Author: Hamza Shahnawaz

  • Pakistan’s forex reserves deplete to $15.74 billion

    Pakistan’s forex reserves deplete to $15.74 billion

    KARACHI: The foreign exchange reserves of Pakistan have depleted by $454 million to $15.742 billion by week ended June 30, 2022, State Bank of Pakistan (SBP) said on Thursday.

    The foreign exchange reserves of the country were at $16.196 billion a week ago i.e. June 24, 2022.

    READ MORE: State Bank’s reserves dip to 32-month low at $8.238 billion

    The country’s foreign exchange reserves hit all-time high of $27.228 billion on August 27, 2021. Since then the foreign exchange reserves have declined by $11.486 billion.

    The official reserves of the State Bank also recorded a decline of $493 million to $9.816 billion by week ended June 30, 2022 as compared with $10.309 billion a week ago.

    READ MORE: Pakistan’s central bank reserves shrink to one month import cover

    The central bank attributed the decline in foreign exchange reserves to external debt repayments.

    It is pertinent to mention that the SBP received about $2.3 billion from Chinese banks for buildup of foreign exchange reserves. However, despite receiving the amount the external debt payment kept the pressure on the reserves.

    READ MORE: SBP’s forex reserves slip 2½-year low to $9.226 billion

    The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by week ended August 27, 2021. Since then the official reserves of the SBP declined by $10.33 billion.

    The commercial banks held foreign exchange to the tune of $5.926 billion by week ended June 30, 2022 when compared with $5.887 billion a week ago, showing an increase of $59 million.

    READ MORE: SBP’s forex reserves fall two-year low to $9.72 billion

  • Need stressed on integrated approach for SDGs

    Need stressed on integrated approach for SDGs

    ISLAMABAD: Highlighting the important role of Voluntary National Review process towards achieving Sustainable Development Goals (SDGs), the participants stressed the importance of an integrated & participatory approach towards making of Voluntary National Review (VNR) Report.

    The process adopted by Planning Commission of Pakistan was inclusive and broad-based, however the official VNR report does not reflect the progress on critical SDGs that related to basic social services including education, human rights, women & gender rights, peace, democracy and accountability mechanisms.

    These thoughts were expressed in Pre – HLPF CSOs Consultation session on Voluntary National Review (VNR) process and report, organized by AwazCDS-Pakistan and Malala Fund in Islamabad.

    Presented every year at the UN High-level Political Forum on Sustainable Development (HLPF), VNRs provide the opportunity for countries to share their individual experiences, including successes, challenges and lessons learned, with a view to accelerating SDG implementation. The review process and report also discusses the governing framework and policies supporting the development process.

    Chief Executive Awaz CDS Pakistan, Zia ur Rehman appreciated government for setting up institutional structures like Parliamentary Task Forces and SDGs Units at national, provincial and regional levels to facilitate and oversight the implementation processes towards the achievement of SDGs.

    He expressed concern that the official VNR report apparently focuses on the SDGs other than the five priority SDGs for this year’s HLPF review, including Goals 4 (Quality Education), 5 (Gender Equality) 14 (Life Below Water), 15(Life on Land), and 17 (Partnership for the Goals). He expressed his dismay for not reflecting progress on quality education and gender equality as standalone segments.

    According to him the report also failed to capture and highlight the stakeholders input on VNR process and progress on SDGs collected through stakeholders’ consultations held across Pakistan.

    Manager Programs & Campaigns AwazCDS, Maryam Amjad Khan presented the combined statement of national CSOs on SDGs for HLPF 2022. The statement highlighted the importance of collecting information through Peoples Scorecard and collecting input from the civil society organizations on the subject. According the results of People Scorecard 2022 the average score of progress on SDGs is 27 as compared to the average score of 22 in 2021.

    Pakistan Development Alliance releases the People Scorecard on SDGs every year to measure the progress on SDGs. Global score for Pakistan progress on SDGs is 59.34. The global score is determined through government sponsored secondary data whereas People Scorecard (PSC) is based on the evidence based perception of informed civil society in Pakistan.

    All sessions were interactive to ensure everyone’s participation. Around 35 members from civil society organizations (CSOs) and INGOs including Sightsavers, VSO, Save the Children, Sir Sayyad Deaf Association, Aurat Foundation, Hashoo Foundation, SAPRC, PCHR, SEDA, Society for Sustainable Development and others participated in the consultation, mostly from organizations led by women, youth, transgender, people living with disabilities and minority groups.

