KARACHI: State Bank of Pakistan (SBP) on Monday issued the Karachi Interbank Offered Rates (KIBOR) as of January 31, 2022.
Following are the latest KIBOR rates:
| Tenor | BID | OFFER |
| 1 – Week | 9.76 | 10.26 |
| 2 – Week | 9.79 | 10.29 |
| 1 – Month | 9.84 | 10.34 |
| 3 – Month | 10.11 | 10.36 |
| 6 – Month | 10.49 | 10.74 |
| 9 – Month | 10.62 | 11.12 |
| 1 – Year | 10.73 | 11.23 |
KARACHI: Overseas Investors Chamber of Commerce and Industry (OICCI) has elected Ghais Khan as president for the term 2022.
Ghias Khan is President & Chief Executive Officer, Engro Corporation Limited.
The election of Ghais Khan announced at the 162nd Annual General Meeting of the OICCI held at the Chamber on Monday. Amir Rasool Paracha, Chairman & Chief Executive Officer, Unilever Pakistan Limited, was elected as the Vice President.
The other elected members of the OICCI Managing Committee for 2022 are included: Ahmed Zahid Zaheer, Chevron Pakistan Lubricants (Pvt) Limited; Ali Ahmed Khan, FriesLandCampina Engro Pakistan Limited; Erum Shakir Rahim, GhaxoSmithKline Pakistan Limited; Ali Asghar Jamali, Indus Motor Company Limited; Samer Chedid, Nestle Pakistan Limited; Waqar Irshad Siddiqui, Shell Pakistan Limited; Markus Strohmeier, Siemens Pakistan Engineering Company Limited; and Rehan Muhammad Shaikh, Standard Chartered Bank (Pakistan) Limited.
In his message to the members, Incoming President Ghias Khan said he strongly believes that Pakistan offers considerable growth potential for existing and new foreign investors.
He lauded OICCI’s role in promoting Pakistan to potential foreign investors. He further appreciated the quality of OICCI Business surveys and the Chamber’s focused and continuing advocacy efforts for streamlining the taxation system, pragmatic policy input for increasing the efficiency of energy sector, initiatives on women empowerment, gender equality, climate and sustainability, and the Chamber’s role in pursuing an effective Intellectual Property Rights regime in Pakistan.
Ghias Khan holds an MBA from the Institute of Business Administration, Karachi and also serves as Chairman on the Boards of Engro Fertilizers Limited, Engro Polymer & Chemicals Limited, Engro Enfrashare (Pvt) Limited, and Engro Energy Limited.
Karachi – The State Bank of Pakistan (SBP) released the latest exchange rates for customers on Monday, shedding light on the currency landscape for January 31, 2022.
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KARACHI: The US dollar slipped by five paisas against the Pak Rupee (PKR) on Monday as sufficient supply of the foreign currency was seen during the day.
The rupee ended Rs176.72 to the dollar from last Friday’s closing of Rs176.77 in the interbank foreign exchange market.
READ MORE: Rupee rebounds amid high oil prices
Currency experts said that the market witnessed inflows of export receipts and remittances during the day. It helped the rupee to make gain against the foreign currency.
The experts said that the rupee witnessed decline earlier in the day due to reports of massive fall in foreign exchange reserves of the country.
READ MORE: Rupee ends firmer amid rising international oil prices
Pakistan’s liquid foreign exchange reserves plunged by $866 million to $22.482 billion by week ended January 21, 2022 as against $23.35 billion by week ended January 14, 2022.
READ MORE: Rupee sinks for third straight day against dollar
The experts said that the rupee may come under pressure during coming days as global oil prices escalating gradually.
Pakistan is the net importer of petroleum products. The rise in prices may increase oil import bill of the country.
KARACHI: The Sindh Revenue Board (SRB) has implemented online verification system for invoices issued by utility companies.
The SRB in a communication issued on Monday stated that STRIVe (Sales Tax Real-time Invoice Verification) System has been implemented for Sindh Sales Tax return filing since July, 2019.
READ MORE: KTBA identifies anomaly in SRB’s appellate system
However, keeping in view taxpayers’ demand, the system was not made applicable to the invoices issued by utility companies such as electricity / gas distribution companies and telephone / telecom companies.
