Karachi, February 08, 2022: The State Bank of Pakistan (SBP) has issued the official exchange rates for February 08, 2022, providing valuable information on currency values against the Pakistani Rupee.
(more…)Author: Faisal Shahnawaz
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UBL gets DD approval to acquire Telenor Microfinance Bank
KARACHI: United Bank Limited (UBL) has been granted regulatory approval to commence due diligence (DD) of Telenor Microfinance Bank Limited.
In a communication shared with the Pakistan Stock Exchange (PSX) on Tuesday, UBL said that the State Bank of Pakistan (SBP) had granted in-principle approval to UBL to commence the due diligence of Telenor Microfinance Bank Limited (TMB) for proposed acquisition of 55 per cent sponsor shares in TMB, currency held by Telenor Pakistan BV (operating under the Easypaisa brand name), subject to the compliance with the applicable laws, rules, regulations.
It was second approval granted by the SBP in less than two weeks to UBL to initiate due diligence in two different acquisitions.
On January 26, 2022, the bank informed the PSX that that SBP had granted in-principle approval to UBL to commence the due diligence of Samba Bank Limited in respect of acquisition of 84.51 per cent shareholding of SBL, currently held by Saudi National Bank.
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Bitcoin to Pak Rupee on February 08, 2022
KARACHI – The cryptocurrency market continues to be a subject of keen interest as the exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) experienced a slight fluctuation, standing at Rs7,716,471.03 on February 08, 2022, in the open exchange market.
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Ripple to Pak Rupee on February 08, 2022
KARACHI: The exchange rate of Ripple (XRP) in Pak Rupee (PKR) is Rs153.63 on February 08, 2022, in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs144.74 on February 07, 2022.
The rate of Ripple in US Dollar (USD) is $0.88 on February 08, 2022, in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.83 on February 07, 2022.
Disclaimer: All data and information are provided for informational purposes only. The data has not been provided for trading purposes or financial, investment, tax, legal, accounting, or other advice. In the case of trading, it is advised to consult your broker or financial representative to verify pricing before executing any trade. The exchange rate does not constitute investment advice. Further, it is not a recommendation to buy, sell or hold any security or financial product.
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Dogecoin to Pak Rupee on February 08, 2022
KARACHI: On February 08, 2022, the exchange rate of Dogecoin (DOGE) in the Pakistani Rupee (PKR) was recorded at Rs28.84 in the open exchange market. This marks a slight decrease from the previous day’s rate of Rs29.30 on February 07, 2022.
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NTC slaps anti-dumping duty on steel products
KARACHI: National Tariff Commission (NTC) has slapped anti-dumping duties on steel products for a period of five years.
The commission imposed the anti-dumping duty in the range on 6.2 per cent to 17.3 per cent on steel products included: iron or non-alloy steel, rolled coils/sheets being imported and dumped from Taipei, the European Union, South Korea, and Vietnam.
READ MORE: Customs to allow provisional release in ADD case
The NTC initiated an anti-dumping investigation on February 25, 2021 of the above-mentioned products after a complaint lodged by Aisha Steel (ASL) and International Steel (ISL).
Analysts at Topline Securities said that the commission made a preliminary determination in the case on August 23, 2021 and imposed a provisional anti-dumping duties ranging from 6.2 per cent to 17.3 per cent on imports of the investigated product for a period of 4 months.
READ MORE: PBC for abolishing anti-dumping duty on raw material
The NTC has now made an affirmative final determination of the Anti Dumping Duty (ADD) ranging from 6.2 per cent to 17.3 per cent for a period of five years effective from August 23, 2021. This imposition is a percentage on Cost & Freight (C&F) prices.
READ MORE: Yarn merchants demand reduction in customs duty
This imposition is excluding CR Coils/ Sheets that are mainly used in automotive outer skins of four wheeler vehicles (auto grades) and Tin Mill Black Plate (TMBP) under this review.
Though, provisional duties on the same were already in place however final determination will clear any uncertainty over any future duty determination. This will bode well for flat steel manufacturer which includes ISL and ASL, amongst the listed players, the analysts said.
READ MORE: Help sought as South Africa imposes anti-dumping duty
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SBP issues KIBOR rates on February 07, 2022
KARACHI: State Bank of Pakistan (SBP) on Monday issued the Karachi Interbank Offered Rates (KIBOR) as of February 07, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 9.76 10.26 2 – Week 9.80 10.30 1 – Month 9.84 10.34 3 – Month 10.13 10.38 6 – Month 10.49 10.74 9 – Month 10.58 11.08 1 – Year 10.70 11.20 -
SBP welcomes Pakistanis in KSA for RDA support
KARACHI: The State Bank of Pakistan (SBP) has welcomed the Pakistani diaspora in the Kingdom of Saudi Arabia (KSA) for their support of the SBP’s initiative of Roshan Digital Account (RDA).
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Customers’ exchange rates on February 07, 2022
Karachi, February 07, 2022: The State Bank of Pakistan (SBP) has unveiled the official exchange rates for February 07, 2022, providing essential information on currency values against the Pakistani Rupee.
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Rupee ends flat to dollar amid import payment demand
KARACHI: The Pak Rupee (PKR) ended flat against the dollar on Monday amid demand of the foreign currency for import payment.
The rupee ended Rs176.47 to the dollar from the last Friday’s closing rs176.48 in the interbank foreign exchange market.
READ MORE: Dollar plunges by PKR 1.04 in interbank
Currency experts said that the dollar demand seen during the day but rupee was stable owing to positive sentiments.
The market was positive due to foreign inflows received during the last week in the shape of IMF funds and Sukuk proceeds.
READ MORE: PKR up 89 paisas to dollar as IMF okays Pak tranche
The IMF Executive Board on February 02, 2022 approved over a billion dollars for Pakistan as sixth tranche of Extended Fund Facility (EFF), which was received by the State Bank of Pakistan (SBP).
Further, the Sukuk proceeds also helped the rupee to make gain during the last week.
READ MORE: Rupee gains two paisas against dollar
The experts said that easing import bill also supported the rupee to make recovery.
However, they said that the rising international oil prices would incur pressure on the rupee stability in coming days.