JS Securities Limited - JS Research.
Karachi -- January 24, 2023 (PPI-OT)
MPS briefing - SBP pins hopes on inflows
The Monetary Policy Committee announced a further 100bp hike, taking Policy Rate to 17% (in line with JS research forecast), reasoned with concerns on higher inflationary environment, including core inflation and the need to anchor the same.
Post MPS briefing was broadly around FX reserve management, a pressing issue with import cover at 4 weeks. Despite most obligations rolled over for FY23, the country still has debt payments of US$3bn by Jun-2023, in addition to CAD of ~US$4.5bn. As per SBP, these are expected to be financed by likely inflows from friendly countries and financial institutions.
Going forward, while do see...
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