Since, considerable time has elapsed and other tax administrations such as FBR and other provincial sales tax authorities have long ago implemented STRIVe for utility invoices, SRB has decided to discontinue the practice of allowing input tax adjustment against manual entry of utility invoices.
READ MORE: SRB extends last date for payment, filing return
Accordingly, it is intimated that starting from Sindh sales tax returns for the tax period February, 2022, to be filed in March 2022, the input tax against utility invoices (i.e. electricity, gas and phone / telecom services) shall only be allowed if the supplier / utility company has declared such supplies / services specifically in the name of Sindh registered person in the respective monthly tax returns submitted with Federal Board of Revenue.
READ MORE: Dr. Wasif Memon appointed as SRB chairman
It is added that the input tax deduction / adjustment, so availed, shall be subject to admissibility criteria as laid down in or under the Sindh Sales Tax on Services Act, 2011.
KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs6,514,705.11 on January 31, 2022, in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs6,722,189.17 on January 30, 2022.
The rate of Bitcoin in US Dollar (USD) is $36,948.52 on January 31, 2022 in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $38,097.61 on January 30, 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.
KARACHI: The exchange rate of Ripple (XRP) in Pak Rupee (PKR) is Rs102.91 on January 31, 2022, in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs109.08 on January 30, 2022.
The rate of Ripple in US Dollar (USD) is $0.58 on January 31, 2022, in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.62 on January 30, 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.
The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) on January 31, 2022, is recorded at Rs24.18 in the open exchange market.
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KARACHI: The headline inflation based on Consumer Price Index (CPI) may clock near 13 per cent for the month of January 2022.
Analysts at Arif Habib Limited forecast that January 2022 inflation to settle at 12.97 per cent Year on Year (YoY) compared to 5.65 per cent in January 2021 and 12.28 per cent in December 2021, respectively.
This will take the average inflation to 10.24 per cent during first seven months (July – January) 2021/2022 compared to 8.21 per cent in corresponding months of the last fiscal year.
READ MORE: Mini-budget likely to push up inflation: SBP
The YoY uptick in CPI will likely be led by Food (12.5 per cent YoY), Clothing & Footwear (13.3 per cent YoY), Alcoholic Beverages & Tobacco (2.2 per cent YoY), Housing (15.0 per cent YoY), House Hold Equipment (13.5 per cent YoY) and Miscellaneous (9.4 per cent YoY).
The analysts predicted that on a Month on Month (MoM) basis, CPI reading to increase 0.4 per cent. While Housing and Transport index are likely to keep MoM inflation up, food index is expected to decline 0.7 per cent MoM.
This is the second consecutive MoM decline in food index in the current fiscal year.
READ MORE: Headline inflation rises by 12.3% in December 2021
As per Sensitive Price Index (SPI) data published by the Pakistan Bureau of Statistics (PBS), average prices of Potatoes, Tomatoes and Condiments and Spices are expected to register a decline of 13 per cent, 35 per cent and 21 per cent MoM, respectively which will keep the food index contained.
On the other hand, prices of essential food items like Fresh Fruits and Onions are expected to increase 8 per cent MoM and 5 per cent MoM, respectively. However, quarterly adjustment in House rent and increase in petroleum products will keep the Housing index and Transport Index up 0.5 per cent MoM and 1.9 per cent MoM, respectively.
READ MORE: Headline inflation surges by 11.5% in November 2021
Inflation has witnessed slowdown recently with supply-side pressures from food showing a decline and core-inflation still under control. However, going forward we expect inflation to remain in check on account of adjustments in electricity price (base tariff hike-which is expected in phased manner), any increase in prices of petroleum products owing to higher international oil prices and surge in prices of perishable and nonperishable food items in the month of Ramadan.
The analysts expect average inflation for FY22 to remain in double digit, above 10 per cent YoY. On monetary policy front, the SBP kept policy rate unchanged at 9.75 per cent in its recent January 2022 Monetary Policy Statement (MPS).
READ MORE: Headline inflation increases by 9.2% in October
The Committee no longer targets mildly positive interest rates as it believes the current levels appear appropriate for the economy.
KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs6,722,189.17 on January 30, 2022, in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs6,607,031.50 on January 29, 2022.
The rate of Bitcoin in US Dollar (USD) is $38,097.61 on January 30, 2022 in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $37,538.30 on January 29, 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.