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Author: Faisal Shahnawaz

  • Dollar top Rs188.45 in interbank midday trading

    Dollar top Rs188.45 in interbank midday trading

    KARACHI: The US dollar hit record high at 188.45 to Pakistan Rupee (PKR) by midday trading at the interbank foreign exchange market on Tuesday.

    The dollar has appreciated by 92 paisas so far today to reach Rs188.45 as compared with last day’s closing of Rs187.53 in the interbank foreign exchange market.

    Currency experts said that the rupee was under pressure during the day due to higher dollar demand for import payments.

    READ MORE: Rupee falls Rs187.50 to dollar at market open

    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 94 paisas to dollar in post Eid holidays

    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.

    READ MORE: Dollar gains six paisas against PKR in interbank

    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.

    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.

    READ MORE: Rupee gains 24 paisas to dollar in interbank

    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.

    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.

    READ MORE: Dollar appreciates 42 paisas against PKR

  • Bitcoin to Pak Rupee on May 10, 2022

    Bitcoin to Pak Rupee on May 10, 2022

    KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs5,856,914.58 on May 10, 2022 at 9:00 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs5,872,842.20 at closing on May 09, 2022.

    The rate of Bitcoin in US Dollar (USD) is $31,155.21 on May 10, 2022 at 9:00 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $31,222.41 at closing on May 09, 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.

    Bitcoin to Pak Rupee on May 09, 2022
  • Ripple to Pak Rupee on May 10, 2022

    Ripple to Pak Rupee on May 10, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pak Rupee (PKR) is Rs95.09 on May 10, 2022 at 8:52 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs95.36 at closing on May 09, 2022.

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  • Dogecoin to Pak Rupee on May 10, 2022

    Dogecoin to Pak Rupee on May 10, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs20.45 on May 10, 2022 at 8:45 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs20.47 at closing on May 09, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.11 on May 10, 2022 at 08:45 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 09, 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.

    Dogecoin to Pak Rupee on May 09, 2022
  • FBR lists mandatory documents for customs clearance

    FBR lists mandatory documents for customs clearance

    KARACHI: The Federal Board of Revenue (FBR) on Monday issued a list of documents that is mandatory for filing goods declaration at Pakistan customs for consignment clearance.

    The FBR issued SRO 567(I)/2022 dated April 27, 2022 to amend the Customs Rules, 2001.

    READ MORE: Tax officials warned of strict action for private consultancy

    The FBR said that it is mandatory for importer to upload following documents with every declaration in relation to each consignments, namely:

    (i) Master bill of lading and house bill of lading or master airway bill and house airway bill as the case may be;

    (ii) Commercial invoice;

    (iii) Letter of credit or bank contract;

    READ MORE: FBR surpasses collection target for July – April FY22

    (iv) Packing list – container-wise in case of containerized cargo and package wise in case of miscellaneous goods consignments;

    (v) Previous chemical analysis and lab test report, if any;

    (vi) Mill test certificate issued by the manufacturer in case of p rime quality steel products;

    (vii) Certification as per requirement of Import Policy Order;

    (viii) Preferential Trade Agreement (PTA) or Free Trade Agreement (FTA) certificate of origin, if claimed; and

    (ix) Any other documents or requirements specified by the FBR from time to time.

    READ MORE: LTO Karachi posts 41% collection growth in 10 months

    In addition to above, for shipments originating from UAE and China (excluding imports under PTA and FTA regime) certificate of origin shall be uploaded as:

    (i) For shipments of fabric (all types i.e. finished, unfinished and grey etc.) and artificial jewellery originating from UAE and China (excluding import under PTA and FTA regime) certificate of origin issued by the manufacturer; and

    READ MORE: FBR issues sales tax refund rules for tractor manufacturers

    (ii) For shipments originating from Iran and Afghanistan and arriving through land customs-station, the certificate of origin issued by the relevant Iranian government agency and by Afghan Chamber of Commerce and Industry respectively.

    The FBR said that the notification shall come into force on and from June 01, 2022.

