Karachi, November 04, 2021 – The State Bank of Pakistan (SBP) has issued the official exchange rates for customers as of November 04, 2021.
(more…)Author: Faisal Shahnawaz
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Senators for notice on Baqir’s irresponsible statement
ISLAMABAD – A recent statement by State Bank of Pakistan (SBP) Governor Dr. Reza Baqir has drawn sharp criticism from senators, who termed it “irresponsible” and called for immediate clarification. The contentious statement pertains to the continuous depreciation of the Pakistani Rupee (PKR) against the US Dollar.
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Reduced rates of tax under Income Tax Ordinance, 2001
Part II, Second Schedule of the Income Tax Ordinance, 2001 has provided reduced rates of tax for incomes or classes of income, or persons or classes of persons.
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FTO reconstitutes advisory committee
ISLAMABAD: Federal Tax Ombudsman (FTO) has reconstituted the advisory committee (South) for the year 2021.
The Federal Tax Ombudsman is pleased to reconstitute the Advisory Committee (South) for the year 2021, as follows:-
1. Dr. Asif Mahmood Jah, Federal Tax Ombudsman : Chairman
2. The President Federation of Pakistan Chamber of Commerce & Industry, Federation House, Main Clifton, Block-5, Abdullah Shah Ghazi Road, Karachi : Member
3. The President, Karachi Chamber of Commerce and Industry, Aiwan-E-Tijarat Road, Off: Shahrah-e-Liaquat, P.O.Box No. 4138 Karachi : Member
4. The President Women Chamber of Commerce & Industry, Karachi South #4, Plot # 1-C, Lane # 2sehar Commercial Area Phase-VII, D.H.A. Karachi : Member
5. The Chief Executive, Karachi Women Chamber of Commerce & Industry, District East Plot #391, Block # 3, 6th Floor office # 604, Al Reef Tower, Salamgir Road Karachi
6. The President, The American Business Council of Pakitan 155-C 4th Floor Almurtaza Commercial Lane – 2 DHA Phase 8-A Karachi : Member
7. The President, Overseas Investors Chamber of Commerce & Industry Chamber of Commerce Building, Talpur Road Karachi : Member
8. Chairman, Air Cargo Agents Association Of Pakistan, suite No. 305, 3rd Floor, Fortune Centre, 45-A, Block 6, P.E.C.H.S., Sharah-e-Faisal, Karachi : Member
9. Chairman, All Pakistan Fruit & Vegetables Exporters, Importers & Merchants Association House No. 175, C.P. Berar Society block 7/8 Karachi : Member
10. Chairman Customs Agents Association Room No. 7/8, Bombay Plaza Mezzanine Floor, Bohri Road Opp. New Custom House, Karachi : Member
11. Chairman All Pakistan Shipping Association Room No. 712, 7th Floor, Business Centre, Mumtaz Hassan Road Karachi : Member
12. Chairman, Pak Readymade Garments Manufacturers & Exporters Association 3rd Floor, Plot # 57-C 24th Commercial Street Phase II (Ext), D.H.A. Karachi : Member
13. The Chairman, Pakistan Bedwear Exporters Association 245-1V, Block 6, P.E.C.H.S. Karachi : Member
14. The Chairman, Pakistan Leather Garments Manufacturers & Exporters Association, St # 20, Central Avenue, Sector, 7/A Korangi Industrial Area, Karachi : Member
15. The President, Karachi Tax Bar Association, Strachan Road, Saddar Karachi : Member
16. The President, Sukkur Chamber of Commerce & Industry 1st Floor, Sukkur Chamber House, Bunder Road Sukkur : Member
17. President Hyderabad Chamber of Small Traders and Small Industry Naz & Bilal, Shopping Mall 41/499/1, Mezzanine Floor, Saddar Hyderabad : Member
18. The President, Pak-Iran Joint Chamber of Commerce and Industry Jk Plaza, Plot No. 06 Zonki Ram Road, Tamir-e-Nau Masjid Quetta : Member
19. The President, Chaman Chamber of Commerce & Industry Commerce House, Trunch Road, Chaman : Member
20. The President, Gwadar Chamber of Commerce & Industry GCCI, Civic Center airport Road Gwadar : Member
