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KARACHI: The overseas Pakistani workers have sent $13.3 billion as remittances during first seven months (July – January) of 2019/2020, showing 4.1 percent growth when compared with same period of the last fiscal year.
The overseas Pakistani had sent $12.774 billion in the first seven months of the last fiscal year, State Bank of Pakistan (SBP) said on Wednesday.
The remittances during January 2020 were $ 1,907.3 million, shows an increase of $163.2 million or 9.3 percent growth over remittance received during corresponding month of 2019 $1,744.1 million.
During January 2020, larger amounts of Workers’ Remittances received from Saudi Arabia, UAE, USA and UK with US $ 433.4 million, US $ 395.5 million, US $ 335.1 million and US $ 299.1 million recorded a decline of 8.4 percent, 7.5 percent, 6.3 percent and 7.9 percent respectively as compared to December 2019.
ISLAMABAD: Prime Minister Imran Khan has appreciated PepsiCo proposed future investment plans in Pakistan.
CEO Pepsi Africa, Middle East & South Asia Eugene Willemsen called on Prime Minister Imran Khan in Islamabad on Wednesday.
Prime Minister Imran Khan appreciated the existing business venture of Pepsico as well as its proposed future investment plans in Pakistan.
The prime minister observed that the investment friendly policies of the present Government offer immense opportunities for foreign investors to expand their business in diverse fields.
The prime minister welcomed the commitment of Pepsico towards social development of Pakistan and said that the Government would extend all possible facilitation to the Company for expansion of its business, including in the agriculture sector.
Prime Minister Imran Khan also discussed with the Eugene Willemsen the possibility of development of the dairy sector of Pakistan owing to huge potential of the country in the dairy sector.
Adviser to PM Abdul Razak Dawood and Chairman BOI Syed Zubair Haider Gilani were also present during the meeting.
Eugene Willemsen apprised the Prime Minister of Pepscico’s existing investment portfolio in Pakistan employing around 60000 individuals directly as well as indirectly, and a network of approximately 700000 retailers across the country who rely on Pepsico products to make a living.
Willemsen informed that Pepsico is amongst the highest taxpayers in Pakistan.
Highlighting the recent investments, including the successful inauguration of a new snacks plant in Multan, the CEO said that the Company has made investment to increase the capacity of its bottling plants and expanded its retail, distribution networks that have increased the number of jobs, generated additional economic activity and increased revenue for the Government.
Sharing Pespsico’s commitment to the social development of Pakistan through various social projects, Willemsen expressed willingness to bring projects aimed at enhancing employment opportunities for Pakistan’s talented youth.
Eugene Willemsen especially expressed his interest in the development of potato crop in Pakistan through efficient irrigation system, and water conservation.
While recalling Queen Maxima of Netherlands’ visit to Pakistan last year, the CEO also highlighted the company’s efforts for women empowerment and their financial inclusion aimed at uplift of society and growth in the country.
KARACHI: Prices of pulses have come down up to Rs20 per kilogram in wholesale market due to lower demand and improved supply, market sources said.
Anis Majeed, patron in chief, Karachi Wholesale Grocer’s Association (KWGA) and Malik Zulfiqar Ali, chairman, in a statement on Tuesday, said pulses prices have decreased in the market by 10 to 20 rupees per kg.
KWGA Leaders said due to low demand and huge supply of pulses, Dal Chana price has reduced by 20 rupees from Rs150 per kg to Rs130.
Similarly, the price of Dal Masoor has reduced by 15 rupees from Rs. 115 to Rs. 100 per kg, dal mash price has reduced by 20 rupees from Rs.185 to 165 rupees per kg, dal moong price has reduced by 10 rupees from Rs.220 to 210 rupees per kg and white chana price has reduced by 10 rupees from Rs.110 to 100 rupees per kg.
Anis Majeed and Malik Zulfiqar Ali have asked retailers to cut down on retail prices and benefit consumers by providing relief to the masses in the recent inflation and prove that they are a responsible trader.
ISLAMABAD – The Pakistan Bureau of Statistics (PBS) categorically rejected allegations of fudging in inflation figures, addressing concerns raised in some sections of the electronic and print media.
KARACHI: The prices of essential items have registered 17.58 percent increase by week ended February 06, 2020 when compared with corresponding week last year, according to data released by Pakistan Bureau of Statistics (PBS).
According to the data the combined Sensitive Price Indicator (SPI) increased by 17.58 percent by week ended February 06, 2020 as compared with the week ended February 07, 2019.
As per the data the highest inflation for the period under review was recorded at 19.99 percent for the expenditure group ranging between Rs22.889 and Rs29.517.
While the SPI was recorded at 16.18 percent for the period for expenditure group up to Rs17,732.
The PBS computes the weekly SPI with base 2015-16= 100 covering 17 urban centers and 51 essential items for all expenditure groups.
KARACHI: Pakistan’s trade deficit narrowed sharply by 28.40 percent during first seven months (July – January) 2019/2020 owing to significant decline in import bill.
According to trade data released by Pakistan Bureau of Statistics (PBS), the trade deficit shrank to $13.75 billion during first seven months of the current fiscal year as compared with $19.2 billion in the corresponding months of the last fiscal year.
