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Pakistan’s Forex Reserves Increase by USD 650.70 Million

August 06, 2020 (MLN): Pakistan's Forex Reserves increased by USD 650.70 Million or 3.44% and the total liquid foreign reserves held by the country stood at USD 19,562.90 Million on Jul 30, 2020.

According to data published by the State Bank of Pakistan (SBP) its reserves increased by USD 566.60 Million. The increase is attributed to inflows from multilateral and bilateral agencies including US$ 505.5 million received from World Bank.

Summary of Holding and Weekly Change

Foreign reserves held byJul 30, 2020Jul 24, 2020Change% Change
State Bank of Pakistan12,542.2011,975.60566.604.73%
Net Foreign Reserves Held by Banks7,020.706,936.6084.101.21%
Total Liquid Foreign Reserves19,562.9018,912.20650.703.44%

Amount in USD Million

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Gold scales a new high of Rs 129,500 per...

August 6, 2020 (MLN): In domestic bullion market, gold prices shot up by Rs 800 to an all-time high of Rs 129,500 per tola on Thursday as falling rupee’s value against the US dollar made investors to flock on the safe-haven asset. The valuable yellow metal had closed at Rs128,700 per tola on the previous day. 

The price of 10-gram gold also continued its rally and settled at Rs 111,025 against the previous close of Rs 110,340 per 10-gram.

On a similar note, the 24 Karat- Silver edged up by Rs 20 to clock in at Rs 1,650 per tola.  Moreover, 10-gram silver witnessed a meagre increase of Rs 17.14 to close at Rs 1,414.60, as per the Karachi Sarafa Association.

A weaker US dollar, China-US tensions and fresh outbreaks that have caused renewed lockdowns, kept gold prices elevated to record high. In international market, gold prices jumped to $2,050 per ounce. Likewise, the other precious metal, silver, surged to $27.90 per ounce. 

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Ghani Global Glass all set to serve export and...

Aug 6, 2020 (MLN): As a part of the expansion plan, Ghani Global Glass has decided to set up another glass melting furnace for tube in view of growing demand for glass tubing, vials & ampoules and to meet forecasted export and local demands for COVID-19 vaccine.

It is worth highlighting that the production capacity of import substitute products will be 100% increased as a result of this expansion plan.

Yesterday, in the board meeting, the directors announced the approval of expansion plan and to raise certain funds through further issue of share capital.

In addition, the company decided to increase the authorized share capital of the company from Rs. 2 billion to Rs. 3 billion, as part of the investment, which is subject to approval by shareholders of the company.

Ghani Global Glass has successfully entered in export business with Bangladesh, Egypt (MENA), Argentina and Mexico. Despite recent lockdowns, due to worldwide spread of COVID- 19, the company is expecting improvement in export business.

The company is continuously improving its production and supply system through innovations and effective cost containment initiatives in order to respond global and local demand.

During FY19, the company succeeded to approve their products in multinational companies (MNCs), middle, and large-scale national companies to get a sizeable business in spite of numerous converters in market.

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Dolmen City REIT waives 35% rentals of Dolmen Mall...

August 6, 2020 (MLN): The Sub-Committee of the Board of Dolmen City REIT, after obtaining recommendations from Property Manager and the REIT Management Company, has deliberated on the strategy going forward and has decided to waive:

i) 35% rentals of the tenants having retail outlets in "Dolmen Mall Clifton" for the month of August 2020;

ii) Minimum rent will not be charged to tenants of "Dolmen Mall Clifton" for the month of August 2020 who are closed or have limited operations on government directives such as entertainment, children playing area and food outlets.

iii) 25% rentals of the tenants of "Harbour Front" for the month of August 2020.

According to the notice sent by the company to PSX, the above discount will not apply to operational tenants who are providing essential services such as supermarkets and banks. This measure will provide essential cash flow relief to tenant partners already affected by the closure of the business.

"Dolmen City REIT stands fully committed with its tenants and willing to extend maximum possible support to all of them during the ongoing pandemic. DCR's management makes every effort to work in close collaboration with our business partners and we can understand the economic challenges that are being faced by the organizations due to COVID-19”, the notification said.

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Global food prices rise for 2nd month in July

Aug 06, 2020: Global food prices this July rose for a second month in a row, driven by higher vegetable oil and dairy prices, the UN Food and Agriculture Organization (FAO) said Thursday.

Averaging 94.2 points last month, the FAO Food Price Index saw a rise of 1.2% or 1.1 points from a month earlier.

The FAO Food Price Index is a trade-weighted index that tracks international market prices of five major food commodity groups.

The vegetable oil price index posted the highest rise among all the sub-indices with 7.6%, a five-month high.

The FAO Dairy Price Index climbed 3.5% in the month, with all products from butter and cheese to milk powders rising.

The sugar price index went up 1.4% from June, as strong sugar crush numbers from Brazil only partly mitigated the effects of rising energy prices and the prospects of lower sugar production in Thailand due to a severe drought.

Last month the FAO Cereal Price Index was practically unchanged, averaging 96.9 points.

In contrast, the meat price index fell 1.8% month-on-month in July, the FAO said.

AA/APP

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