The total liquid foreign reserves held by the country stood at US$15,619.5million on 30August2019.The break-up of the foreign reserves position is as under:-

Foreign reserves held by the State Bank of Pakistan: US$8,280.5million

Net foreign reserves held by commercial banks : US$7,339.0million

Total liquid foreign reserves         : US$15,619.5million

During the week ending 30August2019, SBP’s reserves increased by US$9 million to US$8,280.5 million.

Speaking at a conference organized by the Institute of Strategic Thinking (SDE), Ankara on the topic, “Jammu & Kashmir dispute: Ongoing crisis and threats for regional peace and security,” the Ambassador of Pakistan to Turkey, M. Syrus Sajjad Qazi, called on the international community to fulfill its moral, ethical and legal responsibility by bringing an end to the on-going gross violations of human rights against the Kashmiris in India Occupied Jammu & Kashmir (IOJ&K).

Positive sentiments prevailed in the market during the outgoing week on account of news flows primarily on economic front. The week started with development surrounding lending of USD10bn from ADB in next five years followed by statement of SBP governor that economy is now capable of absorbing external shocks and addressing investors’ concerns over external account to some extent.

Prime Minister of Pakistan’s vision of a ” CLEAN AND GREEN PAKISTAN”, National Bank of Pakistan(NBP) has taken this drive to South Punjab as part of its resolve to support the same and reiterate the Corporate Social Responsibility. National Bank of Pakistan conducted a Tree Plantation Drive in Bahahudin Zakriya University Multan.

Keeping up with its rich tradition, one of the country’s leading technology institutes, Usman Institute of Technology (UIT), held its Annual Final Year Projects Exhibition and job fair at its campus. Officials of Pakistan’s top 53 national and multinational firms, Consulate Generals of different countries, and country’s prominent academics graced the event with their presence.

Pak-Qatar General Takaful Limited (PQGTL) and Youth Impact recently signed an MoU agreement for their upcoming event “Markhor 2019” as their official Takaful partner. PQGTL will be providing Takaful coverage for the youth delegates participating in the event.

The agreement was signed by Mr.

· As per provisional numbers, petroleum volumes dipped by 15%yoy to 1.3mn tons during Aug’19. However, excluding Furance Oil (FO), volumes declined by a less sharper 6%yoy as Mogas sales are holding up.

· During Aug’19, 18%yoy/25%mom decline in HSD volumes to 0.41mn tons is concerning, While slow economic growth and smuggled HSD are major factors behind slump in HSD sales (volumes declined by 20% yoy in FY19), we suspect a strong rainy season and religious holidays may have also contributed.

K-Electric continues operation to remove kundas and illegal streetlights, which were encroaching on electric infrastructure throughout the city. During the operation the power utility successfully removed more than 600 illegal hooks from Gulshan, Malir. 130 illegal streetlights along with wires and switches being used for various lighting purpose were also removed from Liaquatabad, Surjani, North Karachi and North Nazimabad.

JS Global Capital Limited (JSGCL), Pakistan’s leading equity brokerage and investment banking firm is organizing an investment conference titled ‘Pakistan Investment Conference 2019 (PIC-2019)’. This consultation will be held in the United States from the 4th to the 6th of September and is the fourth of its kind event organized by JSGCL.