Karachi, October 21, 2021: The State Bank of Pakistan (SBP) has issued the official exchange rates for Thursday, October 21, 2021.
(more…)Author: Faisal Shahnawaz
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Dollar advances to new high at Rs173.96
KARACHI: The Pak Rupee (PKR) fell by 49 paisas on Thursday as the dollar advanced to make a new high at Rs173.96.
The rupee ended at Rs173.96 to the dollar from the previous day’s closing of Rs173.47 in interbank foreign exchange market.
Currency experts said that volatile situations push the dollar to hit Rs174 during intraday trade.
The currency dealers said that the massive widening of the current account deficit had also had a negative impact on rupee/dollar parity.
The current account deficit ballooned to $3.4 billion during July – September 2021 as compared with a surplus of $865 million in the corresponding period of the last fiscal year, according to the SBP.
The import bill showed a 66.11 per cent growth to $18.74 billion during the first quarter of the current fiscal year as compared with $11.28 billion in the corresponding quarter of the last fiscal year.
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OGDCL discovers huge gas deposits in Balochistan
KARACHI: Oil and Gas Development Company Limited (OGDCL) on Thursday announced the discovery of huge deposits of gas reserves in the province of Balochistan.
In a communication shared with Pakistan Stock Exchange (PSX) and London Stock Exchange, the company said that OGDCL, being operator of Jandran West Exploration License with 100 per cent interest, had made a gas discovery over Mughalkot Formation from its exploratory efforts at Jandran West X-1 well which is located in Kohlu District, Balochsitan, Province, Pakistsan.
Jandran West X-1 well was spudded-in on May 19 2021 as an exploratory well and drilled down to a total depth of 1627m into Parh Formation. Based on the good gas shown during drilling, interpretation of open hole logs data, Drill Stem Test (DST) has been performed in Mughalkot Formation.
The well flowed at the rate of 2.391 Million Standard Cubic Feet per Day (MMSCFD) gas with traces of condensate at WellHead Flowing Pressure (WHFP) of 455 Pounds per Square Inch (PSI) at 32/64” choke size.
OGDCL being the leading exploration and Production Company in Pakistan has adopted aggressive exploration strategy which has resulted into Hydrocarbons discovery over Jandran West X-1. This discovery will add to the hydrocarbon reserve base of OGDCL and the of the country.
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Valuation committees for Afghan, Iran goods to be set up
ISLAMABAD: The Federal Board of Revenue (FBR) will constitute local valuation committee for customs valuations of goods imported or exported from Afghanistan and Iran.
Through SRO 1352 (I)/2021 dated October 14, 2021, the FBR issued draft amendments for local valuation committee rules under Section 25A of the Customs Act, 1969.
The proposed amendments would be applicable for the determination of value of goods of Afghan and Iran origin in order to regulate the Pak-Afghan bilateral trade by discouraging the incidences of under invoicing and smuggling.
The FBR said that the proposed amendments would be applicable on the Afghan and Iran origin goods, imported from Afghanistan and Iran through land routes. In case, if an item is being imported through sea route in significant quantities from Iran, then, the value of such items shall be determined in consultation with Directorate of Valuation, Karachi.
According to the draft amendments, the respective collector of customs (appraisement), on his own motion, in his area of jurisdiction may determine the customs values of any goods or category of goods imported in or exported out of Pakistan from or to Afghanistan and Iran through land customs stations through the following valuation committee constituted for the said purpose, members whereof shall be nominated by collector concerned, namely:
(a) one additional collector of the collectorate (chairman of the committee);
(b) two deputy or assistant collectors of the collectorate (Members of the committee);
(c) superintendents of principal appraisers or appraisers or inspectors as required;
(d) representative of respective chamber of commerce and industry;
(e) representative of Customs’ clearing agents association;
(f) All Pakistan Dry Fruits Importer and Exporter Association;
(g) all Pakistan Fresh Fruits Importers and Exporters Association; and
(h) any other co-opted member as deemed appropriate by the collector.
The values so determined by the collector on recommendations of the committee shall be valid for six months.
