Weekly News Roundup

July 25, 2021 (MLN): The highlights of the important economic and business events that took place during the last week are in order so as to become acquainted with the recent developments in Pakistan’s economic and public policy.

  • The Monetary Policy Committee of the State Bank of Pakistan (SBP) will meet on Tuesday, July 27, 2021 at SBP Karachi to decide about Monetary Policy.
  • Pakistani products such as fruits, vegetables & textile products are now available at Shopee, the leading e-commerce online shopping platform in Southeast Asia and Taiwan.  
  • During the departed week, Pakistan's Forex Reserves increased by $815.90 million or 3.36% and the total liquid foreign reserves held by the country stood at $25,128.00 mn.
  • In view of the Government's relentless efforts to control the fourth wave of the COVID-19, the Securities and Exchange Commission of Pakistan (SECP) issued a circular that advises all companies to ensure that their employees/workers, including their families, get vaccinated as soon as possible.
  • The government of Sindh has decided to write to the National Command Operation Center (NCOC) and Pakistan Telecommunication Authority (PTA) that mobile sims of unvaccinated people should be blocked.
  • Considering the market dynamics and keeping pace with changing business environment, SBP is in the process of revising the foreign exchange regulations, in consultation with relevant stakeholders in a phased manner.
  • On Tuesday, Telenor raised its full-year revenue outlook as the Norwegian telecom operator expects Asian markets to gradually recover from the effects of the pandemic in the second half of the year, sending its shares up 4%.
  • Pak Rupee's Real Effective Exchange Rate Index (REER) decreased by 2.32 percent in June 2021 to a provisional value of 99.85 from the revised value of 102.22 in May 2021.
  • The Board of Investment (BOI) is actively pursuing strategies to create opportunities for $50 billion Foreign Direct Investment (FDI) in the country by 2023 under its new investment plan.
  • In order to ensure reasonable reduction in sugar price, the government has decided to reverse the sales tax to the ex-mill rate till 30th November this year.
  • Pakistan’s current account balance posted a deficit of $1.85bn in FY21, compared to the deficit of $4.49bn in FY20, marking a decline of 58% YoY.
  • Pakistan has proposed to establish Shanghai Cooperation Organization Development Bank for development of member states on the footprints of International Financial Cooperation.
  • Under Kamyab Pakistan Program, micro-loans would be given to entrepreneurs, small business and farmers at 0% mark-up without collateral.

Announcements:

  • On the equity side, the shareholders of Nimir Resins Limited granted approval from SECP for the increase in the face value of the shares from Rs5/- each to Rs10/- each by reducing the number of Ordinary shares.
  • Service Fabrics Limited has decided to increase the paid-up share capital of the Company by the issue of further 234,116,328 ordinary shares.
  • Modaraba Al-Mali (MODAM) informed that the Modarba Wing of the Securities and Exchange Commission of Pakistan (SECP) has granted the approval for the increase in Authorized Fund.
  • The Board of Directors of Pakistan Oxygen Limited (PAKOXY) approved an investment plan of about Rs2.5billion to set up a state-of-the-art Air Separation Unit (ASU, the “Plant”).
  • Mari Petroleum Company Limited (MPCL) executed a farm-in agreement with MOL Pakistan Oil and Gas Co. B.V. for the acquisition of a significant working interest in Margala Block to collaborate resources and efforts to jointly perform exploration activities.

Copyright Mettis Link News

Posted on: 2021-07-25T17:20:00+05:00

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