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NPMC presses provinces, food ministry for better coordination to avoid wheat shortage in Ramazan

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NPMC presses provinces, food ministry for better coordination to avoid wheat shortage in Ramazan

The National Price Monitoring Committee (NPMC) on Thursday reviewed the prices of essential commodities while directing the Ministry of National Food Security and provincial governments to ensure inter-provincial coordination in order to avoid any shortage of daily commodities particularly wheat before the holy month of Ramazan.

“The Ministry of Food Security is responsible for inter-provincial coordination in order to avoid any shortage of wheat before Ramzan, ” said Federal Minister for Planning Development & Special Initiatives, Ahsan Iqbal, while chairing the NPMC meeting.

The meeting was attended by the chief economist, Chief Commissioner, Islamabad, representatives from all provinces, Federal Board of Revenue FBR, Pakistan Bureau of Statistics PBS and Ministry of Food Security and Industries.

The food secretaries of all the provinces are directed to hold a meeting immediately with the Ministry of Food to review the progress of wheat across the country and to ensure its smooth production and supply, said the Minister.

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During the meeting, the PBS officials gave a presentation over the price monitoring and inflation while representatives from Punjab, KP, Sindh and Balochistan apprised the forum over current production and supply of wheat and sugar.

The minister directed the concerned stakeholders to closely monitor the price index and to ensure the forecasting in order to avoid any disruption in Ramazan.

Prof Iqbal also directed officials to take stern action against those involved in market hoarding and there should be zero tolerance against hoarders. The Minister also directed the officials to ensure the supply of essential commodities keeping in view the demand which will be increased in the month of Ramzan.

The PBS is directed to submit a report of essential commodities, keeping in view the trends of the last three years so that the supply side could be managed accurately. During the meeting, the Minister also expressed serious concerns over the increased prices of essential commodities in Islamabad Capital Territory ICT and directed the Chief Commissioner to control the prices immediately.

“There should not be too much difference between the prices of wholesales and retails items, ” remarked the Minister, while directing the Chief Commission to deploy Assistant Commissions in respective areas to control the prices.

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“Immediate measures need to be taken to control the prices of essential commodities and this is our top priority to provide maximum relief to the common man,” said the minister.

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Dollar muted as traders await Fed rate decision

Dollar muted as traders await Fed rate decision

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Dollar muted as traders await Fed rate decision

The dollar was pinned near five-week lows on Wednesday ahead of the conclusion of the US Federal Reserve’s policy meeting, with investors awaiting clarity on the path the central bank is likely to take in the wake of global banking turmoil.

Investor attention is zeroed in on whether the Fed will stick to its hawkish path to fight sticky inflation or pause interest rate hikes given recent trouble among banks which has included bankruptcy and last-minute rescues.

The US dollar index, which measures the currency against six peers, was at 103.19, just above the five-week low of 102.99 touched overnight. The euro was at $1.0770, hovering around a five-week high of $1.0789 scaled overnight.

Markets are now pricing in about a 15% chance of the Fed not increasing rates, with a roughly 85% chance of a 25 basis point hike, showed the CME FedWatch tool. Just a month earlier, the market was pricing in a 24% chance of a 50 basis point hike.

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Investor sentiment remained fragile with worries over the outlook for the banking sector starting to ease after sharp volatility in the market in the past few weeks following high-profile U.S. banking failures earlier in the month and the rescue of lender Credit Suisse Group AG at the weekend.

“Markets are seemingly becoming more comfortable with the idea that authorities have probably done enough to prevent a systemic banking crisis,” said Rodrigo Catril, a senior currency strategist at National Australia Bank in Sydney.

“It might be early days, but the price action over the past 48 hours is certainly signalling a change in mood by investors.”

The Fed meeting concludes on Wednesday with the 2 pm EDT (1800 GMT) release of a policy statement followed half an hour later by a news conference by Chair Jerome Powell.

Catril said the Fed faces a difficult choice given a strong labour market alongside February inflation figures that were higher than many market watchers expected. Such circumstances would usually be ripe for a return to a 50 basis point hike were it not for worries over financial stability, he said.

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Christopher Wong, currency strategist at OCBC, said the focus will be on how the Fed communicates its forward guidance, in particular “the higher for longer” rhetoric.

“Ideally, we would like the Fed to go with a 25 basis point hike this meeting, tone down hawkish guidance and emphasize that policy decisions at subsequent meetings will continue to be data-dependent,” Wong said. “This wishlist should see dollar trade on the softer profile and risk proxies trade steadily.”

Meanwhile, the yen strengthened 0.04% to 132.47 per dollar, whereas sterling was last trading at $1.2233, up 0.16% on the day.

The Australian dollar rose 0.36% to $0.6694, while the New Zealand dollar gained 0.11% to $0.6199.

In cryptocurrencies, bitcoin last rose 0.44% to $28,276.58, but was below a nine-month peak it touched on Monday.

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Sui Northern to take special initiatives to ensure uninterrupted gas supply in Ramzan

Sui Northern to take special initiatives to ensure uninterrupted gas supply in Ramzan

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Sui Northern to take special initiatives to ensure uninterrupted gas supply in Ramzan

Sui Northern Gas has announced special initiatives to ensure uninterrupted gas supply to its consumers during the holy month of Ramzan.

The company will be undertaking immediate measures to ensure gas supply with full pressure. SNGPL spokesperson, in a statement, said that domestic consumers will be ensured gas supply with full pressure particularly between 2:30 to 6am and 4 to 9pm.

Spokesperson also stated that company will also ensure natural gas supply other than the mentioned timings. SNGPL has also constituted monitoring teams for immediate resolution of complaints regarding gas pressure.

Additionally monitoring room is being established for gas supply related complaints. SNGPL has requested consumers to consume natural gas wisely during the month of Ramzan.

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Bitcoin climbs to 9-month high as bank turmoil sparks rally

Bitcoin climbs to 9-month high as bank turmoil sparks rally

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Bitcoin climbs to 9-month high as bank turmoil sparks rally

 Bitcoin climbed to a nine-month high on Monday as turmoil in the banking sector drives some investors to turn to digital assets, as the cryptocurrency built on its best week in four years.

The biggest cryptocurrency rose as far as $28,567, its highest since mid-June, and was last up 0.9%, amid growing expectations that central banks would slow the pace of interest rate hikes.

Bitcoin rose 26% last week, its best weekly gain since April 2019, and has soared some 40% in 10 days as turmoil in the banking sector rippled around the globe – culminating, so far, in UBS Group’s takeover of rival Credit Suisse Group AG over the weekend.

Traditional assets such as banking stocks and bonds plummeted on Monday after UBS sealed its state-backed takeover of Credit Suisse, a deal orchestrated in an attempt to restore confidence in a battered sector.

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Top central banks, faced with the risk of a fast-moving loss of confidence in the stability of the financial system, moved on Sunday to bolster the flow of cash around the world. Such a global response has not seen since the height of the COVID-19 pandemic.

“Its stunning rally is the result of the banking crisis, and as the interest rate markets prices in rate cuts in the second half of 2023,” said Tony Sycamore, an analyst at IG Markets, predicting a move towards $32,000 should bitcoin hold above the key support level about $25,000.

Other market players predicted that bitcoin would benefit from central bank efforts to bolster liquidity in the global financial system. It rose to a record of $69,000 in November 2021 after central banks and governments launched unprecedented monetary and fiscal stimulus measures.

“The momentum is all driven by liquidity,” said Markus Thielson at digital asset firm Matrixport in Singapore.

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