February 25, 2020 (MLN): Pakistani rupee (PKR) depreciated by 4 paisa against US Dollar (USD) in today's interbank session as the currency closed the day's trade at PKR 154.26 per USD, against yesterday's closing of PKR 154.21 per USD.
The rupee endured a relatively dull trading session with very little intraday movement, trading in a range of 9 paisa per USD showing an intraday high bid of 154.28 and an intraday Low offer of 154.22.
Within the Open Market, PKR was traded at 154.10/154.60 per USD.
Meanwhile, the currency lost 92 paisa to the Pound Sterling as the day's closing quote stood at PKR 200.19 per GBP, while the previous session closed at PKR 199.28 per GBP.
Similarly, PKR's value weakened by 44 paisa against EUR which closed at PKR 167.49 at the interbank today.
On another note, within the money market, the overnight repo rate towards close of the session was 13.15/13.25 percent, whereas the 1 week rate was 13.20/13.30 percent.
Copyright Mettis Link News
February 25, 2020 (MLN): The Oil and Gas Regulatory Authority (OGRA) has granted permission to Hi-Tech Lubricants Limited to proceed to Apply/Acquire No Objection Certificates (NOCs) from concerned departments for setting up of up to a maximum number of 35 Retail Outlets in the KPK Province.
The approval has been granted with instructions that Retail Sales through Petrol Pumps can only be started after completion of necessary Storage Infrastructure, third party Inspector Report confirming that the Storage/Depots at Nowshera meets the OGRA’s notified technical standards.
Copyright Mettis Link News
February 25, 2020 (MLN): Flying Cement Company Limited has decided to increase the Authorized Share Capital of the company from Rs 2,000,000,000 or Rs 2 billion divided into 200 million ordinary shares of Rs 10 each to Rs 4 billion divided in to 400 million ordinary shares of Rs 10 each.
The above information was disseminated by the company via notification to Exchange.
Copyright Mettis Link News
February 25, 2020: Pakistan is planning to sign a Memorandum of Understanding (MoU) with Kingdom of Saudi Arabia (KSA) to formalize export of its manpower which envisaged the gulf state as a prospective employment destination.
“The MoU is likely to be signed during the forthcoming visit of Prime Minister Imran Khan to Saudi Arabia,” a senior officer in the ministry of Overseas Pakistanis and Human Resource Development (OP&HRD) told APP on Tuesday.
After the signing of MoU, Pakistani emigrants choosing Saudi Arabia as a potential destination for employment would start getting Standardized Labour Contract (SLC) from their employers.
He said the agreement, once signed, would help evolve a mechanism for early dispute resolution between Pakistani labourers and their foreign employers.
It would also help both countries in exploring new avenues in the field of the workforce.
To a query, he said Pakistan’s manpower export through ‘Musaned’, a digital platform launched by the Kingdom to facilitate the labour recruitment process and ensure the protection of workers’ rights, would also become possible after signing of this agreement.
February 25, 2020: Zubair Motiwala, Patron of SITE Association of Industry, has in a press statement, appealed the government to allow early clearance of import consignments containing dyes & chemicals, from China.
He said that Pakistan’s imports from China are of USD 12 billion and mostly comprise of dyes & chemicals which are the basic raw material for the textile sector – the biggest foreign exchange earning sector in Pakistan.
Motiwala said that It is a known fact that prices of raw material are increasing due to consignments stuck up at Chinese ports and other alternative suppliers such as Korea, Taiwan and India have now either stopped supplying or quoting 30 to 35 pc higher prices. Members are complaining that it is becoming difficult to continue production activities due to a shortage of raw material, while prices in the local market have gone up by 50-100 pc.
He further added that in such a scenario, the opportunity of increasing exports has now become the question of survival for local textile industries. Everyone is talking about increasing exports from the country, but the fact is that production cannot be undertaken in the absence of raw material. The value-added textile sector requires an ample quantity of dyes & chemicals to complete processing & finishing of the fabric. It is obvious that no one keeps the inventory for more than 1 or 2 months due to cash flow constraints as a large number of exporters are stuck up in sales tax refunds. Also, every item doesn’t utilize simultaneously and sometimes, one item is required and some other item available in stock is not needed.
“Therefore, it is feared that exports, instead of increasing with the kind of advantage, it might be the other way round as it is in common knowledge that orders are based on season to season at least for six months in advance and if this price hike continues and consignments are not timely cleared, production would suffer and industries would not be able to complete their orders on time and as per commitment”, Motiwala remarked.
Zubair Motiwala has requested Prime Minister, Finance Minister, and Commerce Minister to foresee this situation and take urgent measures, as import consignments are lying on Chinese ports and Pakistan Embassy and Consulate in China be directed to work in this regard. If the situation prevails, other countries would increase raw material prices further. The govt. should immediately withdraw all the levies and front-loading with immediate effect so that there should be minimum burden on cost escalation on the products which is being sold earlier to this crisis.