Author: Faisal Shahnawaz

  • Dogecoin to Pak Rupee on May 28, 2022

    Dogecoin to Pak Rupee on May 28, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs16.42 on May 28, 2022 at 10:41 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs15.64 at closing on May 27, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.08 on May 28, 2022 at 10:42 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.08 at closing on May 27, 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 May 27, 2022

  • SBP injects Rs3.22 trillion to banking system through OMO

    SBP injects Rs3.22 trillion to banking system through OMO

    KARACHI: The State Bank of Pakistan (SBP) on Friday injected a hefty amount of Rs3.22 trillion to the banking system through 7-day and 63-day Open Market Operation (OMO).

    The SBP conducted the 63-day Open Market Operation (OMO) and injected Rs1.8 trillion at a rate of 13.84 per cent. Analysts at Topline Securities said that the SBP conducted the 63-day operation after a gap of three months.

    The SBP also injected Rs1.4 trillion in 7-day OMO at 13.78 per cent.

    READ MORE: Rupee ends month-long losing streak; dollar at Rs199.76

    To recall, SBP last injected Rs425 billion at a rate of 9.91 per cent on January 7, 2022 for 63-days. Similarly, it also conducted such 63 day OMO injections on December 17,2022, December 24, 2022 and December 31,2022 by injecting Rs689 billion, Rs382 billion and Rs274 billion, respectively.

    Normally, SBP conducts short duration OMO of 7-days. This 63 days OMO provides banks liquidity for longer term that stabilizes rates in the money market, the analysts said.

    OMO is a tool used by a Central Bank (or monetary authority) to inject or mop-up funds, based on the liquidity requirements, from the banking system via the purchase or sale of eligible securities.

    Operationally, in case of OMO (Injections), SBP lends funds to banks against eligible collateral to address liquidity shortage in the system.

    READ MORE: SBP governor inaugurates Meezan Roshan Digital Center

    Yields specially in the shorter tenure rose sharply due to delay in IMF program, huge subsidy on petrol/diesel, and depleting foreign exchange reserves, the analysts added.

    In 2022 to date, 6-month/12-month T-Bill yields were up around 330 basis points to 14.61 per cent to 14.65 per cent till yesterday. Yields on 3-year and 5-year bonds increased by 200 basis points and 130 basis points to 13.51 per cent and 12.76 per cent, respectively.

    To recall, SBP in its last analyst briefing post Monetary Policy Announcement stated that it can use various monetary policy tools to bring stability in secondary market yields.

    READ MORE: SCBPL launches project to empower youth with disabilities

    As a result of this development and announcement of increase in petrol prices, secondary market yields have started showing downward trend. As per our channel checks, yields on shorter tenure instruments 6-month/12-month T-Bills are down by 20-40 basis points to around 14.4 per cent, down from a recent high of around 15.1 per cent on May 16, 2022.

    Pakistan Stock Market and currency market has also reacted positively to the development. PSX is thus far up 1.3 per cent or 556 points to 43,098 index level. Similarly, PKR has appreciated by Rs2 against USD in the interbank market.

    READ MORE: SBP cuts car loan tenure to three years

  • FBR to install more scanners for customs clearance

    FBR to install more scanners for customs clearance

    KARACHI: The Federal Board of Revenue (FBR) will add more scanners for digitization of customs clearance, said Wajid Ali, Chief Collector, MCC Appraisement (South) Karachi.

    Addressing at Federation of Pakistan Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Friday, he said that more container scanners will added on a regular basis and customs is moving towards best-practices in digitalization; however, accepted that more work needs to be done to facilitate the traders.

    READ MORE: FBR promotes Customs officers to BS-19

    Agreeing to the top demand of FPCCI, Wajid Ali promised that the online complaint mechanism will be launched at Federation House to address all the issues, concerns and complaints of the business community pertaining to customs.

    It will not only promote the liaison between the customs department and the business community; but, will also expedite the complaints resolution process.

    The Chief Collector informed the session that Input/Output Co-efficient Organization (IOCO) has determined the quotas for the erstwhile FATA and PATA region; hence, its misuse will be eliminated.

