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Auction Result: SBP Sells MTB worth Rs.2.32 Trillion

July 17, 2019 (MLN): July 17, 2019 (MLN): The State bank of Pakistan conducted an auction on Wednesday in which it sold market treasury bills (MTB’s) worth Rs.2.32 trillion for 3, 6 and 12 months.

The auction target was Rs.600 Billion against a maturing amount of Rs.638.505 Billion.

The SBP’s decision to raise the Policy Rate by 100 basis points on Tuesday seemed to elicit a positive albeit measured response from market participants, as bids were received across all tenors.

While the main concentration of bids was in the 3 month tenor, the 6 and 12 month MTBs received a substantial increase over previous auctions.

Cut off Yields for the 3 Month was 13.7499 percent, 6 Months was 13.95 percent while 12 month was 14.10 percent.

The SBP received bids worth Rs.2.054 Trillion for 3 months, Rs.146.963 Billion for 6 months and Rs.125.178 Billion for 12 months, out of which the SBP accepted Rs.2.04 Trillion for 3 months while it accepted Rs.134.899 Billion and Rs.112.728 Billion for 6 and 12 months.

Including the non-competitive bids, the total accepted amount increased to Rs.2.32 Trillion.

 

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Notification for Minimum Indicative price of Tobacco approved for...

July 17, 2019 (MLN): The ECC in its meeting today considered and approved the notification of Minimum Indicative Prices (MIP) of tobacco for year 2019-20.

As per section 8 of the Pakistan Tobacco Board Ordinance 1968, the MIP for different grades of various types of tobacco are to be notified by the Federal Government.

The following prices were suggested for notification:

Suggested Prices

S.No.Types Of TobaccoMinimum Indicative Price Per Kg For 2019-20 Crop
1FCV Tobacco (Plain)Rs.190.63
2FCV Tobacco (Sub-Mountainous)Rs.218.77
3WP TobaccoRs.82.85
4Burley TobaccoRs.150.54
5DAC TobaccoRs.94.76

 

The ECC also allowed that new PCT codes, as created in the Pakistan Customs Tariff through the Finance Act, 2019, may also be incorporated in SRO 693(I)/2006 dated 01.07.2006 so that levy of additional customs duty collected on those parts of Sport Utility Vehicles (SUVs) of engine capacities 1001cc to 1500cc and 1501cc to 1800cc which have been localized, may be appropriately accounted for under separate PCT codes.

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ECC moves status of non-hazardous aluminum waste from banned...

July 17, 2019 (MLN): On the summary moved by Ministry of Commerce and Textile, the Economic Coordination Committee has decided that the scrap slag, ash and residues containing metals, arsenic or their compounds (containing mainly Aluminum under PCT 2620.4000) may be moved from Appendix-A (Banned Items) to Appendix-B (Restricted Items) of the Import Policy Order, 2016.

However, in order to forestall the chances of import of hazardous waste, the import may be subject to the following conditions:

(i)          Importable only by industrial consumer having recycling facilities, subject to NOC from Ministry of Climate Change and duly certified by provincial Environmental Protection Agency (Federal EPA, in case of Islamabad Capital Territory).

(ii)          Provision of a pre-shipment Inspection Certificate and consent of Focal Point of Basel Convention from the country of export to the effect that the waste/scrap is non-hazardous as defined in the Basel Convention.

(iii)        The imported consignments of the registered recycling plants shall be cleared from seaport only.

 

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PIA to upgrade in-flight entertainment system of its Boeing-777...

July 17 (MLN): The Economic Coordination Committee (ECC)has allowed PIA Corporation Limited to make a re-appropriation in its already approved budget of Rs.24 billion for the upgradation of in-flight entertainment (IFE) system of its fleet of 8 Boeing-777 aircrafts.

As per an official press release, the project will cost Rs.700 million.

It was also briefed during the meeting that the measures will improve the occupancy of the airline to 80 per cent from the current level of 70 per cent.

 

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Pakistan’s trade defcit declines by 14% in FY19

July 17, 2019 (MLN): With the Government taking numerous measures to address the trade imbalance, Pakistan’s trade deficit has reduced by 14% to $32.48 billion in FY19 against previous fiscal year's figure of $37.9 billion.

According to the latest figures released by State bank of Pakistan, imports of goods and services during FY19 declined by 9% to $61.98 billion compared with $67.94 billion in last fiscal year mainly due to adopting imports substitution policies by imposing duties on the imports of non-essential items.

In addition, imports of goods weakened by 7% while imports of services declined by 17% in FY19 where significant decline in the services of construction and financial services by 68% and 7% were observed respectively.

On the other hand, the government failed to increase exports as exports of goods during the aforementioned period declined by 2% to $29.5 billion, whereas in FY18 it recorded at $30 billion. While the exports of services remained stagnant.

The 12-months SBP data suggests that the reduction in trade deficit was mainly due to the reduction in imports bill as historically Pakistan has followed a policy of import substitution rather than export promotion.  

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