  • Interest rates on export, business loans enhanced to 10%

    Interest rates on export, business loans enhanced to 10%

    KARACHI: The State Bank of Pakistan (SBP) on Thursday enhanced the interest rates under export refinancing and long term refinancing to 10 per cent.

    The SBP in a circular said that as mentioned in the above-referred circular, the rates of Export Finance Scheme (EFS) and Long Term Financing Facility (LTFF) have now been linked with the central bank’s policy rate by keeping these rates currently 5 per cent below policy rate.

    READ MORE: Pakistan hikes key policy rate by 125 basis points to 15%

    Accordingly, with effect from July 08, 2022:

    — Mark up rate for financing under EFS (Part-I & Part-II) is increased from 7.5 per cent p.a. to 10 per cent p.a.; and

    — Mark up rate for financing under LTFF is increased from 7 per cent p.a. to 10 per cent p.a.

    Accordingly, with any change in the Policy Rate, markup rates for EFS and LTFF will be revised automatically so that the gap between Policy Rate and EFS and LTFF rates is maintained at 5 per cent. However, this gap is subject to revisions in view of future economic activity, the SBP added.

    READ MORE: Pakistan may see further 100bps hike in policy rate

    The SBP in its monetary policy announced today (July 07, 2022) mentioned that in the last monetary policy statement, the interest rates on EFS and LTFF loans are now being linked to the policy rate to strengthen monetary policy transmission, while continuing to incentivize exports by presently offering a discount of 500 basis points relative to the policy rate.

    READ MORE: SBP increases interest rate by 150bps to 13.75%

    This combined action continues the monetary tightening underway since last September, which is aimed at ensuring a soft landing of the economy amid an exceptionally challenging and uncertain global environment.

    It should help cool economic activity, prevent a de-anchoring of inflation expectations and provide support to the Rupee in the wake of multi-year high inflation and record imports.

    READ MORE: SBP may increase key policy rate by 100bps: poll

  • Stocks gain 184 points in lackluster trading activity

    Stocks gain 184 points in lackluster trading activity

    KARACHI: Pakistan stocks gained 184 points on Thursday amid lackluster trading activity observed during the day.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 41,344 points from previous day’s closing of 41,160 points, showing a gain of 184 points.

    READ MORE: Pakistan stocks up amid rupee depreciation

    Analysts at Topline Securities Research said that lackluster activity was observed at the exchange as the index traded between an intraday high of +237 points and intraday low of -150, to finally close at 41,344 level.

    Investor interest was observed in gas distribution companies (SNGP & SSGC) and E&P companies (OGDC & PPL) on news that Petroleum Division has reportedly proposed a massive increase in price of natural gas, which when implemented will stop further increase in gas circular debt.

    READ MORE: Pakistan stocks fall on IMF program concerns

    Analysts at Arif Habib Limited said that the bulls and bears continued to fight the battle throughout the day ahead of Monetary Policy Committee (MPC).

    KSE-100 index opened in the green zone as investors opted for value buying in the E&P sector. Main board volumes remained dull.

    Sectors contributing to the performance include E&P (+73.9 points), Fertilizer (+41.3 points), Banks (+25.8 points), OMC’s (+21.0 points) and Technology (+12.0 points).

    READ MORE: Dollar ends near Rs208 in interbank; Rupee fall continues

    Volumes increased from 98.2 million shares to 99.1 million shares (+0.9 per cent DoD). Average traded value also increased by 50.2 per cent to reach US$ 19.4 million as against US$ 12.9 million.

    Stocks that contributed significantly to the volumes are LOTCHEM, OGDC, SNGP, PRL and CNERGY.

    Traded volume and value for the day stood at 98.5 million shares and Rs.4bn respectively. LOTCHEM was today`s volume leader with 7.3 million shares.

