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SBP Eases Cash Margin Restriction on Imports

September 24, 2020: The State Bank of Pakistan (SBP) has eased 100 percent cash margin requirement on the import of certain raw materials to support manufacturing and industrial sectors and further enhance their capacity to contribute towards the recovery of the economy in post COVID-19 era.

The cash margin condition was initially imposed in 2017 on 404 HS Codes and later in 2018 on a further 131 items, with a view to contain  the import of mostly consumer goods and to allow room for the import of more growth-inducing items.

Considering the challenges posed by the COVID-19 to the manufacturing sector and other economic segments, and on the representations made by various businesses and associations, the SBP re-evaluated the cash margin requirements and decided to remove this requirement on 106 items/HS Codes. 

The removal of the cash margin requirements on these items will support businesses’ cash flows and liquidity, by freeing up funds previously held with the banks under cash margin against imports, and route these funds towards avenues of growth and development that will benefit the economy.

The SBP remains committed to facilitate industries and businesses in contributing to the growth and development of the country, and is ready to take any further actions required to support the overall manufacturing and industrial activity.

Press Release

AOB imposes a fine of Rs 50,000 on Aslam...

September 24, 2020: The Audit Oversight Board (AOB) has imposed a fine of Rs 50,000 on Aslam Malik & Company, Chartered Accountants for multiple violations of the law.

One of the reported partners of the firm signed six auditor’s reports of listed companies on behalf of the firm without first attaining the necessary authority from ICAP to sign such reports on behalf of the audit firm. The firm had failed to report this partner for the purposes of audit quality control review. The firm also filed false information to AOB regarding this partner and provided a false declaration that the information provided was updated and true.

The action was taken by AOB after providing an opportunity of being heard to the firm and explaining its position in writing and in person. AOB also directed the firm to submit an action plan comprising substantive measures to address the weaknesses in its systems and controls.

AOB is the independent regulatory authority that oversees the quality of audit of financial statements of public interest companies that include all listed companies. The stakeholders of these companies include investors, shareholders, lenders, and tax authorities which place their trust in the independent assurance provided by external auditors that the financial statements prepared by the management present a true and fair view of the companies’ financial statements. Only the audit firms registered with AOB are authorized to audit the financial statements of a public interest company.

PKR appreciates by 26 paisa at interbank trade

September 24, 2020 (MLN): Pakistani rupee (PKR) appreciated by 26 paisa against US Dollar (USD) in today's interbank session as the currency closed the day's trade at PKR 165.96 per USD, against yesterday's closing of PKR 166.23 per USD.

The rupee endured a relatively dull trading session with very little intraday movement, trading in a range of 34 paisa per USD showing an intraday high bid of 166.25 and an intraday Low offer of 165.95.

Within the Open Market, PKR was traded at 165.80/166.80 per USD.

Alternatively, the currency lost 14 paisa to the Pound Sterling as the day's closing quote stood at PKR 211.19 per GBP, while the previous session closed at PKR 211.06 per GBP.

On the other hand, PKR's value strengthened by 87 paisa against EUR which closed at PKR 193.51 at the interbank today.

On another note, within the money market, the overnight repo rate towards close of the session was 7.05/7.10 percent, whereas the 1 week rate was 7.00/7.05 percent.

 

Copyright Mettis Link News

Nishat Chunian Power records a 15% growth in earnings...

September 24, 2020 (MLN): Nishat Chunian Power Limited (NCPL) made profits of Rs. 4.6 billion (EPS: 12.54) during the year ended June 30, 2020, signifying a growth of almost 35% over the last year.

According to Taurus Securities, the company recorded a 13% decline in revenue owing to lower load factor, lower rate payments surcharge as well as impact of lower interest rates in the fourth quarter.

The finance cost showed an increase of 51.6% due to higher interest rates and rise in the company’s borrowings.

Other notable changes include a 98.6% decline in other expenses, whose positive impact was partially negated by the decline in other income by 72%.

The company did not pay any taxes during the year. Moreover, contrary to the predictions made by several brokerage houses, no dividend was announced by the Board of the company.  

Financial Results for the year ended June 30, 2020 (Rupees'000)

 

Jun-20

Jun-19

% Change

Sales

13,022,871

15,021,084

-13.3%

Cost of sales

(6,267,119)

(9,945,451)

-37.0%

Gross Profit

6,755,752

5,075,633

33.1%

Administrative expenses

(144,121)

(201,314)

-28.4%

Other expenses

(3,194)

(228,258)

-98.6%

Other income

31,613

112,565

-71.9%

Finance cost

(2,034,280)

(1,342,068)

51.6%

Profit before taxation

4,605,770

3,416,558

34.8%

Taxation

-

-

 

Profit after taxation

4,605,770

3,416,558

34.8%

Earnings per share

12.54

9.3

34.8%

 

Copyright Mettis Link News

European stock markets slide at open

Sep 24, 2020: European stock markets slid at the start of trading on Thursday following falls in Asia and overnight on Wall Street.

London's benchmark FTSE 100 index shed 1.3 percent to 5,825.18 points.

In the eurozone, Frankfurt's DAX 30 index lost 1.0 percent to 12,514.08 points and the Paris CAC 40 dropped 1.2 percent to 4,746.32.

AFP/APP

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