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SBP keeps policy rate unchanged at 9.75%

January 24, 2022 (MLN): The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) in its meeting held on January 24, 2021, in Karachi has decided to keep the policy rate unchanged at 9.75 percent.

The decision was largely in line with market expectations where the majority of the market participants expected SBP to keep the policy rate unchanged. 

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Eurozone growth slows as Omicron measures hit spending

January 24, 2022: Economic growth in the eurozone slowed sharply in January, a key survey showed Monday, as new coronavirus restrictions hit consumer spending, raising a new obstacle for the region's recovery.

The purchasing managers' index (PMI) from IHS Markit, showed a drop to 52.4 in January, after posting 53.3 points in December and hitting a high 59 points in August. A figure above 50 indicates growth.


PKR falls by 25 paisa against USD

January 24, 2022 (MLN): Pakistani rupee (PKR) could not hold its ground in the interbank market for more than a day and offset its previous gain against US dollar as the currency closed the trade at 176.49 per USD, depreciating by 25 paisa.

The rupee endured a relatively dull trading session with very little intraday movement, trading in a range of 51 paisa per USD showing an intraday high bid of 176.53 and an intraday low offer of 176.25.

Alternatively, the currency gained 12 paisa against the Pound Sterling as the day's closing quote stood at PKR 239.14 per GBP, while the previous session closed at PKR 239.26 per GBP.

On the other hand, PKR's value weakened by 23 paisa against EUR which closed at PKR 199.89 at the interbank today.

On another note, within the money market, the overnight repo rate towards close of the session was 10.00/10.15 percent, whereas the 1-week rate was 9.85/9.95 percent.

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Fauji Foods appoints Faisal Yaseen as CFO

January 24, 2022 (MLN): The board of directors of Fauji Foods (FFL) has appointed Mr. Faisal Yaseen as Chief Financial Officer (CFO) of the company with effect from December 10, 2021.

He has been hired in place of Mr. Ebad Khalid who has resigned w.e.f December 09, 2021.

To recall,  Mr. Khalid had assumed the charge as Chief Executive Officer (CEO) of the company with effect from December 09, 2021, in place of Mr.  Muhammad Haseeb Aslam.

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ICPL transfers 37.5% holding to Dolmen, Al Feroz

January 24, 2022 (MLN): Dolmen City Reit (DCR), Pakistan’s first REIT scheme, has informed that International Complex Project Limited (ICPL), a holding company has transferred 37.5% of its units to Dolmen (Private) Limited and Al Feroz (Private) Limited equally on January 21, 2022.

To note, the board of directors of ICPL, in its meeting held on 22 April 2021 had approved the reorganization/re-arrangement of the Dolmen Group comprising restructuring of ICPL. The arrangement became effective on 01 July 2021 as sanctioned by the Honorable High Court of Sindh through its rrder dated 03 November 2021.

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