    READ MORE: Pakistan may see further 100bps hike in policy rate

  • Foreign currency rates in Pak Rupee – July 07, 2022

    Foreign currency rates in Pak Rupee – July 07, 2022

    KARACHI: Following are the open market exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on July 07, 2022 (The rates are updated at 12:04 PM (Pakistan Standard Time):

    CurrencyBuyingSelling
    Australian Dollar (AUD)139.81141.06
     Bahrain Dinar (BHD)548.93553.43
     Canadian Dollar (CAD)157.99159.34
     China Yuan (CNY)30.7230.97
     Danish Krone (DNK)28.4628.81
     Euro (EUR)213.50217.50
     Hong Kong Dollar (HKD)26.0826.43
     Indian Rupee (INR)2.592.67
     Japanese Yen (JPY)1.471.51
     Kuwaiti Dinar (KWD)671.70676.70
     Malaysian Ringgit (MYR)46.3746.82
     NewZealand $ (NZD)126.79127.99
     Norwegians Krone (NOK)20.7621.06
     Omani Riyal (OMR)536.79541.29
     Qatari Riyal (QAR)56.2256.72
     Saudi Riyal (SAR)54.5055.30
     Singapore Dollar (SGD)146.76148.06
     Swedish Korona (SEK)19.7720.07
     Swiss Franc (CHF)213.04214.79
     Thai Bhat (THB)5.946.04
     U.A.E Dirham (AED)55.7056.50
     UK Pound Sterling (GBP)248.00251.00
     US Dollar (USD)206.0209.50

    Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.

    READ MORE: Foreign currency rates in Pak Rupee – July 06, 2022

  • Pakistani Rupee to US Dollar on July 07, 2022

    Pakistani Rupee to US Dollar on July 07, 2022

    KARACHI: Following are the rates of buying and selling of one US dollar (USD) in Pakistani Rupee (PKR) in the open market on June 07, 2022:

    Buying: Rs 206.00 to the US Dollar

    Selling: Rs 209.50 to the US Dollar

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells the foreign currency from a customer.

    The rate has been updated at 11:43 AM Pakistan Standard Time (PST).

    The US Dollar /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.

    READ MORE: Pakistani Rupee to US Dollar on July 06, 2022

  • Pakistani Rupee to UAE Dirham on July 07, 2022

    Pakistani Rupee to UAE Dirham on July 07, 2022

    KARACHI: Following are the rates of buying and selling of one UAE Dirham (AED) in Pakistani Rupee (PKR) in the open market on July 07, 2022:

    Buying: Rs 55.70 to the UAE Dirham

    Selling: Rs 56.50 to the UAE Dirham

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells the foreign currency from a customer.

    The rate has been updated at 11:37 AM Pakistan Standard Time (PST).

    The UAE Dirham /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.

    READ MORE: Pakistani Rupee to UAE Dirham on July 07, 2022

  • Pakistani Rupee to UK Pound Sterling on July 07, 2022

    Pakistani Rupee to UK Pound Sterling on July 07, 2022

    KARACHI: Following are the rates of buying and selling of one UK Pound Sterling (GBP) in Pakistani Rupee (PKR) in the open market on July 07, 2022:

    Buying: Rs 248.00 to the UK Pound Sterling

    Selling: Rs 251.00 to the UK Pound Sterling

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells the foreign currency from a customer.

    The rate has been updated at 11:31 AM Pakistan Standard Time (PST).

    The UK Pound Sterling /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.

    READ MORE: Pakistani Rupee to UK Pound Sterling on July 06, 2022

  • Pakistani Rupee to Euro on July 07, 2022

    Pakistani Rupee to Euro on July 07, 2022

    KARACHI: Following are the rates of buying and selling of one Euro (EUR) in Pakistani Rupee (PKR) in the open market on July 07, 2022:

    Buying: Rs 213.50 to the Euro

    Selling: Rs 217.50 to the Euro

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells for foreign currency from a customer.

    The rate has been updated at 11:22 AM Pakistan Standard Time (PST).

    The Euro /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.

    READ MORE: Pakistani Rupee to Euro on July 06, 2022

  • Pakistani Rupee to Saudi Riyal on July 07, 2022

    Pakistani Rupee to Saudi Riyal on July 07, 2022

    KARACHI: Following are the rates of buying and selling of one Saudi Riyal (SAR) in Pakistani Rupee (PKR) in the open market on July 07, 2022:

    Buying: Rs 54.50 to the Saudi Riyal

    Selling: Rs 55.30 to the Saudi Riyal

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells for foreign currency from a customer.

    The rate has been updated at 11:16 AM Pakistan Standard Time (PST).

    The Saudi Riyal /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.

    READ MORE: Pakistani Rupee to Saudi Riyal on July 06, 2022