    He also committed that refunds will be swiftly processed to facilitate the traders. He added that National Single Window (NSW) will contain HS Codes in 12 digits.

    READ MORE: FBR drafts ID evidence rules to subscribe Pakistan Single Window

    Wajid Ali has asked FPCCI to propose the inclusion of its representative into the classification committee and apprised that Alternative Dispute Resolution Committee (ADRC) will also be refreshed.

    He also welcomed the recommendations of appointing a focal person for FPCCI for the greater good of business community; more proactive 90-day advanced rulings and effective implementation of protections covered under SRO 598 to already issued Bill of Lading and Letter of Credit.

    Earlier, Irfan Iqbal Sheikh, President FPCCI, discussed the issues and anomalies endured by the business community with top customs officials in a detailed session at Federation House.

    He enlisted that lack of regulation of container terminals; misuse of erstwhile FATA and PATA exemptions; delay in refunds processing; unfair demurrages charges; insufficient investment into digitalization & container scanners; inadequate diversification in HS and PCT Codes; overlooking cascading principle on raw materials and irregular consultative process with the trading community’s stakeholders are the top impediments in the smooth functioning of the customs operations.

    READ MORE: Trade Information Portal of Pakistan

    Sheikh demanded formation of a regulatory authority for container terminals for a better working environment between traders and container terminals.

    He also expressed his profound concerns over misuse of erstwhile FATA and PATA exemptions as the phenomenon has disturbed the even-playing-field.

    Sheikh also expressed his dismay over paying technology upgradation and container scanner charges since the year 2005; but, no wide-scale upgradation has taken place as yet. He also called upon customs authorities to adopt 16-digit HS Codes to cater to the diverse imports.

    Engr. M. A. Jabbar, Vice President FPCCI, pointed out that tariff rationalization should be an ongoing process to adapt to the ever-changing trade & industry environment and proposed that member policy of FBR should keep consulting the stakeholders.

    READ MORE: PSW to link 27 banks for trade facilitation

    Shabbir Hassan Mansha, VP FPCCI, demanded a focal person for FPCCI and also apprised the session that the business community faces delays in refunds as the pay orders are encashed without informing the traders; and, critical working capital is blocked due to the practice.

    Saqib Fayyaz Maggo, Convener Customs FPCCI, highlighted the lack of uniformity in the disposal of cases under Sections 81, 25A, 25D; on top of the excessive adjudication cases and ever-increasing demurrages charges.

  • Bulls dominate Pakistan stocks on POL price increase

    Bulls dominate Pakistan stocks on POL price increase

    KARACHI: Pakistan stocks witnessed bullish run on Friday after the government announced to enhance prices of petroleum products to pave way for IMF tranche.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended 42,861 points from previous day’s closing of 42,541 points, showing an increase of 320 points.

    READ MORE: Stocks end up 529 points as political tensions ease

    Analysts at Arif Habib Limited said that the market witnessed a long-awaited bull run after the government finally announced to increase petroleum prices considering the IMF Program resumption which resulted in the price appreciation of Pak Rupee against USD.

    The investors rejoiced over the news as KSE-100 went up by 1,013 points during the session giving bulls an upper hand to remain active throughout the day.

    READ MORE: Stocks witness bearish trend on rising political noise

    However, profit selling was observed in the last trading hour due to the end of Rollover week.

    Hefty volumes were observed all across the board on the contrary 3rd tier stocks remained in the limelight.

    The Index closed at 42,861.45 points, up by 319.74 points (+0.75 per cent DoD). Sectors contributing to the performance include Fertilizer (+44.1 points), E&P’s (+43.0 points), Banks (+40.5 points), Chemical (+37.6 points) and Cement (+35.4 points).

    READ MORE: Pakistan stocks shed 490 points on political uncertainty

    Volumes increased from 347.1 million shares to 527.7 million shares (+52.0 per cent DoD). Average traded value also increased by 54.5 per cent to reach US$ 70.0 million as against US$ 45.3 million.

