Karachi, Pakistan – On Tuesday, the State Bank of Pakistan (SBP) disclosed the official exchange rates for December 14, 2021, offering customers valuable information based on the weighted average rates of commercial banks.
(more…)Author: Faisal Shahnawaz
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19th draw of Rs40,000 premium prize bonds announced
Central Directorate of National Savings (CDNS) has held 19th draw of Rs40,000 denomination prize bonds (premium or registered) and announced Rs80 million as first prize to the bond number (953829).
The prize bond draw was held at Lahore on December 10, 2021.
Three bonds i.e. (366951), (599135) and (629631) have been awarded Rs30 million each as the second prize.
Whereas 660 prizes of Rs500,000 each to the following numbers of prize bonds:
Please click the link to check the numbers.
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Pakistan’s remittances fall by 6.6% in November 2021
KARACHI: The inflows of foreign remittances sent Pakistan’s workers have registered a decline of 6.6 per cent Month on Month (MOM) to $2.352 billion in November 2021 when compared with $2.518 billion in October 2021.
According to statistics released by the State Bank of Pakistan (SBP), the remittances, however, grow 0.6 per cent in November 2021 when compared with $2.339 billion in November 2020.
The SBP said: “With $2.4 billion of inflows during November 2021, workers’ remittances continued their strong streak of remaining above $2 billion since June 2020.”
READ MORE: ECC approves loyalty program for home remittances
Remittances inflows during November 2021 were mainly sourced from Saudi Arabia ($590 million), United Arab Emirates ($452.5 million), United Kingdom ($305.8 million) and the United States of America ($237.8 million).
Cumulatively, the remittances grew by 9.7 per cent to $12.9 billion during first five months (July – November) 2021/2022 of the current fiscal year as compared with $11.77 billion in the corresponding period of the last fiscal year.
READ MORE: FBR not to ask source of remittances sent through ECs
The SBP said that the proactive policy measures by the government and SBP to incentivize the use of formal channels and altruistic transfers to Pakistan amid the pandemic have contributed towards the sustained inflows of remittances since last year.
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Pakistan’s car sales fall 11% on rising financing cost
KARACHI: Pakistan’s car sales have declined 11 per cent Month on Month (MoM) to 18,714 units in November 2021, according to data released by Pakistan Automotive Manufacturers Association (PAMA).
The fall in car sales has been attributed to rising financing cost after monetary policy tightening by the State Bank of Pakistan (SBP). The SBP on November 19, 2021 increased the policy rate by 150 basis points to 8.75 per cent.
However, the total number of car sales including Non-PAMA members was at about 23,900 units, down five per cent, according to analysts at Topline Securities.
The analysts said that this is the second consecutive month where sales have witnessed a MoM decline.
They are now down by 25 per cent from their peak sales in July 2021.
They attribute this to rising financing rates, stringent financing requirements by SBP and year end phenomenon where car sales generally slow down.
On Year on Year (YoY) basis, car sales grew by 29 per cent YoY in November 2021 on the back of low base effect. In July – November of the current fiscal year, car sales are up 65 per cent YoY to 108,625 units.
Honda Car (HCAR) reported a 13 per cent MoM increase, mainly due to low base where the company sold only 7 units of BRV last month. Hyundai Nishat and Pak Suzuki Motors (PSMC) reported sales decline of 30 per cent and 17 per cent, respectively.
Along with the above mentioned factors, increasing competition from new players including KIA Motors, MG Motors and Changan are impacting the market share of listed auto assemblers.
Pakistan bike sales were down 7 per cent MoM to 166,630 units in Nov 2021. Atlas Honda (ATLH) sales were up 3 per cent MoM and 19 per cent YoY.
Pakistan tractor sales were down 14 per cent MoM while Trucks/Buses sales were up 10 per cent MoM.
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Stocks fall by 519 points on policy tightening concerns
KARACHI: Stocks fell by 519 points on Monday owing to concerns related to monetary policy tightening in the announcement scheduled on December 14, 2021.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 42,877 points as against last Friday’s closing of 43,396 points showing a decrease of 519 points.
Analysts at Arif Habib Limited said that the market continued to remain in the red zone due to concerns over mounting inflation and hawkish stance in the upcoming monetary. Activity remained lackluster.
Market opened on a bleak note and mostly cyclical stocks remained under pressure throughout the day. In the last trading hour, across the board selling was witnessed due to lack of any positive trigger.
READ MORE: SBP increases policy rate by 150 basis points to 8.75%
Sectors contributing to the performance include Technology & Communication (-147 points), E&P (-88 points), Commercial Banks (-72 points), Cement (-28 points) and Pharma (-27 points).
Volumes decreased from 179.1 million shares to 150.3 million shares (-16.1 per cent DoD). Traded value also decreased by 21.7 per cent to reach US$ 29.6 million as against US$ 37.8 million.
Stocks that contributed significantly to the volumes include WTL, BYCO, FATIMA, TRG and HASCOL.
