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Author: Mrs. Anjum Shahnawaz

  • PM’s economic team to hold dialogues with business community for growth

    PM’s economic team to hold dialogues with business community for growth

    ISLAMABAD: The economic team of the Prime Minister will hold dialogues with business community to take input for economic stability and growth.

    A meeting decided this on Friday to promote dialogue with the business community to seek their views on increasing the pace of growth and achieving economic stability.

    Prime Minister Imran Khan chaired the meeting of the economic team at PM’s Office.

    The meeting was attended by Muhammad Hammad Azhar Minister for Economic affairs, Makhdoom Khusro Bakhtiyar Minister for Planning & Development, Omar Ayub Khan Minister for Power, Muhammad Mian Somro Minister for Privatization, Advisor on Finance Dr. Abdul Hafeez Sheikh, Advisor on Commerce Abdul Razak Dawood, Adviser on Institutional Reforms Dr. Ishrat Hussain, SAPM Dr. Sania Nishtar, SAPM Nadeem Babar, SAPM Dr. Firdous Ashiq Awan, Chairman Board of Investment Syed Zubair Gilani, Chairman FBR Syed Shabbar Zaidi, Deputy Chairman Planning Commission Jehanzeb Khan and senior officials of the government.

    The prime minister directed that promotion of SMEs must be focused to enable such enterprises to flourish in the country.

    The meeting reviewed the current economic situation and initiatives of the government to improve the business climate, increase exports, reduce current account deficit and stabilizing the economy.

    It was noted that current financial year since July 2019 has commenced on a positive note. Exports have registered an increase and the Current Account Deficit has been reduced by 31 percent.

    It is expected that the fuel prices will also decrease on 1st September, 2019.

    The international financial institutions such as the World Bank and Asian Development Bank have restored budgetary support.

    The meeting was informed that ECNEC also approved Rs. 579 billion of projects in agriculture, water and infrastructure sectors including mass-transit projects for Karachi.

  • SBP urges business community to discourage cash transactions

    SBP urges business community to discourage cash transactions

    Dr. Reza Baqir, the Governor of the State Bank of Pakistan (SBP), has called on the business community to reduce cash transactions to aid economic growth. Speaking to members of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Friday, Dr. Baqir emphasized the importance of promoting transactions through the banking system.

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  • FBR transfers BS-20 officers of Pakistan Customs Service

    FBR transfers BS-20 officers of Pakistan Customs Service

    ISLAMABAD: Federal Board of Revenue (FBR) has notified transfers and postings of officers of BS-20 Pakistan Customs Service (PCS) with immediate effect and until further orders.

    The following customs officers have been transferred and posted:

    01. Dr Samina Taslim Zehra (Pakistan Customs Service/BS-20) has been transferred and posted as Director, Directorate of Input Output Co-efficient Organization (South), Karachi from the post of Chief, Federal Board of Revenue (Hq), Islamabad.

    02. Muhammad Asghar Khan (Pakistan Customs Service/BS-20) has been transferred and posted as Director, Directorate General of Intelligence & Investigation, FBR, from the post of Islamabad Additional Director, Directorate of Post Clearance Audit, Islamabad.

    03. Ms. Rabab Sikandar (Pakistan Customs Service/BS-20) has been transferred and posted as Director, Directorate of Intellectual Property Rights (IPR) Enforcement (Central), Lahore from the post of Director, Directorate of Intelligence & Investigation, FBR, Lahore.

    04. Mirza Mubashir Baig (Pakistan Customs Service/BS-20) has been transferred and posted as Director, Directorate General of IPR Enforcement (North), Islamabad from the post of Collector, Model Customs Collectorate, Faisalabad.

    05. Ms. Saima Shehzad (Pakistan Customs Service/BS-20) has been transferred and posted as Collector, Model Customs Collectorate of Appraisement, Faisalabad from the post of Collector, Collectorate of Customs, (Appeals), Lahore.

