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Auction Result: SBP sells PIBs worth Rs.238.15 billion

May 28, 2020 (MLN): The State Bank of Pakistan conducted an auction on Thursday in which it sold PIB’s worth Rs.238.15 Billion for 3, 5, 10 and 15 years in fixed and floating rate bonds.

The combined auction target was Rs.175 billion while the maturing amount was nil.

The SBP accepted Rs.171.85 Billion in fixed Rate PIBs and Rs.66.300 Billion for the 10 year floating rate PIB.

In the fixed rate auction, the SBP received bids worth Rs.142.35 billion for 3 years, Rs.63.90 billion for 5 year, Rs.29.50 billion for 10 years, Rs.3.50 billion for 15 year and Rs.1 billion for 20 years out of which the central bank accepted Rs.81.45 billion for 3 years, Rs.57.90 billion for 5 years, Rs.27 billion for 10 years and Rs.2.5 billion for 15 years while the bids for 20 years was rejected.

Cut of Yields decreased to 7.64, 8.05, 8.69 and 9.9699 percent for 3, 5, 10 and 15 years.

In the floating rate bond auction, the SBP received bids worth Rs. 80.30 billion out of which the SBP accepted Rs.66.30 billion at a cut off price of 101.5366.

In addition to the above the SBP picked up an additional Rs. 2.999 Billion in Non-Competitive Bids making the total accepted amount Rs.238.15 Billion.

 

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Pakistan’s Forex Reserves Decrease by USD 20.40 Million

May 28, 2020 (MLN): Pakistan's Forex Reserves decreased by USD 20.40 Million or 0.11% and the total liquid foreign reserves held by the country stood at USD 18,597.90 Million on May 21, 2020.

According to data published by the State Bank of Pakistan (SBP) its reserves decreased by USD 55.40 Million due to external debt repayments.

Summary of Holding and Weekly Change

Foreign reserves held byMay 21, 2020May 15, 2020Change% Change
State Bank of Pakistan12,073.9012,129.30-55.40-0.46%
Net Foreign Reserves Held by Banks6,524.006,489.0035.000.54%
Total Liquid Foreign Reserves18,597.9018,618.30-20.40-0.11%

Amount in USD Million

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Pakistan receives large Int’l orders for export of face...

May 28, 2020: Advisor to Prime Minister on Commerce Razak Dawood has said that Pakistani exporters have obtained large orders of face masks from United States, Canada and Europe.

In his tweets today, he described it a major breakthrough and congratulated the exporters for the achievement. 

Razak Dawood said it is part of our strategy to diversify into new segments.

The Advisor said it will also encourage other exporters to seek more orders from different parts of the world.

 Radio Pakistan

Gold price increases Rs400, sold at 96,400 per tola

May 28, 2020: The per tola price of 24 karat gold increased by Rs400 and was traded at Rs 96,400 on Thursday as compared to Rs 96,000 on last trading day, Karachi Sarafa Association reported.

Likewise, the price of 10 gram gold also increased by Rs 342 and was traded at Rs 82,647 compared to its trade at Rs 82,305.

The price of silver witnessed no change and was traded at Rs1030 while that of 10 gram also remained stable at Rs 883.05.

In international market, the price of per ounce gold increased by $15 and was traded at $1724 as compared to $1709 of last trading day, the association reported PSX loses 141 points to close at 33,695 points

APP

ICCI calls for slashing tax on rental income to...

May 28, 2020: President, Islamabad Chamber of Commerce and Industry (ICCI) Muhammad Ahmed Waheed on Thursday urged the government to cut high taxes on rental income to 10 percent in the forthcoming budget that would facilitate the growth of business activities and improve tax revenue of the government as well.

He said that up to 35 percent tax on rental income has increased rents of offices manifold due to which many companies were facing great problems.

He said that due to the coronavirus issue and lockdown, many business companies were facing severe difficulties in paying their rents.

Muhammad Ahmed Waheed said that with the imposition of 35% tax on rental income, Islamabad has also become a very expensive city. Therefore, there was a need to reduce this tax appropriately, which would reduce the hardships of companies and the people.

He demanded that the government should review the tax on rental income tax in the next budget and bring it down to 10 percent final tax, which will significantly reduce rents, reduce problems of business community, improve business activities and enhance tax revenue of the government.

Waheed said that previous 10 percent uniform tax was levied rental income as final liability which was affordable for tenants and improved tax revenue of the government. But later on 8 slabs of this tax were introduced increasing maximum tax to 35 percent which not only increased the rent for companies unnecessarily and also increased the difficulties of the business class and encouraged tax evasion as well.

Therefore, he demanded that in the next budget, government should rationalize this tax by introducing a uniform tax of 10 percent on rental income as final liability, which would reduce rents, speed up business activities and increase tax revenue as more people will come into the tax net.

APP

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