  • Employers demand urgent steps to avoid economic crisis

    Employers demand urgent steps to avoid economic crisis

    KARACHI: Ismail Suttar, President of the Employers’ Federation of Pakistan (EFP), has requested the Prime Minister Shehbaz Sharif and the Federal Minister for Finance and Revenue Miftah Ismail to take urgent steps to avoid a national crisis due to Pakistan’s worsening Balance of Payments (BOP) position.

    Without the timely adoption of such measures, Pakistan will face dire consequences in the very near future.

    READ MORE: Employers criticize increase in key policy rate

    In a statement, EFP president said that rising debt repayments and constantly increasing import payments are fuelling Pakistan’s BOP crisis. Pakistan’s current monetary imbalance has been caused by an excessive rate of credit creation.

    Ismail Suttar said: “The country’s imports have surged to $65.5 billion (FY 2021-22) in comparison to $44.7 billion (FY 2020-21) in the previous financial year. In the 2021-22 financial year, Pakistan recorded $26.2 billion in exports. One of the main reasons for incurring such a deficit is Pakistan’s heavy reliance on petroleum product imports. The ongoing war between Russia and Ukraine has further caused commodity prices to skyrocket which is why Pakistan needs to plan ahead as the economy cannot sustain such costs any longer.”

    READ MORE: EOBI to launch self assessment scheme for employers

    He further said that due to increasing demand, Pakistan’s energy import bill has nearly doubled to $14.81 billion in the current financial year as compared to $7.55 billion incurred in the previous year. This BOP deficit is causing a huge strain on the economy leading to an inefficient use of Pakistan’s already limited foreign reserves. Due to this widening gap in the BOP, it is imperative for the Government of Pakistan to implement monetary and fiscal policies that will help reduce aggregate expenditure in the economy.

    “One such measure is to introduce policies that discourage the use of petroleum products. Such a policy can be in the form of an increase in the prices of petroleum products, imposing an import quota on petroleum products or even introducing laws that restrict the amount of petroleum products an individual can consume”, he said.

    Ismail Suttar was of the opinion that the Government of Pakistan should actively work on a comprehensive electric automobiles policy to encourage the use of alternative sources of energy to petroleum. Another measure is that the Government of Pakistan should impose a temporary ban on the import of luxury/non-essential goods such as luxury cars until we are able to substantially improve our BOP position. Another measure is the Government of Pakistan should provide incentives/subsidies to companies involved in export as this would help in making our products more competitive in the international markets, thereby resulting in a better BOP position due to an increase in exports.

    The EFP president added that the Government of Pakistan should act immediately and implement such measures instead of shying away due to public uproar/disapproval as without such measures Pakistan is heading for an economic crisis of epic proportions. The State Bank of Pakistan’s (SBP) reserves currently stand at an estimated $10.499 Billion. These reserves are depleting at an accelerated pace due to debt repayment, high inflation and weakness of the Pakistani Rupee. Piling on more debt may give temporary relief, however will cause added pressure and push Pakistan deeper into the debt-trap.

  • Pak Kuwait Investment, Enertech sign $750 million pact

    Pak Kuwait Investment, Enertech sign $750 million pact

    KARACHI: Pakistan Kuwait Investment Company Pvt. Ltd. (PKIC) and Enertech Holding Company KSC (Enertech), a subsidiary of Kuwait Investment Authority, have signed an agreement worth $750 million to collaborate and jointly explore investment opportunities and business potential primarily within Pakistan, a statement said on Monday.

    Embarking on this journey of alliance with this agreement, both PKIC and Enertech have paved the way of future projects to support infrastructure development in Pakistan. In addition, this shall enable advancement in the digital and technology space in tandem with supporting financial inclusion and gender diversity. This alliance would not only bring foreign investment in Pakistan, but shall also support technology and knowledge spill over.

