Pkrevenue.com

Author: Faisal Shahnawaz

  • Bitcoin to Pak Rupee on July 05, 2022

    Bitcoin to Pak Rupee on July 05, 2022

    KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs4,112,304.69 on July 05, 2022 at 10:49 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs3,917,765.77 at closing on July 04, 2022.

    The rate of Bitcoin in US Dollar (USD) is $20,062.65 on July 05, 2022 at 10:49 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $19,116.67 at closing on July 04, 2022.

    Disclaimer: All data and information is 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.

    READ MORE: Bitcoin to Pak Rupee on July 04, 2022

  • Ripple to Pak Rupee on July 05, 2022

    Ripple to Pak Rupee on July 05, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pak Rupee (PKR) is Rs66.35 on July 05, 2022 at 10:40 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs65.63 at closing on July 04, 2022.

    The rate of Ripple in US Dollar (USD) is $0.32 on July 05, 2022 at 10:40 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.32 at closing on July 04, 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.

    READ MORE: Ripple to Pak Rupee on July 04, 2022

  • Dogecoin to Pak Rupee on July 05, 2022

    Dogecoin to Pak Rupee on July 05, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs14.10 on July 05, 2022 at 10:30 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs13.60 at closing on July 04, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.07 on July 05, 2022 at 10:30 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.07 at closing on July 04, 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.

    READ MORE: Dogecoin to Pak Rupee on July 04, 2022

  • SBP adopts Sharia standards of accounting, auditing

    SBP adopts Sharia standards of accounting, auditing

    KARACHI: State Bank of Pakistan (SBP) on Monday said it has adopted Sharia standards of accounting and auditing for Islamic banks in the country.

    In a statement, the central bank said strengthening Shariah compliance of Islamic banking industry in line with the best international practices is one of the key pillars of SBP’s 3rd Strategic Plan for Islamic Banking Industry 2021-25.

    READ MORE: Pakistan’s central bank launches digital financial literacy for farmers

    Under the plan, SBP has been adopting Shariah standards of Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) in a systematic and gradual manner.

    The standardization and harmonization in Shariah practices and procedures are helping in elevating the local Islamic banking industry at par with the international best practices.

    After a comprehensive process of evaluation and deliberations with the internal and external stakeholders, keeping in view our local environment, today the State Bank of Pakistan (SBP) has adopted four more AAOIFI Shariah standards on: i) Salam and Parallel Salam, ii) Istisna’a and Parallel Istisna’a, iii) Combination of Contracts and iv) Irrigation Partnership (Musaqat), with certain clarifications and amendments.

    READ MORE: Meezan Bank installs 1000th ATM

    Salam is a mode of finance frequently used in agriculture while Istisna’a   is a mode generally used by Islamic banking institutions to provide financing where manufacturing/assembling/processing is involved. Irrigation partnership (Musaqat) standard can be used in agriculture sector, especially for orchard financing while standard on combination of contract provides guidance to Islamic banking institutions when making use of multiple contracts in their various arrangements to meet the needs of the customers. It may be noted that earlier SBP has already issued detailed general guidelines on Islamic financing for agriculture sector.

    READ MORE: Standard Chartered facilitated by BenchMatrix

    With adoption of these four standards, the total number of AAOIFI Shariah standards adopted by SBP has reached twenty while work on remaining standards is underway. Besides, there are few AAOIFI standards which have already been adopted by SBP as part of its various regulations, instructions and guidelines issued from time to time.

    AAOIFI is a leading international organization primarily responsible for development and issuance of standards for the global Islamic finance industry. SBP has remained a key member of AAOIFI’s Board of Trustees.

    READ MORE: Pakistan-issued prize bonds expire on June 30, 2022

  • SBP issues KIBOR rates – July 04, 2022

    SBP issues KIBOR rates – July 04, 2022

    KARACHI: State Bank of Pakistan (SBP) on Monday issued the Karachi Interbank Offered Rates (KIBOR) as on July 04, 2022.

    Following are the latest KIBOR rates:

     TenorBIDOFFER
    1 – Week13.4113.91
    2 – Week13.6014.10
    1 – Month13.8014.30
    3 – Month15.0715.32
    6 – Month15.2315.48
    9 – Month15.2715.77
    1 – Year15.3415.84

    READ MORE: SBP issues KIBOR rates – June 30, 2022

  • Bank holidays announced for Eid ul Adha 2022

    Bank holidays announced for Eid ul Adha 2022

    KARACHI: The State Bank of Pakistan (SBP) on Monday announced bank holidays on the occasion of Eid ul Adha 2022.

    In a circular issued to president and chief executives of all banks, development financial institutions and microfinance banks, the central bank said the SBP will remain closed from 8th to 12th July, 2022 (Friday to Tuesday) being public holidays on the occasion of Eid-ul-Adha.

  • Rupee starts FY23 with 29 paisas recovery to dollar

    Rupee starts FY23 with 29 paisas recovery to dollar

    KARACHI: The Pakistan Rupee (PKR) started FY23 (fiscal year 2022/2023) with a recovery of 29 paisas against the dollar on Monday.

    The exchange rate witnessed a recovery of 29 paisas in rupee value to end at Rs204.56 to the dollar from last closing of Rs204.85 on June 30, 2022 in the interbank foreign exchange market.