    06. Ms. Iram Maqbool Aamir (Pakistan Customs Service/BS-20) has been transferred and posted as Director, Directorate of Training & Research (Customs), Islamabad from the post of Director, Directorate General of Intelligence & Investigation, FBR, Islamabad.

    07. Muhammad Saleem (Pakistan Customs Service/BS-20) has been transferred and posted as Collector, Model Customs Collectorate of Preventive, Multan from the post of Chief, Federal Board of Revenue (Hq), Islamabad.

    08. Ms. Naureen Ahmad Tarar (Pakistan Customs Service/BS-20) has been transferred and posted as Collector, Collectorate of Customs, (Appeals), Lahore from the post of Director, Directorate of Customs Valuation, Lahore.

    09. Ms. Ambreen Ahmad Tarar (Pakistan Customs Service/BS-20) has been transferred and posted as Director, Directorate of Customs Valuation, Lahore from the post of Collector, Model Customs Collectorate, Multan.

    10. Basit Maqsood Abbasi (Pakistan Customs Service/BS-20) has been transferred and posted as Collector, Model Customs Collectorate (AIIA), Lahore from the post of Additional Collector, Model Customs Collectorate of Preventive, Lahore.

    11. Ms. Sadia Munib (Pakistan Customs Service/BS-20) has been transferred and posted as Director, Directorate of Intelligence & Investigation, FBR, Lahore from the post of Additional Director, Directorate of Intelligence & Investigation, FBR, Lahore.

    The FBR said that the officers who are drawing performance allowance prior to issuance of this notification shall continue to draw this allowance on the new place of posting.

  • Stock market falls by 487 points

    Stock market falls by 487 points

    KARACHI: The stock market fell by 487 points on Friday as bearish trend prevailed on major scrips.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 29,672 points as against 30,159 points showing a decline of 487 points.

    Analysts at Arif Habib Limited said that the market traded in a narrow band of +/-150 points during the first session, and closed the session at -86 points.

    Bearish pressure carried on in E&P sector from yesterday and saw appointment of financial advisor by Privatization Commission for OGDC and PPL.

    Besides, Fertilizer Sector that came out as winner due to resolution of GIDC issue, also came under fire with significant declines in prices from yesterday’s close. O&GMCs, E&P, Fertilizer, Cement sectors saw selling activity, with Technology sector leading the volumes table with 13.4 million shares, followed by Power (12.8 million) and Cement (11.6 million).

    Among scrips, KEL realized the most volume with 10 million shares, followed by WTL (5.3 million) and MLCF (4.7 million).

    Sectors contributing to the performance include E&P (-126 points), Fertilizer (-106 points), Power (-80 points), Banks (-71 points), O&GMCs (-45 points), Tobacco (+31 points), Inv Banks (+19 points), Food (+18 points).

    Volumes declined further from 118.6 million shares to 110.0 million shares (-7 percent DoD). Average traded value also declined by 10 percent to reach US$ 25.3 million as against US$ 27.9 million.

    Stocks that contributed significantly to the volumes include KEL, WTL, MLCF, TRG and UNITY, which formed 27 percent of total volumes.

    Stocks that contributed positively include PAKT (+31 points), MCB (+26 points), DAWH (+19 points), NESTLE (+14 points) and MUREB (+9 points). Stocks that contributed negatively include OGDC (-58 points), HUBC (-56 points), PPL (-51 points), and FFC (-39 points).

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  • Rupee ends with 36 paisas gain against dollar

    Rupee ends with 36 paisas gain against dollar

    KARACHI: The Pak Rupee ended with gain of 36 paisas against dollar on Friday owing to improved inflows of remittances and export receipts.

    The rupee ended Rs156.86 to the dollar from previous day’s closing of Rs157.22 in interbank foreign exchange market.

    The currency experts said that the rupee value was improved on inflows of remittances and export receipts.

    The foreign currency market was initiated in the range between Rs157.20 and Rs157.30. The market recorded day high of Rs157.20 and low of Rs156.75 in interbank foreign exchange market.