    The agreement was inked by Mohammad Al Fares, Chairman PKIC (pictured right) and Abdullah Al Mutairi, CEO Enertech (pictured left).  Addressing the signing ceremony, Mohammad Al Fares, Chairman PKIC, said “PKIC has a firm desire to support all important sectors of the economy.  The strategic alliance with Enertech, will help identify, invest and materialize viable investment opportunities in Pakistan. Where Both PKIC and Enertech would benefit from individual capabilities and knowledge structure of each other.”

    Speaking on this landmark initiative, MD PKIC Mubashar Maqbool expressed his elation “We have cemented this collaboration to support priority sectors of the economy including infrastructure, power, technology, housing and tourism with an objective of social upliftment and poverty alleviation. This strategic alliance would also bring in much needed foreign investment into Pakistan.” Yasser Malik CEO Enertech Pakistan emphasized that “These projects would be critical to energy security and sustainability in Pakistan.”

    Previously, PKIC also collaborated with Meezan Bank Limited to design a Sukuk as a quasi-equity instrument to finance the local equity requirement of a 61-kilometre water pipeline to deliver water to coal plants, being developed by Enertech in Thar, Sindh. This transaction, structured for Enertech, received two prestigious awards including ‘Pakistan Deal of the Year’ and ‘Most innovative Deal of the Year’ by Islamic Finance News (IFN) based in Malaysia.

    Pakistan Kuwait Investment Company (Pvt) Limited was established in 1979 as a Joint venture between the Governments of Pakistan and Kuwait, it is the largest AAA rated development financial institution engaged in investment and development banking activities in Pakistan. PKIC has played a pivotal role in promoting industrial activity, by way of equity and debt investments. PKIC has been accredited with many successful investments including the establishment of Meezan Bank Limited and Al Meezan Investments in which it presently holds thirty percent shareholding.

    Enertech Holding Company, KSC, a company registered in Kuwait, is a fully owned subsidiary of the National Technology Enterprises Company (NTEC), which is a wholly owned subsidiary of the Kuwait Investment Authority (KIA) and is engaged in the business of development and investment in clean energy, water, sustainable infrastructure and digital banking sector.

  • SBP issues KIBOR rates – May 09, 2022

    SBP issues KIBOR rates – May 09, 2022

    KARACHI: State Bank of Pakistan (SBP) on Monday issued the Karachi Interbank Offered Rates (KIBOR) as on May 09, 2022.

    Following are the latest KIBOR rates:

     TenorBIDOFFER
    1 – Week12.2812.78
    2 – Week12.3612.86
    1 – Month12.8713.37
    3 – Month14.4314.68
    6 – Month14.6214.87
    9 – Month14.6015.10
    1 – Year14.6115.11
    SBP issues KIBOR rates – May 06, 2022
  • SBP’s customer exchange rates – May 09, 2022

    SBP’s customer exchange rates – May 09, 2022

    KARACHI, May 09, 2022 – The State Bank of Pakistan (SBP) has released the official exchange rates for customers on Monday, May 09, 2022.

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  • Dollar ends Rs187.53 at interbank market close

    Dollar ends Rs187.53 at interbank market close

    KARACHI: The US dollar gained 90 paisas against the Pakistan Rupee (PKR) on Monday owing to higher demand for foreign currency as the market opened after weekly holidays.

    The exchange rate ended at Rs187.53 to the dollar from last Friday’s closing of Rs186.63 in the interbank foreign exchange market.

    Currency experts said that the rupee was under pressure during the day due to higher dollar demand for import payments.

    READ MORE: Rupee falls Rs187.50 to dollar at market open

    They said that the market was opened after two weekly holidays which put pressure on the foreign currency demand.

    The rupee hit 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 94 paisas to dollar in post Eid holidays

    The experts said that the rupee was also under pressure after the prices of crude oil rebounded in the international markets.

    Pakistan is net importer of petroleum products to meet its domestic demand. The country’s import bill was $14.81 billion during 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.

    READ MORE: Dollar gains six paisas against PKR in interbank

    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 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.

    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.

    READ MORE: Rupee gains 24 paisas to dollar in interbank

    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.

    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.

    READ MORE: Dollar appreciates 42 paisas against PKR