July 2024 Edition
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July 2024 Current Affairs MCQs & Solutions
Top national & international current affairs questions for CSS, PMS, FPSC, PPSC, and NTS screening tests.
#3181
What is the target inflation range set by the State Bank of Pakistan as mentioned in the July 2026 report?
(a) 3-5 percent
(b) 9-11 percent
(c) 7-9 percent
(d) 5-7 percent
Explanation: The SBP maintains a target inflation range of 5-7 percent. Current inflation levels of 11.1 percent are well above this threshold, necessitating a restrictive monetary policy. [Source: https://www.dawn.com/news/2018929/policy-rate-pause-splits-stakeholders, 28 Jul 2026]
#3182
What was the policy rate maintained by the State Bank of Pakistan as of July 28, 2026?
(a) 9.5 percent
(b) 10.5 percent
(c) 11.5 percent
(d) 12.5 percent
Explanation: The State Bank of Pakistan decided to keep the benchmark interest rate at 11.5 percent in its July 2026 review. This decision was made to balance macroeconomic stability against the demands for industrial growth. [Source: https://www.dawn.com/news/2018929/policy-rate-pause-splits-stakeholders, 28 Jul 2026]
#3183
Consider the following statements regarding the economic situation in Pakistan as of July 2026: 1. The SBP's decision to maintain the policy rate is supported by domestic trade bodies to curb inflation. 2. Private sector credit showed signs of recovery in June 2026. 3. Industrial stakeholders argue that a single-digit interest rate is necessary to improve export competitiveness. Which of the statements given above is/are correct?
(a) 1 and 2 only
(b) 2 and 3 only
(c) 1 and 3 only
(d) All three
Explanation: Statement 1 is incorrect because domestic trade bodies (FPCCI, Korangi Association) criticized the policy rate as contractionary, not supportive. Statements 2 and 3 are factually accurate reflections of the economic sentiment and data reported in July 2026. [Source: https://www.dawn.com/news/2018929/policy-rate-pause-splits-stakeholders, 28 Jul 2026]
#3184
Who is the current Canadian Minister of Foreign Affairs visiting Pakistan in July 2026?
(a) Melanie Joly
(b) Anita Anand
(c) Chrystia Freeland
(d) None of these
Explanation: Anita Anand is the Canadian Minister of Foreign Affairs who scheduled a visit to Pakistan in July 2026. The other names listed are former or alternative Canadian cabinet members, making them incorrect. [Source: https://www.dawn.com/news/2016734/canadian-foreign-minister-anita-anand-to-visit-pakistan-on-monday, 19 Jul 2026]
#3185
The visit of the Canadian Foreign Minister to Pakistan in July 2026 marks the first such visit in how many years?
(a) 20 years
(b) 15 years
(c) 10 years
(d) 25 years
Explanation: Global Affairs Canada confirmed that the visit by Anita Anand in July 2026 is the first visit by a Canadian foreign minister to Pakistan in 20 years. This highlights the significance of the current diplomatic engagement. [Source: https://www.dawn.com/news/2016734/canadian-foreign-minister-anita-anand-to-visit-pakistan-on-monday, 19 Jul 2026]
#3186
Which of the following is NOT a component of the export-boosting schemes approved by the ECC on July 28, 2026?
(a) Enhanced Export Finance Scheme (E-EFS)
(b) Direct cash grants for industrial electricity bills
(c) Performance-based rebate on incremental exports
(d) Long-Term Export Growth Financing Facility (LTEGFF)
Explanation: The approved package includes E-EFS, LTEGFF, and a performance-based rebate scheme. Direct cash grants for electricity bills are not part of the three specific schemes mentioned in the ECC approval. [Source: https://www.dawn.com/news/2018926/ecc-okays-rs255bn-for-export-boosting-schemes, 28 Jul 2026]
#3187
Which of the following statements regarding the Australian market performance on July 27, 2026, is INCORRECT?
(a) The S&P/ASX 200 index rose to 8,851.30 points.
(b) Technology stocks jumped by 3.8%.
(c) Miners gained 2.1% during the session.
(d) The benchmark index fell by 0.9% on the previous Friday.
Explanation: The benchmark index fell by 0.8% on the previous Friday, not 0.9%. The other statements accurately reflect the market data from the session. [Source: https://www.brecorder.com/news/40431982/australian-shares-rise-nearly-1-as-middle-east-de-escalation-boosts-sentiment, 27 Jul 2026]
#3188
Which of the following statements regarding the impact of the July 2026 oil price decline on the US economy is INCORRECT?