The reduction in trade deficit mainly attributed to fall in import bill. The import bill fell by 16 percent to $27.25 billion during July – January 2019/2020 as compared with $32.42 billion in the corresponding period of the last fiscal year.
The exports of the country posted 2.14 percent growth to $13.5 billion during first seven months of current fiscal year as compared with $13.22 billion in the same period of the last fiscal year.
The exports have come down by 3.17 percent when compared with $1.97 billion in January 2020 when compared with $2.04 billion in the same month of the last year.
In the month of January 2020 the imports also came down by 9.63 percent to $4.04 billion as compared with $4.46 billion in the same month of the last year.
However, the growth in imports was flat at $4.04 billion in January 2020 as the imports were at the same level in December 2019.
The exports also fell 1.15 percent to $1.94 billion in January 2020 when compared with $1.99 billion in the month of December 2019.
KARACHI: An amount of Rs243 billion has been documented by people through surrendering bearer prize bonds of Rs40,000 denomination.
According to official statistics, the investment in unregistered prize bonds of Rs40,000 denomination fell to Rs14.55 billion by December 2019 as compared with Rs258 billion in May 2019.
The government on June 24, 2019, announced to discontinue the circulation of Rs40,000 denomination national prize bonds.
In compliance to the government announced the State Bank of Pakistan (SBP) also issued instructions to banks. The central bank issued a procedure for the banks to facilitate the general public in exchanging the unregistered prize bonds with three different modes.
The SBP said that the bearer prize bonds of Rs40,000 cannot be exchanged against cash. However, it can be redeemed against registered prize bonds or can be converted into national saving schemes or face value (direct transfer to the bank account of bond bolder).
The SBP asked the banks that such prize bonds would not be sold after June 24, 2019, and will not be encashed/redeemed after March 31, 2020. No further draws of Rs40,000 denomination national prize bonds shall be held.
Due to the replacement of the bearer prize bonds of Rs40,000 denomination, the total investment in prize bonds fell to Rs718.38 billion by December 2019 as compared with Rs951.64 billion in May 2019.
The bearer papers have been known as a parking lot for the undocumented economy. Therefore, the government launched registered prize bonds of Rs40,000 denomination in March 2017 which could be purchased against certain requirements including Computerized National Identity Card (CNIC) and a valid bank account.
Till May 2019 the total investment in premium prize bonds was Rs6.17 billion. But after the restriction imposed on bearer bonds the investment into registered prize bonds increased to Rs17.71 billion by the end-December 2019.
According to the SBP, the bearer instrument can be exchanged in savings schemes such as Special Saving Certificates (SSC) or Defence Saving Certificates (DSC). While the third mode of exchanging the bearer bonds was direct transfer to bank accounts.
The government is intended to transform all the bearer prize bonds into registered scrips. In this regard, the Central Directorate of National Savings in collaboration with SBP is planning to issue scripless registered prize bonds amongst all denominations with objective to document the economy.
KARACHI: Pakistan’s liquid foreign exchange reserves increased by $282 million on a weekly basis to $18.644 billion by week ended January 31, 2020, State Bank of Pakistan (SBP) said on Thursday.
The foreign exchange reserves of the country were at $18.362 billion a week ago on January 24, 2020.
The official reserves of SBP increased by $359 million to $12.274 billion by week ended January 31, 2020 as compared with $11.915 billion a week ago.
The reserves held by commercial banks witnessed decline by $76 million to $6.37 billion as compared with $6.447 billion a week ago.
ISLAMABAD: Economic Coordination Committee (ECC) of the Cabinet on Tuesday approved an amount of Rs700 million as initial paid up capital for Postal Life Insurance.
A statement said that In order to register Postal Life Insurance as Public Limited Company, ECC approved an amount of Rs 700 million as initial paid up capital.
The amount shall be allocated by the Finance Division and transferred to the proposed Postal Life Insurance Company.
After the approval Postal Life Insurance shall fall under the regulatory frame work of the Securities and Exchange Commission of Pakistan.
Adviser to the Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Shaikh chaired the meeting of Economic Coordination Committee (ECC) of the Cabinet here at the Cabinet Division.
ECC also approved the Creation of Digital Media Wing in the Ministry of Information and Broadcasting. The purpose of the Wing shall be to effectively counter the fake/libelous news and highlight the development agenda of the government.
The ECC directed the MoI&B to move ahead for the creation of the wing by using its already available resources.
ECC also approved the amendment in SRO 192(1)/ 2019 dated 11-02-2019 extending exemption from regulatory duty to export oriented units.
ECC considered and approved the grant of amount Rs 153.25million from the budget of the Ministry of Finance, as technical supplementary grant for the Ministry of Interior, to be given through the Office of the Deputy Commissioner of Islamabad, for compensation to the victims of suicidal attack at District courts F-8 Islamabad on 03-3-2014.
Finance Division supported the proposal in compliance with the orders of the Honorable Supreme Court of Pakistan.
ECC gave approval to the transfer of funds amounting to Rs 31.5 million in equivalent foreign exchange from the Ministry of Interior to the Ministry of Defence as Technical Supplementary Grant for the logistic support for the maintenance of Cessna aircrafts.
ECC was attended by Federal Ministers for National Food Security and Research, Railways, Energy, Privatization and other senior officials of the different Ministries.
