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Attock Refinery avails scheme for deferment in repayment of...

July 13, 2020: Attock Refinery Limited has availed the scheme offered by the Government through State Bank of Pakistan, for deferment in repayment of principal amount of its long-term borrowing for a period of one year.

In this regard, the syndicate of banks which has provided the long-term financing facility to the Company has approved the deferment in repayment of principal amount of the facility for one year.

In aggregate, payment of Rs. 2.2 billion has been deferred for one year, the company informed PSX on Monday.

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PKR weakens by 28 paisa against greenback

July 13, 2020 (MLN): Pakistani rupee (PKR) depreciated by 28 paisa against US Dollar (USD) in today's interbank session as the currency closed the day's trade at PKR 166.63 per USD, against last session's closing of PKR 166.35 per USD.

The rupee endured a relatively dull trading session with very little intraday movement, trading in a range of 29 paisa per USD showing an intraday high bid of 166.70 and an intraday Low offer of 166.50.

Within the Open Market, PKR was traded at 166/167.50 per USD.

Meanwhile, the currency lost 75 paisa to the Pound Sterling as the day's closing quote stood at PKR 210.12 per GBP, while the previous session closed at PKR 209.37 per GBP.

Similarly, PKR's value weakened by 92 paisa against EUR which closed at PKR 188.38 at the interbank today.

On another note, within the money market, the overnight repo rate towards close of the session was 7.10/7.20 percent, whereas the 1 week rate was 7.00/7.15 percent.

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Record high workers’ remittances received in June 2020

July 13, 2020: Workers’ remittances rose by a significant 50.7% during June 2020 to reach record high USD 2,466.2 million compared with USD 1,636.4 million in June 2019. Similarly, on a cumulative basis, workers’ remittances increased to a historic high level of USD 23,120.7 million during FY20, witnessing a growth of 6.4% over USD 21,739.4 million during FY19. 

It would also be pertinent to mention here that inflow of workers’ remittances registered an increase of a 7.8% during March-June 2020 pandemic period compared with the corresponding period of 2019.

During June 2020, larger amounts of Workers' Remittances are received from Saudi Arabia (US $ 619.4 million), USA (US $ 452.0 million), UAE (US $ 431.7 million) and UK (US $ 401.0 million) recording an increase of 42.0 percent, 7.1 percent, 33.5 percent and 40.8 percent respectively as compared to May, 2020.

The significant increase in remittances during June 2020 can be attributed to a number of factors. Since many of the countries eased lockdown in June, overseas Pakistanis were able to transfer accumulative funds, which they were unable to send earlier.  Further, it is also believed that they sent remittances to support extended families and friends due to COVID-19.

In addition to these, efforts by the Government and SBP also played their role in the increased inflow of workers’ remittances during FY20 in general and Covid-19 period, March till June 2020, in particular. Supportive government policies in terms of extension of Reimbursement of TT Charges Scheme (Free Send Remittance Scheme) to small remitters by reducing threshold from USD 200 to USD 100, as well as, broadening the scope of incentive scheme for marketing scheme for financial institutions increased the incentives for sending remittances through regular channels.

Further, on-boarding of a large number of technology-based money transfer companies by SBP and PRI also helped absorb the shock of lockdowns.  Financial institutions were motivated to use effective marketing campaigns with particular focus on digital channels for sending and receiving remittances to promote the use of legal channels.

Press Release

Arif Habib Ltd’s shareholding in ORIX Leasing Pakistan to...

July 13, 2020: Arif Habib Limited is planning to acquire a further 316,500 shares of ORIX Leasing Pakistan Limited, the Pakistan Stock Exchange informed on Monday.

On account of this transaction, the combined shareholding of Arif Habib Corporation will become 18,274,200 shares, which represents 10.94% of the total issued voting shares of ORIX Leasing Pakistan Limited.

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By (Misbah Maqbool) July 13, 2020 (MLN): KSE 100 WEEKLY CHART KSE 100 DAILY CHART Last Friday KSE...

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