21. Chairman Pakistan Carpet Manufacturers & Exporters Association 23-D, Block # 6, P.E.C.H.S. Shahrah-E-Faisal Karachi : Member
22. Chairman, Pakistan Chemicals & Dyes Merchants’ Association PCDMA House, Rambharti Street, Jodia Bazar Karachi : Member
23. Chairman, Pakistan Waste Products Association, 7/12-A, Rimpa Plaza, M.A. Jinnah Road Karachi : Member
24. Mr. Adnan Mufti, Chartered Accountant, Moore Sheikha Mufti, C-253, PECHS, Block-6, Karachi : Member
25. Mr. Muhammad Ali, Sr. Reporter, Business Recorder, R-1367/15, Federal B. Area, Karachi : Member
26. Mr. Asif Haroon, FCA, State Life Building No. 1-C, I.I, Chundrigar, City Railway Colony, Karachi : Member
27. Mr. Shahnawaz Akhtar, Sr. Staff Correspondent, Bol News, Bol Headquarter, Bol Road, Karachi : Member
28. Mr. Ashraf Khan, Sr. Correspondent, 24 News, DHA Phase 2 Ext, Karachi : Member
29. Mr. Asif Inam, Chairman South Zone APTMA House, 44-A, Street No. 01, Molvi Tamizauddin Khan Road, Lalazar, Karachi : Member
30. Chief (IR-Policy) – IR, FBR (HQ), Islamabad : Member
31. Chief (ST-Operations) IR, FBR (HQ), Islamabad : Member
32. Chief (Tariff) –Customs, FBR (HQ), Islamabad : Member
33. Mr. Shahid Ahmad, Advisor (Customs), FTO Secretariat, R.O. Karachi : Member
34. Mr. Manzoor Hussain Memon, Advisor (Customs), FTO Secretariat, R.O. Karachi : Member
35. Mr. Badruddin Ahmad Qureshi, Advisor, FTO Secretariat, R.O. Karachi : Member
36. Justice (R) Muhammad Nadir Khan, Advisor Incharge, FTO Secretariat, R.O. Quetta : Member
37. Mr. Manzoor Hussain Kureshi, Advisor Incharge, FTO Secretariat, Secretary Committee R.O. Karachi
The Chairman of the Advisory Committee may co-opt any person for assistance of the Committee as per need.
Due to budgetary constraints, the FTO Secretariat will not be able to bear the expenses relating to participation of the Members in the Advisory Committee Meetings.
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Pakistan’s October oil sales highest after May 2018
KARACHI: Pakistan’s domestic oil sales in October 2021 recorded 1.99 million tons, which is the highest since May 2018, analysts at Topline Research said on Tuesday.
Pakistan’s oil sales have increased by 17 per cent YoY to 1.99 million tons in October 2021 (and also up 3 per cent MoM), which is the highest monthly sales after May-2018.
In first four months of fiscal year 2021/2022, Pakistan oil sales have increased by 22 per cent YoY to 7.8 million tons driven by macro recovery.
High Speed Diesel (HSD) registered strong growth in October 2021 and was up by 25 per cent YoY to 0.8 million tons. The analysts attribute the growth to increased transportation activity and Large Scale Manufacturing (LSM) growth.
Petrol sales were up 12 per cent YoY to 0.8 million in October 2021 led by rising car sales. This is despite a 12 per cent increase in petrol prices during the month indicating strong demand.
Furnace Oil (FO) sales also grew by 12 per cent YoY to 0.3 million tons. FO growth may improve further in the winter season as Pakistan is likely to witness gas and RLNG shortages.
Amongst the listed companies, Pakistan State Oil (PSO) and Shell Pakistan (SHEL) remained outperformers as sales were up 35 per cent YoY and 22 per cent YoY, respectively.
On other hand, Hascol Petroleum (HASCOL) and Attock Petroleum (APL) reported sales decline of 73 per cent YoY and 3 per cent YoY, respectively.
PSO achieved a market share of 52 per cent in October 2021 compared to 45 per cent in October 2020. MS and HSD sales of PSO have grown by 32 per cent and 46 per cent YoY, respectively.
SHEL sales were mainly led by higher HSD and MS sales (up 38 per cent YoY and 11 per cent YoY, respectively). APL lower sales were mainly owing to 42 per cent YoY lower FO sales.
HASCOL continued to face sales decline across all the segments driven by its liquidity crunch.