(a) It guarantees an immediate interest rate cut by the Federal Reserve.
(b) It provides the Federal Reserve with greater policy flexibility.
(c) It is expected to ease inflationary pressures.
(d) It follows a period where Brent crude had surged to $102 per barrel.
Explanation: While the decline in oil prices provides policy flexibility, it does not guarantee an interest rate cut, as market expectations were leaning toward a status quo or a future hike. The other statements accurately reflect the economic context described. [Source: https://www.brecorder.com/news/40431972/indian-bonds-rebound-as-easing-middle-east-tensions-drag-oil-lower, 27 Jul 2026]
#3189
What is the total amount of subsidies approved by the Economic Coordination Committee (ECC) for export promotion schemes on July 28, 2026?
(a) Rs155 billion
(b) Rs455 billion
(c) Rs355 billion
(d) Rs255 billion
Explanation: The ECC approved Rs255 billion in subsidies to boost exports through three distinct incentive schemes. This funding is intended to address the stagnation of annual exports at the $30 billion mark. [Source: https://www.dawn.com/news/2018926/ecc-okays-rs255bn-for-export-boosting-schemes, 28 Jul 2026]
#3190
Consider the following statements about the market reaction on July 27, 2026: 1. Indian government bonds experienced a surge in yields due to rising oil prices. 2. The 10-year US Treasury yield eased to 4.64%. 3. Market participants assigned a 66% probability of a status quo in the upcoming Federal Reserve interest rate decision. Which of the statements given above is/are correct?
(a) 1 and 2 only
(b) 2 and 3 only
(c) 1 and 3 only
(d) All three
Explanation: Statement 1 is incorrect because Indian bond yields fell (rebounded) as oil prices decreased, not increased. Statements 2 and 3 are factually accurate according to the market data provided for the specified date. [Source: https://www.brecorder.com/news/40431972/indian-bonds-rebound-as-easing-middle-east-tensions-drag-oil-lower, 27 Jul 2026]
#3191
Who presided over the Economic Coordination Committee meeting held on July 27, 2026, where the export subsidy package was approved?
(a) Finance Minister
(b) Minister for Commerce
(c) Prime Minister
(d) Governor State Bank
Explanation: Finance Minister Muhammad Aurangzeb chaired the ECC meeting that approved the export-boosting schemes. The committee is a key executive body responsible for economic decision-making in Pakistan. [Source: https://www.dawn.com/news/2018926/ecc-okays-rs255bn-for-export-boosting-schemes, 28 Jul 2026]
#3192
Consider the following statements about the Australian market on July 27, 2026: 1. The S&P/NZX 50 index in New Zealand fell by 0.4%. 2. Financials rose to their highest level since April 22, 2026. 3. Markets have priced in a 50% chance of a rate hike at the next central bank meeting. Which of the statements given above is/are correct?
(a) 1 and 2 only
(b) 2 and 3 only
(c) 1 and 3 only
(d) All three
Explanation: Statement 1 and 2 are correct. Statement 3 is incorrect because the market priced in nearly a 30% chance of a rate hike, not 50%. [Source: https://www.brecorder.com/news/40431982/australian-shares-rise-nearly-1-as-middle-east-de-escalation-boosts-sentiment, 27 Jul 2026]
#3193
What was the primary reason for the recent decline in Brent crude oil prices as of July 27, 2026?
(a) A global surplus in oil production
(b) A tentative truce between the US and Iran
(c) A significant drop in global industrial demand
(d) None of these
Explanation: Brent crude fell by more than 4% due to a tentative truce between the US and Iran, which halted a series of retaliatory attacks. This de-escalation reduced the geopolitical risk premium that had previously pushed oil prices above $100 per barrel. [Source: https://www.brecorder.com/news/40431973/copper-gains-on-mideast-de-escalation-oil-price-drop, 27 Jul 2026]
#3194
Consider the following statements about the global commodity market as of July 27, 2026: 1. High energy prices are generally associated with increased inflation expectations and higher interest rates. 2. Copper is considered a growth-dependent commodity that can be negatively impacted by high interest rates. 3. The US dollar index has a negligible impact on the pricing of commodities traded in the greenback. Which of the statements given above is/are correct?
