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【Daily】21 June Brief of Pak BizNews

By Staff Reporter | Gwadar Pro Jun 21, 2022

-Daily Market-

 KSE 100   41,776.98 ▼0.86%

 KMI 30     69,014.98 ▼1.18%

KASB Tech Index   258.32 ▼2.34%

 

KASB Market View

 

  • The market is expected to remain range bound negative amidst delay in IMF program and weakening currency.
  • We recommend inflation/macro hedged sectors including Pharma, Textile and OMCs.

 

National News

 

Stalled IMF programme: Revival ‘in a day or two’, insists Miftah

Finance Minister Miftah Ismail said Monday that an agreement is likely to reach with the International Monetary Fund (IMF) in a day or two as there is no deadlock on the issue of personal income tax reforms for the salaried class.

https://www.brecorder.com/news/40181419/stalled-imf-programme-revival-in-a-day-or-two-insists-miftah

 

GSP+ extension: EU mission lands in Islamabad

The European Union’s (EU) Generalized System of Preferences plus (GSP +) Monitoring Mission has landed in Islamabad for ten days (June 20-30, 2022), sources in Commerce Ministry told Business Recorder.

https://www.brecorder.com/news/40181420/gsp-extension-eu-mission-lands-in-islamabad

 

FE-25 deposits: SBP relaxes CRR requirements for certain banks

The State Bank of Pakistan (SBP) Monday granted special relaxation to a few banks for Cash Reserve Ratio (CRR) requirements against FE-25 deposits on a temporarily basis aimed at improving liquidity.

https://www.brecorder.com/news/40181411/fe-25-deposits-sbp-relaxes-crr-requirements-for-certain-banks

 

SBP tightens transaction limit to avoid dollar shortage

Commercial banks have been asked to seek State Bank of Pakistan’s (SBP) permission before initiating import transactions worth $100,000 in an attempt to ease dollar shortages and conserve eroding foreign exchange reserves amid IMF loan uncertainty, sources said on Monday.

https://www.thenews.com.pk/print/967860-sbp-tightens-transaction-limit-to-avoid-dollar-shortage

 

Dollar hits Rs210 amid rumours of stopping LCs

The US dollar kept pressing the local currency on Monday and appreciated Rs1.21 to close at Rs209.96 in the interbank market.

https://www.dawn.com/news/1695956/dollar-hits-rs210-amid-rumours-of-stopping-lcs

 

Refineries’ shutdown imminent as LC crisis deepens

Refineries once again shook up the government to resolve their lingering trade credit issues as in the absence of crude oil imports the industry was facing a shutdown next month, resulting in an acute shortage of petroleum products, The News learnt on Monday.

https://www.thenews.com.pk/print/967859-refineries-shutdown-imminent-as-lc-crisis-deepens

 

Govt to import 100MW of power from Iran for Gwadar

Pakistan and Iran have discussed steps to expedite the electricity supply project aiming at the import of electrical energy to Pakistan’s port city of Gwadar.

https://epaper.brecorder.com/2022/06/21/12-page/934033-news.html

 

Tax policies, SBP rules hindering IT exports

Federal Minister for Information Technology and Telecommunications Syed Aminul Haque said on Monday that the Federal Board of Revenue’s (FBR) policies and some rules of the State Bank of Pakistan (SBP) have been hindering the growth of IT exports.

https://www.dawn.com/news/1695950/tax-policies-sbp-rules-hindering-it-exports

 

Russia-Ukraine war has caused fertilizer shortages

The Minister for Commerce, Naveed Qamar Monday admitted that there is a shortage of fertilizer in the country due to the ongoing Ukraine-Russia war, for which the commodity is being imported from China to fulfil the domestic demand.

https://epaper.brecorder.com/2022/06/21/12-page/934028-news.html

 

 

Commodities and Currency: 1-Day Change

Gold: 

USD 1,842.40▲ 0.11%

      Silver: 

USD 21.655▲ 0.32%

Crude Oil

USD 110.27▲ 2.07%

 USD-PKR: 

Rs 210.190/USD ▲ 0.39%

 

 

 

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