KARACHI: State Bank of Pakistan (SBP) on Thursday issued the Karachi Interbank Offered Rates (KIBOR) as on August 18, 2022.
Following are the latest KIBOR rates:
| Tenor | BID | OFFER |
| 1 – Week | 14.93 | 15.43 |
| 2 – Week | 14.96 | 15.46 |
| 1 – Month | 15.03 | 15.53 |
| 3 – Month | 15.66 | 15.91 |
| 6 – Month | 15.76 | 16.01 |
| 9 – Month | 15.78 | 16.28 |
| 1 – Year | 15.83 | 16.33 |
KARACHI: Pakistan has made it must for all international air passengers to declare foreign currency at the time of ticket booking.
The country has taken the decision to comply with the conditions of Financial Action Task Force (FATF) for preventing money laundering and terror financing.
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Sources in Civil Aviation Authority of Pakistan (CAA) told PkRevenue.com on Thursday that all the passengers intending to go abroad are required to declare currency at the time of booking the international air ticket.
For outbound flights, airlines may also direct their staff/travel agents to ensure that they provide a copy of the declaration at the time of booking of ticket.
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“At check-in counters, airlines are directed to issue boarding pass only once the passengers have deposited the declaration with them,” according to a statement issued by the CAA.
It further said that Pakistan Customs are required to deploy their staff along with airline staff to supervise/assist the passengers at the dedicated facilitation counter inside the check-in hall.
The airline staff will collect the declarations and hand over the same to the customs staff after the closure of the flight along with the passenger’s manifest.
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For Inbound Flights, airlines are required to ensure in-flight announcement by the flight crew for every inbound flight for submission of subject declaration wherein the passengers will mention the currency under the regulatory requirements of FATF.
The airline crew will distribute the declaration during the flight to all the passengers, irrespective of their nationality. The said declaration will be deposited at the customs counter before the immigration desks at International Arrival.
CAA will provide space and counters for the collection of all declaration forms.
READ MORE: FBR tightens monitoring to prevent currency smuggling
KARACHI: Pakistan Rupee eased for second straight day against US dollar on Thursday owing to rising demand for import and corporate payments.
The exchange rate ended recorded a decline of seven paisas to end at Rs21.88 to the dollar from previous day’s closing of Rs214.95 in the interbank foreign exchange market.
READ MORE: Dollar ends losing streak against Pakistani Rupee; closes at Rs214.88
A day earlier, the dollar appreciated for first time since the rupee hit record low of Rs239.94 on July 28, 2022.
The local units gained about Rs25.04 or 10.85 per cent during past 11 trading days. The rupee is continuously making recovery against the green back since making a historic low of Rs239.94 to the dollar on July 28, 2022.
It is important to note that the rupee witnessed recent decline despite the fact that IMF had announced date for executive board meeting to review Pakistan tranche.
READ MORE: Dollar slides for 11th day against Pakistani rupee on August 16, 2022
Further, there are reports of renewal of Saudi financial assistance helped to improve sentiments in the currency market. Further decline in international oil prices also helped the rupee to make gain.
Besides, they said that the tight monitoring of the State Bank of Pakistan (SBP) had eased the pressure on exchange rate.
It is worth mentioning that the foreign exchange reserves of the country depleted massively.
Pakistan’s foreign exchange reserves have declined 43-month low at $13.56 billion by week ended August 05, 2022. The foreign exchange reserves of country fell by $648 million as those were $14.21 billion a week ago i.e. July 29, 2022.
Pakistan’s foreign exchange reserves were seen at $13.597 billion on January 2019. 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 $13.668 billion.
READ MORE: Dollar falls for ten straight days against Pakistani Rupee; ends at Rs213.98
However, the recent recovery in rupee value may be attributed to the efforts of the central bank.
The State Bank of Pakistan (SBP) initiated inspection against the exchange companies on August 01, 2022. On August 2, 2022, the SBP suspended the operations of four branches of two ECs (Galaxy Exchange Co and Al-Hameed International Money Exchange Co) for violation of SBP regulations.
The central bank also imposed monetary penalties on some ECs in the recent past. Besides, due to violations of SBP instructions, arrangements of 13 franchises have been terminated by six different ECs in the recent past.
The dealers said that after assurance from the International Monetary Fund (IMF) that Pakistan had met all the requirement for the disbursement of $1.2 billion tranche under Extended Fund Facility (EFF).
The currency experts said that the rupee was also supported by reduction in trade deficit during the first month of the current fiscal year.
READ MORE: Dollar plummets to Rs215.49 against Pakistani Rupee on August 12, 2022
The trade deficit narrowed by 18.33 per cent to $2.62 billion for the month of July 2022 as compared with the deficit of $3.23 billion in the same month of the last year.
The trade deficit was mainly contracted due to 12.8 per cent decline in import bill during the month under review. The import bill of the country was reduced to $4.86 billion in July 2022 as compared with $5.57 billion in the same month of the last year.
The State Bank of Pakistan (SBP) has officially released the foreign exchange rates for August 18, 2022. The rates are based on the weighted average rates of commercial banks and are crucial for individuals and businesses engaged in international transactions.
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KARACHI: The TPL Trakker Limited (TPLT) has signed a Memorandum of Understanding (MoU) to provide satellite images of Pakistan.
The company will be able to provide high resolution satellite images and the drone imagery of up to 0.3 meter resolution.
