【Daily】26 July Brief of Pak BizNews
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KSE 100 39,844.02 ▼0.58% KMI 30 65,495.47 ▼0.49% KASB Tech Index 375.63 ▼1.01%
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National News
Pakistan to receive IMF tranche by August end: Miftah Ismail Finance Minister on Monday said that Pakistan is expected to receive the next tranche of IMF by end of August after IMF's board meeting on Aug 24. https://mettisglobal.news/pakistan-to-receive-imf-tranche-by-august-end-miftah-ismail/
Pakistan obtains foreign loans of $22.5bn in FY22 Pakistan has secured total foreign loans of $22.5 billion in the last financial year 2021-22 out of which it obtained highly expensive $2.24 billion commercial loans just last month (June 2022) to avoid depletion of foreign currency reserves at an accelerated pace. https://www.thenews.com.pk/print/976897-pakistan-obtains-foreign-loans-of-22-5bn-in-fy22
Rupee slumps to lifetime low of 229.88/dollar Battered rupee slumped to yet another lifetime low of 229.88 against dollar on Monday, with dealers and analysts pinning the blame on import payments amid severe shortage of greenback in the interbank market. https://www.thenews.com.pk/print/976827-rupee-slumps-to-lifetime-low-of-229-88-dollar
SBP curbing interbank trade to contain dollar shortage Pakistan’s central bank is discouraging interbank trading due to a severe shortage of dollars that has pushed the rupee to post its worst weekly drop since 1998, Bloomberg reported on Monday. https://www.thenews.com.pk/print/976829-sbp-curbing-interbank-trade-to-contain-dollar-shortage
ECC decides to increase RLNG rate to $9 per MMBTU The Economic Coordination Committee (ECC) of the Cabinet has decided to increase the RLNG rate to US $9 per MMBTU for five export-oriented sectors across Pakistan and gave approval for an increase in indigenous gas price for export-oriented sectors at Rs1,350 per MMBTU and for the general industry at Rs1,550 per MMBTU. https://epaper.brecorder.com/2022/07/26/1-page/937963-news.html
Auto SMEs going bankrupt Pakistan Association of Auto Parts and Accessories Manufacturers (PAAPAM) has said that the auto parts industry was facing the worst crisis in the history of Pakistan on account of the domino effect of dollarization-- spiralling inflation, freight rates, and tariff of utilities. https://www.thenews.com.pk/print/976837-auto-smes-going-bankrupt
SBP’s curbs on LC; Indus Motor plans to shut production for over 2 weeks Indus Motor Company (IMC) commonly known as Toyota company is planning to shut its production of all variants for more than two weeks by August 2022. https://epaper.brecorder.com/2022/07/26/12-page/938047-news.html
Ghandhara, Chery plan to invest $10m in Pakistan’s automotive industry Leading Chinese automaker Chery has launched in Pakistan through a manufacturing and licensing agreement with Ghandhara Group. This initiative has initially injected an investment of Rs. 2.4 billion in Pakistan’s automotive sector. Besides, it has brought myriad employment opportunities and financial benefits for the country’s hospitalized economy. https://pakobserver.net/ghandhara-chery-plan-to-invest-10m-in-pakistans-automotive-industry/
Lucky Motors’ introduces limited time discount for Peugeot 2008 to spur sales Lucky Motors’ has introduced a limited time reduction on the price of the Peugeot 2008 Active model whereby its price has been slashed from Rs 5,250,000 to Rs 4,999,000.
MPMG scheme: conditional lending allowed The federal government has conditionally allowed banks and financial institutions to disburse financing under Mera Pakistan Mera Ghar (MPMG) housing finance scheme for approved cases. https://epaper.brecorder.com/2022/07/26/1-page/937969-news.html
ICI Pakistan plans to acquire 75pc stake in Lotte Chemical ICI Pakistan Ltd., a company held by Lucky Cement, has announced intention to acquire approximately 75.01 percent shares of Lotte Chemical Pakistan Limited, a chemical company, a notification revealed on Monday. https://www.thenews.com.pk/print/976826-ici-pakistan-plans-to-acquire-75pc-stake-in-lotte-chemical
Boards of revenue told to collect enhanced WHT under Sec 236C The Federal Board of Revenue (FBR), Monday, conveyed to the provincial Boards of Revenue that the enhanced withholding tax rates on the sale or transfer of immovable properties will be collected under Section 236C of the Income Tax Ordinance irrespective of the holding period. https://epaper.brecorder.com/2022/07/26/12-page/938049-news.html
Commodities and Currency: 1-Day Change
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