(a) 1 and 2 only
(b) 2 and 3 only
(c) 1 and 3 only
(d) All three
Explanation: Statements 1 and 2 are correct as they reflect standard economic relationships between energy costs, interest rates, and industrial demand. Statement 3 is incorrect because the US dollar index has a significant inverse relationship with commodity prices; a weaker dollar typically makes commodities cheaper for foreign buyers, thereby supporting prices. [Source: https://www.brecorder.com/news/40431973/copper-gains-on-mideast-de-escalation-oil-price-drop, 27 Jul 2026]
#3195
Who is the current Petroleum Minister of Pakistan as of July 27, 2026?
(a) Musadik Malik
(b) Khaleeq Kiani
(c) Abidullah Afridi
(d) Ali Pervaiz Malik
Explanation: Ali Pervaiz Malik is the Petroleum Minister who held discussions with the Oil Tankers Contractors Association. Abidullah Afridi is the president of the OTCA, not the minister. [Source: https://www.dawn.com/news/2018766/petroleum-minister-hints-at-fuel-price-relief-after-pakistans-oil-cargoes-clear-bab-al-mandeb, 27 Jul 2026]
#3196
Which of the following factors is NOT cited as a reason for the market rally on July 27, 2026?
(a) An immediate reduction in the SBP policy rate
(b) A sharp decline in global oil prices
(c) Easing geopolitical tensions in the Middle East
(d) Improved investor sentiment following a pause in combat
Explanation: The SBP maintained the policy rate at 11.5 percent rather than reducing it. Therefore, an immediate reduction in the policy rate is an incorrect statement regarding the events of that day. [Source: https://www.dawn.com/news/2018715/psx-opens-week-in-the-green-gains-more-than-7000-points-to-close-above-178000-mark, 27 Jul 2026]
#3197
Which of the following companies was among the leading performers contributing to the PSX benchmark index rally on July 27, 2026?
(a) Engro Fertilizers
(b) Lucky Cement
(c) United Bank Limited
(d) None of these
Explanation: While UBL, FFC, ENGROH, MEBL, and LUCK were identified as leading contributors, the options provided (Engro Fertilizers, Lucky Cement, United Bank Limited) are individual entities. Since all three are correct, 'None of these' is the appropriate choice as it implies none of the single-option choices exclusively represent the list of top performers. [Source: https://www.dawn.com/news/2018715/psx-opens-week-in-the-green-gains-more-than-7000-points-to-close-above-178000-mark, 27 Jul 2026]
#3198
The KSE-100 index closed above which of the following thresholds on July 27, 2026?
(a) 168,000 points
(b) 198,000 points
(c) 188,000 points
(d) 178,000 points
Explanation: The KSE-100 index gained over 7,000 points to close at 178,262.33, successfully crossing the 178,000-point threshold. [Source: https://www.dawn.com/news/2018715/psx-opens-week-in-the-green-gains-more-than-7000-points-to-close-above-178000-mark, 27 Jul 2026]
#3199
On July 27, 2026, the State Bank of Pakistan maintained the policy rate at which of the following levels?
(a) 10.5 percent
(b) 12.5 percent
(c) 11.5 percent
(d) 13.5 percent
Explanation: The State Bank of Pakistan maintained the policy rate at 11.5 percent during the announcement on July 27, 2026. Analysts viewed this as a cautious stance given the prevailing regional geopolitical tensions. [Source: https://www.dawn.com/news/2018715/psx-opens-week-in-the-green-gains-more-than-7000-points-to-close-above-178000-mark, 27 Jul 2026]
#3200
Consider the following statements about the PSX performance on July 27, 2026: 1. The KSE-100 index gained more than 7,000 points during the session. 2. The market rally was partially attributed to the resumption of shipping through the Strait of Hormuz. 3. The index reached an intra-day peak of over 178,500 points. Which of the statements given above is/are correct?
(a) 1 and 2 only
(b) 2 and 3 only
(c) 1 and 3 only
(d) All three
Explanation: All three statements are factually accurate based on the market data from July 27, 2026. The index gained 7,241.13 points, investor sentiment improved due to hopes for shipping resumption, and the intra-day peak was 178,588.33 points. [Source: https://www.dawn.com/news/2018715/psx-opens-week-in-the-green-gains-more-than-7000-points-to-close-above-178000-mark, 27 Jul 2026]