KARACHI, May 11, 2022 – The State Bank of Pakistan (SBP) has released the official exchange rates for customers on Wednesday, May 11, 2022.
(more…)Author: Faisal Shahnawaz
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Bitcoin to Pak Rupee on May 11, 2022
KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs5,911,737.05 on May 11, 2022 at 10:15 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs5,856,914.58 at closing on May 10, 2022.
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Ripple to Pak Rupee on May 11, 2022
KARACHI: The exchange rate of Ripple (XRP) in Pak Rupee (PKR) is Rs97.56 on May 11, 2022 at 10:05 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs95.09 at closing on May 10, 2022.
The rate of Ripple in US Dollar (USD) is $0.52 on May 11, 2022 at 10:05 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.51 at closing on May 10, 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 May 11, 2022
KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs20.65 on May 11, 2022 at 10:00 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs20.45 at closing on May 10, 2022.
The rate of Dogecoin in US Dollar (USD) is $0.11 on May 11, 2022 at 10:00 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.11 at closing on May 10, 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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FBR urged to wave further tax on providing CNIC number
KARACHI: The Federal Board of Revenue (FBR) has been urged to wave further tax where CNIC (Computerized National Identity Card) number is provided by unregistered supplier.
Karachi Chamber of Commerce and Industry (KCCI) in its proposals for budget 2022/2023 submitted to the FBR highlighted an issue stating an obvious anomaly is perpetuated by imposing 3 per cent penal tax (further tax) on registered persons on supplies made to unregistered persons.
READ MORE: Tax exemption sought for plant, machinery import
Despite providing CNIC number of unregistered buyers, as required under Section 8 (Sub-Sec.1, Clause M) of Sales Tax Act, 10th Schedule, the registered seller has still to pay 3 per cent further tax.
Moreover, prior to Supplementary Finance Bill 2022, registered seller was not held responsible in case a fake CNIC was provided by buyer. However, after enactment of Supplementary Bill 2022, seller will be held accountable and face consequences in case fake CNIC number is provided by unregistered buyer.
READ MORE: Proposed list of higher withholding tax rates for non-filers
The outcome of the amendment is that it is unjust and irrational to impose 3 per cent further tax on supplies by registered person to unregistered persons, while also it is required to provide CNIC Number of unregistered buyer in Sales Tax Invoice.
The KCCI proposed that CNIC number of unregistered buyers provided by registered seller/supplier be treated at par with STRN.
The 3 per cent further tax on supplies to unregistered buyer should not be charged if CNIC number is provided by registered seller in Sales Tax Return.
READ MORE: PSX demands slashing CGT rates on disposal of shares
In case CNIC number of unregistered buyer of raw materials is not provided, VAT may be charged at 1.7 per cent on sales of raw material.
Giving rationale to the suggestion, the KCCI said it will discourage cash economy and encourage documentation by placing the trust in registered persons.
Placing the responsibility to broaden the tax base squarely on Regional Tax Offices (RTOs) and Large Tax Offices (LTOs) rather than on taxpayers.
Further, it will discourage fake and flying invoices which are issued to avoid 3 per cent further tax.
Besides, it will enhance business transactions through banking channels and promote growth.
READ MORE: FBR suggested reduce corporate tax rate for listed companies
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MCB Bank finalizing Easypaisa acquisition
KARACHI: MCB Bank is in final stage for making decision regarding acquisition of Easypaisa, top management of the bank said on Tuesday.
“The bank is in final stages of making a decision on potential Easypaisa acquisition and the announcement in this regard will be made shortly,” the management told at analyst briefing.
Management indicated that it is likely that bank will maintain dividend payout ratio whether the acquisition goes through or not.
MCB Bank conducted its 1Q2022 analyst briefing today where management discussed financial performance and future outlook of the bank.
With rising differential between kibor and policy rates, a 100-150 basis points increase in policy rate in upcoming monetary policy is likely as per management.
A significant chunk of government securities will reprise in 2Q2022 however reprising of advances will continue till 3Q2022 which will continue to support Net Interest Margins (NIMs) of the bank.
MCB remains very selective in its lending policy and it does not see any major uptick in Non Performing loans (NPLs) despite high kibor rate of ~15 per cent. Consumer loans contribute around 6 per cent to the total loan book of the bank.