    The exchange rate in open market also witnessed 50 paisas appreciation in value of the local currency.

    The buying and selling of dollar was recorded at Rs156.50/Rs157.00 from previous day’s closing of Rs157.00/Rs157.50 in cash ready market.

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    Rupee gains 47 paisas in mid-day trade

  • Rupee gains 47 paisas in mid-day trade

    Rupee gains 47 paisas in mid-day trade

    KARACHI: The Pak Rupee made significant gain of 47 paisas against dollar in mid-day trading on Friday owing to inflows of remittances and export receipts.

    The dollar is being traded at Rs156.75 to the dollar in interbank foreign exchange market in early trading.

    The exchange rate ended at Rs157.22 to the dollar in interbank foreign exchange market on Thursday.

    Currency experts said that the improved inflows of worker remittances and export receipts helped the local currency to make gains against the greenback. They said that encouraging economic figures in the month of July and following in August helped to improve sentiments of businesses.

    The exchange rate in open market also witnessed appreciation in rupee value in mid-day trading. The dollar is being traded at Rs157.30 from previous day’s closing of Rs157.50.

  • Rupee gains 27 paisas in early trade

    Rupee gains 27 paisas in early trade

    KARACHI: The Pak Rupee made significant gain of 27 paisas against dollar in early day trading owing to inflows of remittances and export receipts.

    The dollar is being traded at Rs156.95 to the dollar in interbank foreign exchange market in early trading.

    The exchange rate ended at Rs157.22 to the dollar in interbank foreign exchange market on Thursday.

    Currency experts said that the improved inflows of worker remittances and export receipts helped the local currency to make gains against the greenback. They said that encouraging economic figures in the month of July and following in August helped to improve sentiments of businesses.

  • FBR issues draft corporate income tax return form

    FBR issues draft corporate income tax return form

    The Federal Board of Revenue (FBR) took a significant step on Thursday as it released the draft return forms for tax year 2019, specifically designed for companies.

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  • SBP issues banknotes bearing Reza Baqir’s signature

    SBP issues banknotes bearing Reza Baqir’s signature

    KARACHI: State Bank of Pakistan (SBP) will issue bank notes bearing signature of SBP Governor Dr. Reza Baqir from August 30, 2019.

    A statement issued by the central bank on Thursday said that it will start issuing banknotes bearing the signature of SBP Governor Dr. Reza Baqir with effect from August 30, 2019 from the field offices of SBP Banking Services Corporation.

    The banknotes bearing the signatures of his predecessors will continue to remain in circulation as legal tender, the SBP said.

    Dr. Reza Baqir on May 05, 2019 assumed the charge of Governor State Bank of Pakistan after President of Pakistan appointed him as Governor State Bank of Pakistan for a period of three years in pursuance of Section 10(3) of the State Bank of Pakistan Act 1956.

    Dr. Reza Baqir has eighteen years of experience with the IMF and two years with the World Bank.

    He was the Head of the IMF’s Office in Egypt and Senior Resident Representative since August 2017.

    He has also held positions as IMF Mission Chief for Romania and Bulgaria, Division Chief of the IMF’s Debt Policy Division, Head of the IMF delegation to the Paris Club, Deputy Division Chief of the IMF’s Emerging Markets Division, IMF Resident Representative to the Philippines, and numerous other positions.

    Dr. Baqir’s research has been published in top journals of the economics profession, including the Journal of Political Economy and the Quarterly Journal of Economics.

    Dr. Baqir holds a Ph.D in Economics from the University of California at Berkeley and an A.B. (Magna cum Laude) in Economics from Harvard University.

  • Foreign exchange reserves increase by $25 million to $15.63 billion

    Foreign exchange reserves increase by $25 million to $15.63 billion

    Karachi – The State Bank of Pakistan (SBP) has reported an increase of $25 million in the country’s liquid foreign exchange reserves, bringing the total to $15.63 billion for the week ending August 23, 2019.

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