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According to the material information submitted to the Pakistan Stock Exchange (PSX) by the TPLT on Thursday stated: “We are pleased to announce that TPLT has entered into a Memorandum of Understanding (MoU) with Exelligent Solutions and Geospatial Planning Solutions to be the exclusive distributor of Satellite Imagery of Pakistan.”
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TPLT will be able to provide different types of high resolution satellite images including Optical Satellite (Mono and Stereo) Imagery, Synthetic Aperture Radar (SAR) Satellite Imagery, Satellite Data derived products like DEM, DSM and DTM, and Drone Imagery of up to 0.3 meter resolution.
This is first such step by TPLT in order to provide Satellite imagery and GIS applications to multiple industries which are increasingly utilizing it.
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KARACHI: The exchange rate of Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs5,030,134.89 on August 18, 2022 at 10:06 AM Pakistan Standard Time (PST), in the open exchange market.
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KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) is Rs80.79 on August 18, 2022 at 10:06 AM Pakistan Standard Time (PST), in the open exchange market.
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KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) is Rs17.31 on August 18, 2022 at 10:06 AM Pakistan Standard Time (PST), in the open exchange market.
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KARACHI: National Bank of Pakistan (NBP) on Wednesday announced a sharp decline of 28 per cent in net profit for half year ended June 30, 2022.
According to financial results submitted to Pakistan Stock Exchange (PSX), the bank announced Rs12.24 billion as profit after tax during the first half (January – June) of calendar year 2022 as compared with Rs17.05 billion in the same half of the last year.
The bank announced earnings per share (EPS) at Rs5.74 for the half year under review as compared with EPS Rs7.98 in the same half of the last year.
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The massive decline in net profitability may be attributed to significant increase in payment of tax. NBP paid an amount of Rs21.87 billion for the half year ended June 30, 2022 as compared with Rs11.13 billion in the same half of the last year, showing about 97 per cent growth.
The bank recorded an amount of Rs34.12 profit before tax (PBT) during the first half of CY 2022 as compared with Rs28.17 billion in the same half of the last year, showing a growth of 21.12 per cent.
The profit after tax of the bank for the second quarter of calendar year 2022 ended June 30, 2022 recorded at Rs2.5 billion, depicting a decrease of 73 per cent Year on Year (YoY).
Higher taxes dragged the profitability in the second quarter.
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Net Interest Income of the bank settled at Rs27 billion during 2QCY22, increasing 6 per cent YoY and Quarter on Quarter (QoQ), both. With this, the total Net Interest Income (NII) for the half year ended June 30, 2022 went up to Rs53 billion, marking a 12 per cent YoY jump. Interest expense registered a significant increase of 116 per cent YoY while interest income was up 68 per cent YoY on the back of policy rate hikes, in the out-going quarter.
Non-Interest income too was up during the quarter, 7 per cent YoY | 24 per cent QoQ, taking 1HCY22’s total to Rs19.5 billion.
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Foreign exchange , Fee and Dividend incomes fueled the Net Fee Income (NFI), posting an increase of 33 per cent, 9 per cent and 37 per cent on YoY basis, respectively.
In addition, the bank recorded Rs145 million in share of profit from joint venture, marking a 110 per cent YoY increase.
During 2QCY22, provisioning significantly declined 85 per cent YoY | 59 per cent QoQ. This takes the overall provisioning of the bank to Rs2 billion in 1HCY22, -71 per cent YoY.
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The bank’s operating expenses increased 16 per cent YoY in 2QCY22 clocking-in at Rs19.4 billion (1HCY22: Rs36.5 billion, 16 per cent YoY). With this, Cost/Income stood at 50.92 per cent in 2QCY22 against 46.38 per cent same period last year.
Effective tax rate was significantly up during 2QCY22 at 86.05 per cent compared to 39.26 per cent last quarter. This higher taxation was on account of revised taxes including corporate and super tax.
KARACHI: Shell Pakistan Limited on Wednesday announced Rs7.47 billion as after tax profit for the half year ended June 30, 2022.
The Board of Directors of Shell Pakistan Limited (SPL) approved the company’s half year results on August 17, 2022.
The Company posted a profit after tax of Rs7.47 billion compared to the profit of Rs2.15 billion made in the same period last year.
READ MORE: Shell Pakistan stops aviation operations across country
The encouraging turnaround is mainly driven by improved business performance focusing on strategic priorities such as differentiated fuels and lubricants, the positive change in pricing formula to pricing agency S&P Global Platts’ indexes by the government, and safe and efficient fuel operations.
During this period, the Mobility business launched 13 new retail sites which will help deliver increased volume. Shell V-Power remains the market leader in the premium fuels category.
Through successful dialogue with the government, we will see expansion of our network in Punjab, which will help us grow.
Furthermore, the Company authored a book on Road Safety titled “Once upon a Road” with the aim of driving the behaviours in keeping roads safer in Pakistan.
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The book will be part of the Care Foundation school curriculum of sixth grade across Pakistan. The Company also announced its decision to discontinue its aviation operations across Pakistan.
Presently, SPL carries out its aviation related operations at four locations. They are Jinnah Airport in Karachi, Quetta International Airport, Begum Nusrat Bhutto Airport in Sukkur and Nawabshah Airport.
After due consideration, SPL has decided that it is no longer commercially viable to continue with its aviation business in Pakistan.
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Shell Pakistan remains committed to continuing all its other businesses and operations in Pakistan, which remain unaffected.
The Company will actively work to minimize impact of current challenges and endeavour to capture opportunities to ensure the company plays a key role in developing Pakistan’s energy future.