MG Morning Breeze: Updates to Skim before Market

September 22, 2023 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• SBP reserves rose by $56.4m in a week

The foreign exchange reserves held by the State Bank of Pakistan (SBP) rose by $56.4 million or 0.74% WoW to $7.7 billion during the week ended on September 15, 2023. Read more

• PKR appreciates by 1.1 rupees in interbank

The Pakistani rupee (PKR) continued its ascent for 12 straight sessions, appreciating by 1.1 rupees against the US dollar in Thursday's interbank session to settle at PKR 292.78 per USD, compared to the previous session's closing of PKR 293.88 per USD. Read more

• Govt to support freelancers with interest-free loans, e-working centers

The government will provide Interest-free loans and facilities to freelancers for setting up centers and will establish 5,000 joint e-working centers. Read more

• Govt modifies remittance scheme to boost formal flows

In order to encourage domestic financial institutions (FIs) to enhance their marketing efforts for mobilizing home remittances through formal channels, the government has made modifications to the existing scheme. Read more

• Reimbursement of TT charges rate increased to SAR 30

The reimbursement of TT charges rate for eligible home remittance transactions has been increased to SAR 30 from SAR 20. Read more

• SBP to discontinue airtime incentive for USD remittances

The incentive of airtime equivalent to Rs2 per USD allowed by the Government of Pakistan will no longer be available or valid after thirty days. Read more

• Alpha Beta Core extends timeline for making PAI to acquire 51% control of Tri-Star Power

Alpha Beta Core Solutions Private Limited, the manager to the Offer, on Thursday, extended the initial time period for making the Public Announcement of the Offer by 90 days on behalf of Mr Aykut Çalikusu. Read more

• Elections to be held in last week of January 2024

The General Elections will held in the last week of January 2024. Read more

• SBP Governor says no more rate hikes

In response to rumors regarding an elevated interest rate, the Governor of the State Bank of Pakistan (SBP) Jameel Ahmed has clarified that there will not be more hikes in the policy rate. Read more

• Govt to approve SoE policy after one more round of review

The government will approve the State-Owned Enterprises (SOEs) policy after one more review. Read more

• Pakistan’s LNG demand to triple by 2028

Pakistan’s liquefied natural gas demand will nearly triple in five years as its production of domestic gas dwindles. Read more

• SBP raises Rs439.27bn through PIB-PFL auction

The State Bank of Pakistan (SBP) conducted an auction on Wednesday in which it sold Pakistan Investment Bond – Floating Rate (PFL) worth Rs439.27 billion for 2, 3 and 5 years against a target of Rs280bn. Read more

• IMF seems happy with Pakistan, successful review ahead

The International Monetary Fund (IMF) and the caretaker government are jointly monitoring the fiscal and foreign exchange reserves targets set under the $3 billion loan program. Read more

• VIS maintains entity ratings of MLCF

 The VIS Credit Rating Company Limited (VIS) has maintained the entity ratings of Maple Leaf Cement Factory Limited (PSX: MLCF) at 'A' for long-term and 'A-1' for short-term, with a revised outlook forecast to stable. Read more

• TOMCL continues to export meat from sea route

The Organic Meat Company Limited (PSX: TOMCL) will continue to export frozen and Vacuum-packed chilled meat products to its UAE customers via sea route from Pakistan.  Read more

• IMF’s Georgieva, PM Kakar forge path to prosperity in Pakistan

In a noteworthy development today, Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), on Thursday had a constructive meeting with Caretaker Prime Minister Anwaar-ul- Haq Kakar to discuss the economic prospects of Pakistan. Read more

• Restated announcement of intention by Lucky Core Ventures to acquire Lotte Chemical

Lucky Core Ventures (Private) Limited has amended and restated its earlier public announcement of Intention (PAI) to acquire approximately 75.01% shares of Lotte Chemical Pakistan Limited. Read more

• Kohinoor Energy posts Rs1.57bn profit in FY23, up by 4.38% YoY

Kohinoor Energy Limited (PSX: KOHE) has reported a profit of Rs1.57 billion [EPS: Rs9.29] for the fiscal year 2023, which represents an increase of 4.38% YoY compared to the Rs1.51bn [EPS: Rs8.90] profit recorded in the same period last year. Read more

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