    Stocks that contributed significantly to the volumes are CNERGY, PRL, WTL, HUMNL, and GGL.

    READ MORE: Pakistan stocks plunge by 660 points on political tensions

  • SBP issues KIBOR rates – May 27, 2022

    SBP issues KIBOR rates – May 27, 2022

    KARACHI: State Bank of Pakistan (SBP) on Friday issued the Karachi Interbank Offered Rates (KIBOR) as on May 27, 2022.

    Following are the latest KIBOR rates:

     TenorBIDOFFER
    1 – Week13.6514.15
    2 – Week13.7214.22
    1 – Month13.7914.29
    3 – Month14.2914.54
    6 – Month14.4714.72
    9 – Month14.5315.03
    1 – Year14.5315.03

    READ MORE: SBP issues KIBOR rates – May 26, 2022

  • SBP’s customer forex rates – May 27, 2022

    SBP’s customer forex rates – May 27, 2022

    KARACHI, May 27, 2022: The State Bank of Pakistan (SBP) provided customers with the foreign exchange rates on May 27, 2022. These rates, derived from the weighted average rates of commercial banks, are a vital reference point for businesses and individuals engaged in international transactions.

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  • FBR’s officers found non-compliant in filing asset declaration

    FBR’s officers found non-compliant in filing asset declaration

    ISLAMABAD: The Federal Board of Revenue (FBR) has detected a number of officers in BS-19 and BS-20 are non-compliant in filing mandatory declaration of assets.

    The FBR on Friday issued a circular instructing officers of Inland Revenue Service (IRS) and Pakistan Customs Service (PCS) in BS-19 and BS-20 to submit their declaration of assets and Performance Evaluation Reports (PERs) by May 31, 2022.

    READ MORE: FBR promotes Customs officers to BS-19

    The FBR said that the Establishment Division had informed that a meeting of Central Selection Board (CSB) for promotion of IRS/PCS from BS-20 to BS-21 and BS-19 to BS-20 posts, was scheduled to be held shortly and cases for promotion would be submitted to the Establishment Division for CSB by June 01, 2022.

    “It has been observed that PERs of the officers of IRS/PCS, who are in the promotion zone, have not yet been received despite reminders,” the FBR said.

    READ MORE: FBR transfers BS-20 officers of Pakistan Customs Service

    All BS-19 and BS-20 officers of IRS/PCS, who are in the promotion zone have been asked to ensure that their PERs and declaration of assets up to June 30, 2021 are submitted to the FBR latest by May 31, 2022.

    Completion of PERs and submission of declaration of assets are the prerequisites for promotion to selection grades under Civil Servants Promotion (BS-18 to BS-21) Rules, 2019. The FBR is trying hard to ensure that all eligible officers should be considered for promotion in the forthcoming CSB meeting.

    READ MORE: FBR promotes nine IRS officers to BS-19

    The FBR warned that any officer failing to furnish the documents by the due date of May 31, 2022, will himself/herself be responsible for non-consideration / deferment / supersession. The reporting/countersigning officers are also advised to immediately forward PERs of the officers to the Board without any delay.

  • Bitcoin to Pak Rupee on May 27, 2022

    Bitcoin to Pak Rupee on May 27, 2022

    KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs5,833,556.59 on May 27, 2022 at 11:43 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs6,000,573.53 at closing on May 26, 2022.

    The rate of Bitcoin in US Dollar (USD) is $28,799.94 on May 27, 2022 at 11:43 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $29,759.74 at closing on May 26, 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.

  • Ripple to Pak Rupee on May 27, 2022

    Ripple to Pak Rupee on May 27, 2022

    The exchange rate of Ripple (XRP) against the Pakistani Rupee (PKR) experienced fluctuations in the open market as of 11:37 AM Pakistan Standard Time (PST) on May 27, 2022.

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  • Dogecoin to Pak Rupee on May 27, 2022

    Dogecoin to Pak Rupee on May 27, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs15.64 on May 27, 2022 at 11:10 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs16.69 at closing on May 26, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.08 on May 27, 2022 at 11:10 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.08 at closing on May 26, 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.