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UBL declares 42% growth in net profit in nine months
KARACHI: United Bank Limited (UBL) has posted 42 per cent growth in its profit after tax for nine-month period ended September 30, 2021.
The board of directors of the bank on Wednesday approved the financial results for the period January – September 2021.
The bank declared net profit of Rs21.87 billion for the period under review as compared with Rs15.38 billion in the same period of the last year.
The growth in the net profit can be attributed to reversal of Rs865 million during the period January – September 2021 as compared with write-off provision of Rs15.45 billion in the same period of the last year.
Total income of the bank fell to Rs73.14 billion for the nine-month period ended September 30, 2021 as compared with Rs73.94 billion in the same period of the last year.
Net Interest Income recorded a decline to Rs55.72 billion as compared with Rs59.72 billion. Non-Interest Income of the bank increased to Rs17.42 billion as compared with Rs14.22 billion.
Operating expenses of the bank recorded an increase of Rs33.66 billion as compared with Rs31.76 billion. Whereas the total expenses increased to Rs34.53 billion as compared with Rs32.63 billion.
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KIBOR rates on October 20, 2021
KARACHI: State Bank of Pakistan (SBP) on Wednesday issued the following Karachi Interbank Offered Rates (KIBOR) on October 20, 2021.
Tenor BID OFFER 1 – Week 7.22 7.72 2 – Week 7.26 7.76 1 – Month 7.31 7.81 3 – Month 7.83 8.08 6 – Month 8.20 8.45 9 – Month 8.52 9.02 1 – Year 8.81 9.31 -
Dollar touches new peak at Rs173.47
KARACHI: The US dollar on Wednesday touched a new peak of Rs173.47 in the interbank foreign exchange market. The free-fall in the value of Pak Rupee (PKR) continued as the local unit recorded 10 percent depreciation against dollar since the start of the current fiscal year.
The rupee lost Rs15.93 to the dollar when compared the value of Rs157.54 to dollar on June 30, 2021 with Rs173.47 as on October 20, 2021.
The rupee recorded 69 paisas decline from last trading on Monday October 18, 2021 at Rs172.78 to the dollar in interbank foreign exchange market.
Currency dealers said that the market opened after the public holiday which put pressure on import payment demand. Further, the reports of significant widening in the current account deficit also put pressure on dollar demand.
The current account deficit ballooned to $3.4 billion during July – September 2021 as compared with a surplus of $865 million in the corresponding period of the last fiscal year, according to the State Bank of Pakistan (SBP).
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SBP issues customers exchange rates for October 20
Karachi, October 20, 2021: The State Bank of Pakistan (SBP) has released the official exchange rates for Wednesday, October 20, 2021.
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NCCPL to collect CGT for August 2021 on October 29
KARACHI: National Clearing Company of Pakistan Limited (NCCP) on Wednesday said that it will collect Capital Gain Tax (CGT) for the month of August 2021 on Friday October 29, 2021.
In a communication sent to stock brokers and investors, the NCCPL said that the aggregate amount of CGT arising on disposal of shares at Pakistan Stock Exchange for the period August 01, 2021 to August 31, 2021, would be collected on Friday October 29, 2021 through respective settling banks of the Clearing Members.
The NCCPL advised all clearing members to ensure requisite amount in their respective settling bank’s account. Necessary details and reports for the period have already been made available in the CGT System.
Further, the aggregate amount of CGT arising on trading of future commodity contracts at Pakistan Mercantile Exchange (PMEX) for the period August 01, 2021 to August 31, 2021, would also be collected from the Pakistan Mercantile Exchange on Friday October 29, 2021. Necessary details and reports for the said period have already been made available.
Clearing Members and Pakistan Mercantile Exchange are advised to verify the investor wise details of capital gain or loss and tax thereon, if any, through reports/downloads. Please note that, in case of none or partial collection of CGT, necessary action would be taken in accordance with the Rules and NCCPL Regulations.
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Govt. decides to cut duty, taxes on edible oil: Umar
ISLAMABAD: In a bid to counter rising inflation and alleviate the economic burden on citizens, the government has decided to reduce duty and taxes on the supply of edible oil.
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