that it was willing to take in the coming months.
“The SBP responded to these challenges by maintaining a contractionary policy stance, raising the policy rate by a cumulative 825 basis points during FY23, in addition to the 675 basis points increase in FY22,” the central bank said in a statement that detailed the contours of the annual report.
“The GAR FY23 asserts that the central bank will continue to take decisions to prevent high inflation from becoming entrenched and keep inflation expectations anchored to achieve the medium term target of 5-7 percent by the end of FY25, with FY24 inflation moderating to 20-22 percent on account of the impact of contractionary monetary policy, improvements in domestic supplies, softer non-energy global commodity prices, and the high base effect,” it added.
The report complained that political uncertainty in the country weighed on business and consumer sentiments, generating a negative impact on the overall economy.
The real GDP contracted by 0.2 percent, it said, and budgetary targets for the government’s fiscal and primary balances were missed by large margins amid less than planned tax revenues and lower than budgeted reduction in subsidies.
However, the central bank continued to emphasize its objective of maintaining stability of the financial system while reporting it had achieved considerable progress in the area.
“The country’s financial sector grew steadily and continued to meet the economy’s needs of credit and financial services,” the SBP statement added. “Total assets of the banking sector grew by 17 percent in FY23.”
“Within the banking sector,” it continued, “Islamic Banking Institutions (IBIs) performed well during the review period and outperformed their conventional counterparts on several fronts, such as financing and investments along with a double-digit growth in deposit mobilization.”
It may be recalled that Pakistan suffered devastating impact of monsoon floods during the last fiscal year along with elevated global commodity prices and the delay in the ninth review of the International Monetary Fund (IMF) loan program.
The SBP said all these factors added pressure on the country’s external account and created a tough situation for the economy.
Pakistan central bank calls fiscal year 2023 ‘challenging’ amid economic shocks, rising inflation
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Pakistan central bank calls fiscal year 2023 ‘challenging’ amid economic shocks, rising inflation
- The bank says it will continue to take necessary measures to prevent high inflation from becoming entrenched
- SBP counts financial inclusion as one of its objectives, saying total banking sector assets grew by 17% in FY23
PCB sets Feb. 11 as date for player auction for Pakistan Super League 11th edition
- The squad composition would be a minimum of 16 players and a maximum of 20
- The number of foreign players would be five to seven depending on the squad size
ISLAMABAD: The Pakistan Cricket Board (PCB) on Sunday announced that the player auction for the 11th edition of the Pakistan Super League (PSL) will be held on Feb. 11, setting the stage for franchises to begin assembling squads for the country’s premier Twenty20 tournament.
The development came after a workshop regarding PSL player auction at the Qaddafi Stadium, which was presided over by PCB Chairman Mohsin Naqvi and PSL CEO Salman Naseer.
The workshop was attended by PSL officials, all eight franchise representatives, members of Pakistan’s T20 World Cup squad, PCB officials and other capped players.
“The HBL PSL management shared a detailed presentation on the mechanics of the retention and the auction process and consulted with all the participants,” the PCB said.
“It was agreed that the HBL PSL player auction will take place on Wednesday, 11 February.”
The squad composition would be a minimum of 16 players and maximum of 20 players per franchise. The number of foreign players would be five to seven depending on the squad size, according to the PCB.
It would be mandatory for the franchises to play minimum of three and maximum of four foreign players in the playing XI. The teams are also required to have minimum of two uncapped Under 23 players in the squad and one in the playing XI.
Players either retained or picked in the auction will be engaged for two-year contracts with their respective franchise teams, the board said, adding that franchise teams will be able to retain a maximum of seven players for the 12th edition of the tournament.
“I’m delighted that a consultative and productive session was held between the franchises, players and management today resulting in informed and strategic decisions which will pave the way for bright future for the HBL PSL,” Naqvi said.
“The Player Auction model is a landmark step for the HBL PSL, offering players better financial opportunities through an increased salary purse and a transparent acquisition process, while making the league more competitive and attractive.”
PSL CEO Naseer said the player auction system modernizes player recruitment by promoting fairness, transparency, and market-driven value, strengthening the PSL’s appeal for both players and franchises.
“Today’s workshop saw all views being taken into consideration and this rich feedback will be reflected in our execution of a successful player auction scheduled next month,” he said.
PSL has become a key pillar of the country’s cricket economy, providing financial stability to the PCB and serving as a talent pipeline for the national team. The 11th edition of the league is set to begin from Mar. 26 while the final is expected to be played on May 3, as per the PCB’s schedule.