    READ MORE: Rupee plunges 30% to dollar in fiscal year 2021-2022

    The foreign exchange market was opened after bank holiday and weekly holidays.

    The local currency ended the fiscal year 2021/2022 with a massive decline of 30 per cent against the dollar, according to data made available to PkRevenue.com on Thursday.

    The exchange rate witnessed a decline of Rs47.31 or 30 per cent from Rs157.54 on the start of July 01, 2021 to the closing of Rs204.85 on June 30, 2022.

    During the year the currency was under pressure due to higher economic demand, political instability and severe balance of payment crisis.

    READ MORE: Dollar slips to end at Rs205.12 in interbank

    The rupee is making recovery after the country received $2.3 billion from Chinese banks. Furthermore, reports of finalization of agreement between Pakistan and IMF also supported the rupee. The country is expecting an inflow of around $1.9 billion from the IMF.

    These inflows would help the State Bank of Pakistan (SBP) to improve its foreign exchange reserves. The rupee fell to the all-time low at Rs211.93 to the dollar on June 22, 2022.

    READ MORE: Rupee recovers sharply on expected IMF inflows

    The rupee remained under pressure against the greenback during the current fiscal year. The State Bank of Pakistan (SBP) has taken various measures to support balance of payment and the local currency. However, the measures ended in a failure to help the rupee to recover losses.

    The SBP on May 23, 2022 announced a sharp increase in policy rate by 150 basis points to 13.75 per cent from 12.25 per cent.

    In addition to that the government announced a complete ban on imports to support balance of payment and help the rupee to stabilize. But all these measures appeared in failure as the exchange rate yet again deteriorated today massively.

    READ MORE: Rupee falls 46 paisas to dollar despite Chinese inflows

  • SBP’s customer forex rates – July 04, 2022

    SBP’s customer forex rates – July 04, 2022

    KARACHI: The State Bank of Pakistan (SBP) has published the foreign exchange rates for customers on July 04, 2022.

    (more…)
  • Pakistan petroleum sales climb up by 16 per cent in FY22

    Pakistan petroleum sales climb up by 16 per cent in FY22

    KARACHI: The domestic sales of petroleum products in Pakistan have jumped up by 16 per cent to 22,595 metric tons in fiscal year 2021/2022 when compared with the preceding year, a report said on Monday.

    However, Pakistan oil sales declined by 11 per cent MoM to 1.9 million in June 2022 which is mainly driven by 14 per cent MoM dipped in MOGAS and High Speed Diesel (HSD) sales.

    READ MORE: Dealers threaten shutting down petrol pumps from July 18

    “This was due to sharp increase in MOGAS and HSD prices by 31 per cent and 51 per cent in June 2022, respectively,” said analysts at Topline Securities Research.

    This led to reduced demand of petroleum products and rise in usage of public transport/car pooling, they added.

    On YoY basis, oil sales remained flat during the month of June 2022.

    READ MORE: NA approves levy on petroleum products up to Rs50/liter

    MOGAS and HSD sales were down 12 per cent and 16 per cent on MoM basis to 702k tons and 713k tons, respectively. Excluding Furnace Oil (FO), overall petroleum sales volume stood at 1.48 million tons in June 2022, down 13 per cent MoM and 7 per cent YoY.

    “In FY22, Pakistan’s oil sales clocked in at 22.6 million tons, up 16 per cent YoY, which was much better than the last 10-year growth rate,” the analysts said.

    This was mainly led by higher than expected growth in Furnace Oil (FO) sales which reached 4 million tons (highest since FY18) due to high demand in power plants amidst non-availability of RLNG along with low hydel generation.

    READ MORE: New prices of petroleum products in Pakistan from July 01, 2022

    Excluding FO, oil sales were up 13 per cent YoY in FY22 due to uptick in MOGAS and HSD sales.

    Motor Gasoline (MOGAS) and High Speed Diesel (HSD) volumes witnessed jump of 9 per cent YoY and 15 per cent YoY to 8.9 million tons each in FY22. This was driven by (i) strong economic growth including growth in Agriculture sector, and (ii) increase in auto sales.

    Pakistan State Oil (PSO) sales outperformed the sector growing by 29 per cent whereas Attock Petroleum (APL) sales improved by 22 per cent in FY22. Shell Pakistan (SHEL) and Hascol Petroleum (HASCOL) underperformed the market during FY22.

    READ MORE: Petroleum levy to generate Rs750 billion

    Moving forward, we expect oil sales to decline by around 15 per cent YoY in the current fiscal year to due to (i) expected decline in auto sales in FY23, (ii) low growth estimated in agriculture sector (2.5 per cent for FY23F vs. 4.4 per cent in FY22), and (iii) sharp increase in petrol/diesel prices.

  • Bitcoin to Pak Rupee on July 04, 2022

    Bitcoin to Pak Rupee on July 04, 2022

    KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs3,917,765.77 on July 04, 2022 at 10:31 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs3,911,751.72 at closing on July 03, 2022.

    The rate of Bitcoin in US Dollar (USD) is $19,116.67 on July 04, 2022 at 10:31 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $19,121.71 at closing on July 03, 2022.

    Disclaimer: All data and information is 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.

    READ MORE: Bitcoin to Pak Rupee on July 03, 2022