Current Account Deposit as percentage of total deposits for the bank clocked in at 43 per cent in March 2022 against 40 per cent in December 2021. Rising current accounts (zero cost deposits) will continue to support Net Interest Income (NII) of the bank going forward.
Duration on fixed rate PIBs is close to 3 years where the average yield on such bond is around 10.5 per cent.
Management do not expect any significant impact on bank earnings due to falling Pakistan Eurobond prices as the bank test the instruments for impairment if the value is down by 30 per cent or above.
Exposure in US$ Sri Lankan bonds was gradually phased out by the bank hence no impact of the bond default is anticipated.
The entire banking industry is witnessing strong growth in foreign exchange income led by volatility in exchange rate.
MCB reported 1Q2022 earnings of Rs7.7/share, up 29 per cent YoY led by rise in Net Interest Income (NII) which was up 19 per cent to Rs19bn. Non-interest income of the bank increased by 18 per cent YoY to Rs5.9bn in 1Q2022 also supporting profitability of the bank.
MCB remains one of the leading commercial banks in Pakistan with 1,426 Domestic Branches across Pakistan, over 8.2 million customer accounts, 7 per cent share in industry deposits, and 2nd largest market capitalization.
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Pakistan stocks gain 111 points in range bound trading
Pakistan stocks experienced a modest gain on Tuesday as the benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed at 43,504 points, up by 111 points from the previous day’s close of 43,393 points. The market remained range-bound throughout the session, reflecting cautious investor sentiment amidst ongoing political and economic uncertainty.
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SBP issues KIBOR rates – May 10, 2022
KARACHI: State Bank of Pakistan (SBP) on Tuesday issued the Karachi Interbank Offered Rates (KIBOR) as on May 10, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 12.29 12.79 2 – Week 12.37 12.87 1 – Month 12.87 13.37 3 – Month 14.43 14.68 6 – Month 14.65 14.90 9 – Month 14.60 15.10 1 – Year 14.58 15.08 -
SBP’s customer exchange rates – May 10, 2022
KARACHI, May 10, 2022 – The State Bank of Pakistan (SBP) has issued the official exchange rates for customers on Tuesday, May 10, 2022.
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Rupee hits all-time low at Rs188.66 to dollar
KARACHI: The Pakistan Rupee (PKR) fell to an all-time low against dollar on Tuesday as exchange rate ended at Rs188.66 at closing of interbank foreign exchange market.
The local currency fell by Rs1.13 to the dollar to hit the new record low as compared with the previous day’s closing of Rs187.53 in the interbank foreign exchange market.
READ MORE: Dollar ends Rs187.53 at interbank market close
Currency experts said that the local unit was continuously declining due to balance of payment crisis in the country.
They said that due to higher international oil and commodity prices the dollar demand has been seen in the market.
The rupee hit an all-time low at Rs188.18 on April 07, 2022.
Currency experts said that dollar demand was high at market open because of weekly holidays.
READ MORE: Rupee falls Rs187.50 to dollar at market open
Pakistan is net importer of petroleum products to meet its domestic demand. The country’s import bill was $14.81 billion during the first nine months (July – March) 2021/2022 as compared with $7.55 billion in the corresponding period of the last fiscal year, showing a massive growth of 96 per cent. The oil bill is around 25 per cent of the total import bill of country.
The depleting foreign exchange reserves are also putting pressure on the local currency.
According to details released by the State Bank of Pakistan (SBP), the official reserves of the central bank fell by $328 million to $10.558 billion by the week ended April 23, 2022 as compared with $10.886 billion a week ago. The net foreign exchange reserves of the SBP also include $3 billion from Saudi Arabia, which was deposited with the central bank to support balance of payment.
READ MORE: Rupee falls 94 paisas to dollar in post Eid holidays
The foreign exchange reserves of the country fell to $16.668 billion by week ended April 23, 2022 as compared with $17.045 billion by week ended April 16, 2022.
Pakistan total import bills recorded an increase of 49 per cent to $58.87 billion during the first nine months of the current fiscal year as compared with $39.49 billion in the corresponding period of the last fiscal year.
READ MORE: Dollar gains six paisas against PKR in interbank
This resulted in huge widening in trade deficit of 70 per cent. The trade deficit of the country swelled to $35.39 billion during first nine months of the current fiscal year as compared with the deficit of $20.8 billion in the corresponding months of the last fiscal year.