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Pakistan’s import bill surges by 65% in four months
ISLAMABAD: The import bill of Pakistan surged by 65.15 per cent during the first four months (July – October) of 2021/2022, according to official statistics released on Tuesday.
The import bill increased to $25.06 billion during the first four months of the current fiscal year as compared with $15.17 billion in the same period of the last fiscal year, according to data of Pakistan Bureau of Statistics (PBS).
On the other hand, exports of the country registered a growth of 24.71 per cent to $9.44 billion during the first four months of the current fiscal year as compared with $7.57 billion in the corresponding months of the last year.
The trade deficit of the country swelled by 105.43 per cent to $15.62 billion during July – October of the current fiscal year as compared with the deficit of $7.60 billion in the same period of the last fiscal year.
The trade deficit widened by 117 per cent to $3.88 billion in October 2021 when compared with the deficit of 1.789 billion in the same month of the last year.
The import bill during the month of October 2021 increased by 63 per cent to $6.334 billion as against $3.89 billion in the same month of the last year.
Similarly, the exports exhibited a growth of 16.52 per cent to $2.45 billion in October 2021 as compared with $2.1 billion in the same month of the last year.
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Stocks gain 138 points on narrowing trade deficit
KARACHI: The stock market gained 138 points on Tuesday owing to a contraction in trade deficit on a monthly basis.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 47,113 points from the previous day’s closing of 46975 points.
Analysts at Topline Securities said that bullish momentum continued at PSX as well in the backdrop of improved trade deficit numbers on monthly basis, significant decline in international coal prices and anticipation of agreement between IMF and Government of Pakistan in the prevailing week as announced by the finance minister.
Market opened on a positive note and made an intraday high at 47,315 level (up 340 points; +0.72 per cent) before closing at 47,113 level (up 138 points; +0.29 per cent).
Initially, the cement sector led the show to celebrate substantial reduction of over 35 per cent in global coal prices but witnessed profit taking in the later half of the day.
Technology and Banking sector stocks also provided support by adding 156 points cumulatively.
During the day, total volume and value stood at 306 million shares and Rs8.37 billion, respectively. BYCO was the volume leader with 19.2 million shares traded in it, today.
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Dollar falls by 75 paisas against PKR in interbank
KARACHI: The US dollar fell against the Pak Rupee (PKR) by 75 paisas on Tuesday owing to positive sentiments prevailing in the foreign currency market.
The rupee ended at Rs170.54 to the dollar from the previous day’s closing of Rs171.29 in the interbank foreign exchange market.
The rupee is continuously making gain against the dollar after the announcement of Saudi Arabia to support Pakistan in the balance of payment.
The rupee hit the historic low at Rs175.27 on October 26, 2021.
Saudi Arabia last week announced an additional support of $3 billion to Pakistan for building its foreign exchange reserves. The additional financial support is besides a $1.2 billion dollars deferred oil facility to Pakistan to help its balance of payment issues, an official statement said.
The local currency fell by Rs13.00 or 8.25 per cent from June 30, 2021 closing of Rs157.54 to the closing of Rs170.54 on November 2, 2021.
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KIBOR rates on November 02, 2021
KARACHI: State Bank of Pakistan (SBP) on Tuesday issued the following Karachi Interbank Offered Rates (KIBOR) on November 02, 2021.
Tenor BID OFFER 1 – Week 7.24 7.74 2 – Week 7.26 7.76 1 – Month 7.30 7.80 3 – Month 8.07 8.32 6 – Month 8.54 8.79 9 – Month 8.75 9.25 1 – Year 8.87 9.37 -
SBP issues customers exchange rates for November 02
KARACHI: The State Bank of Pakistan (SBP) on Tuesday issued customers’ exchange rates for November 02, 2021. The exchange rate is on the basis of weighted average rates of commercial banks.
The SBP said the data is compiled and disseminated for information only.
These exchange rates are estimates that quoted by various commercial banks to their clients.
The banks provide their indicative exchange rates for commercial transactions with customers.
CURRENCY BUYING SELLING AED 46.3521 46.4635 AUD 127.3076 127.6078 CAD 137.3389 137.6593 CHF 187.1194 187.5691 CNY 26.6205 26.6801 EUR 197.4940 197.9676 GBP 232.2738 232.8393 JPY 1.4968 1.5004 SAR 45.3671 45.4746 USD 170.1377 170.5605