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SBP issues KIBOR rates on December 13, 2021
KARACHI: State Bank of Pakistan (SBP) on Monday issued the Karachi Interbank Offered Rates (KIBOR) as of December 13, 2021.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 9.27 9.77 2 – Week 9.44 9.94 1 – Month 9.77 10.27 3 – Month 10.58 10.83 6 – Month 11.28 11.53 9 – Month 11.37 11.87 1 – Year 11.44 11.94 -
PPL gets license for large scale mining of Lead, Zinc
KARACHI: The government of Balochistan province has granted Pakistan Petroleum Limited (PPL) for large scale mining of Lead and Zinc, according to a communication received by Pakistan Stock Exchange (PSX) on Monday.
READ MORE: Pakistan Petroleum discovers hydrocarbons in Sindh
The PPL said that company had been granted a large scale mining lease for Lead and Zinc, in District Khuzdar, by the government of Balochistan and in this regard a large scale mining Lease Deed had been executed, for large scale mining and establishment of Lead-Zinc processing plant in district Khuzdar, Balochistan over an area covering 30 square kilometers (7,413.16 acres).
READ MORE: PPL posts 18% net profit growth in first quarter
The company said that the lease is valid for a term of thirty (30) years and shall be operated by Bolan Mining Enterprises, a 50:50 Joint Venture between PPL and the provincial government.
The estimated reserves of barite, lead and zinc are 69 million tons as per bankable feasibility by a renowned German Consultant, over a portion of the leased area.
READ MORE: PPL commences commercial gas production from Shah Bandar Block
The project would entail open pit mining with an ore beneficiation / process plant.
Positive cashflows are expected from year 3 while the estimated project life is 32 years.
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SITE industrialists condemn gas suspension
KARACHI: Abdul Rasheed, President, SITE Association of Industries (SAI), has criticized the suspension of gas supply to all non-export general industries.
In a statement issued on Monday, while totally rejecting SSGC’s imprudent decision to suspend gas supply to all non-export general industries, he demanded that instead of doing so, the SSGC should carry out staggered gas holidays along with better load management which would ensure non – export general industries will continue to run according to the given schedule.
READ MORE: SITE Association signs MoU for tax return filing
SAI president said that SSGC’s management which appears to be unaware of what was happening and was unable to control the situation, must go for staggering holidays and better load management in order to provide relief to the perturbed business & industrial community who are providing livelihood to millions of people.
Rasheed also questioned the policy to prioritising gas supply to domestic consumers over job security. “What good is gas availability for an unemployed person,” he questioned.
READ MORE: Export orders under threat as gas supply to industries suspended
He urged the government to no take populist decisions and understand the negative impact of shutting down manufacturing activity on employment and inflation.
Abdul Rasheed said the exemption given to export sector would not provide the desired results as general industries supply essential raw materials to export-oriented industries hence are an integral part of the supply chain must stay operational otherwise the export sector even with gas would not be able maintain the pace of exports.
Terming suspension of gas supply to non-export general industries as detrimental, he said, that SITE Association will not stay silent and we will use all available options including a huge sit-in outside SSGC’s Head office until relief is provided to all industries without any discrimination.
READ MORE: SITE Association hails FBR chairman’s no bank account freezing decision
SAI president was of the opinion that gas suspension to general industries would not only result in increased unemployment but would also fuel massive inflation due to shortage of essential goods in the market. “With inflation already at 18% YoY, any supply side disruption would make the situation untenable for the masses as supply side shortages would jack up prices further eroding the purchasing power of the lowest strata,” he added.
Rasheed further said that Imran Khan did not shutdown industries during COVID 19 for these very reasons while SSGC has done the same without giving heed to Prime Minister’s clear policy on the matter.
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Dollar touches new peak at Rs177.89; PKR fall continues
KARACHI: The deterioration in Pak Rupee (PKR) value continued on Monday as the dollar touched new peak at Rs177.89 at closing of interbank foreign exchange market.
The PKR lost 18 paisas against the dollar to close at Rs177.89 as compared with last Friday’s closing of Rs177.71, which was the previous all-time high of dollar, in the interbank foreign exchange market.
READ MORE: Dollar makes new highs for 4th straight day at Rs177.71
Today’s was the fifth straight day when the dollar touched new record high as it made a record high at Rs176.79 on December 07, 2021. Since then the dollar is making new record every session.
Currency experts said that the high imports were the major reason behind rupee decline. They said that all efforts of the government to curb the imports of unnecessary and luxury items apparently failed as the trade deficit widened massively.
READ MORE: Dollar touches Rs178 intraday trading, retreats
The import bill of the country grew by 69.17 per cent to $33 billion during the first five months (July – November) 2021/2022 as compared with $19.47 billion in the corresponding months of the last fiscal year.
READ MORE: Dollar makes new high at PKR 177.35 at midday trading
The trade deficit during the months under review widened by 112 per cent to $20.59 billion as compared with the deficit of $9.72 billion in the corresponding period of the last fiscal year.
READ MORE: Rupee slide continues; dollar hits new high at Rs176.79
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Customers’ exchange rates on December 13, 2021
Karachi, Pakistan – The State Bank of Pakistan (SBP) released the official exchange rates for December 13, 2021, providing customers with valuable insights into currency values based on the weighted average rates of commercial banks.
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