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November 26, 2022: National Current Affairs MCQs
1. Unexpected hike takes interest rate to highest in 24 years
• The State Bank of Pakistan (SBP) raised its key policy rate by 100 basis points to a 24-year high of 16 per cent on November 25, 2022 in a decision that went against market expectations but, according to the central bank, was `aimed at ensuring that elevated inflation does not become entrenched`.
• The decision reflected the SBP monetary policy committee`s (MPC) view that `inflationary pressures have proven to be stronger and more persistent than expected`, the central bank said in a statement after a committee meeting.
• The move brings the SBP interest rates hikes to 625 basis points this year. It kept the rate unchanged at its last two meetings in October and September.
• Central banks around the world tame inflation by raising interest rates, which depresses economic activity
2. Join hands to reduce oil reliance, PM asks Turkiye
• Prime Minister Shehbaz Sharif has stressed the need for joint investment by Pakistan and Turkiye to promote renewable energy and cut dependence on traditional energy sources that contribute to carbon emissions.
• The prime minister, who is on a two-day official visit to Turkiye, made these remarks during the inauguration ceremony of the Milgem Corvette ship for the Pakistan Navy at the Istanbul Shipyard.
• `Pakistan wants to shift to renewable sources of energy and Turkish investors have a great potential to finance this shift,` the prime minister said.
• `I want to propose… let`s join hands together and get rid of high-carbon emissions, cut our import bills and let`s really promote investment in these fields,` the PM said while lamenting Pakistan`s rising import bill due to petroleum products
3. Transition in army leadership begins as Gen Raza given sendoff
• Gen Nadeem Raza on November 25, 2022 stepped down as the Chairman Joint Chiefs of Staff Committee upon his retirement from military service.
• `The defence of the country is impregnable and gallant soldiers will not hesitate in making it even more formidable,` Gen Raza said while speaking at a farewell ceremony at Joint Staff Headquarters.
• The general, who served in the army for 41 years, said he discharged his duties `to the best of his abilities with honesty, justice and dignity`.
• The ceremony, attended by senior officers of the three services and former chairmen of the joint chiefs of staff committee, marked the beginning of the transition in the army after the retirement of two four-star generals
4. Azad Kashmir announces incentive package for investors
• The Azad Jammu and Kashmir (AJK) government on November 25, 2022 unveiled a massive package for investors, offering them free of cost land, special relaxation in income and sales tax up to 25 years and some other facilities.
• The package was spelt out by AJK Minister for Finance and Inland Revenue Abdul Majid Khan at a press conference.
• He was accompanied by AJK Central Board of Revenue (CBR) chairman Raja Amjad Pervaiz Ali Khan and other senior officials.
• `Previously, many industrial units wrapped up their operations here due to the imposition of education cess. Now the government wants to bring back investors by creating an environment conducive for industrialisation,` Mr Khan said
5. Pakistan to repay $1bn sukuk before maturity
• As $1.8 billion has already been paid alone in the current month against foreign obligations, the State Bank of Pakistan (SBP) on November 25, 2022 announced to repay $1 billion international sukuk (Islamic bonds) on Dec 2, three days before its due date of mauturity.
• Briefing some analysts after the Monetary Policy announcement, SBP Governor Jameel Ahmed said the country has been making foreign payments regularly and expressed confidence that there would be no hindrance in the foreign debt repayments.
• `The earlier payment may be the processing time for clearance of the payments,` said a senior analyst who attended the meeting