【Daily】7 September Brief of Pak BizNews
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THE RUPEE: PKR declines further
Pakistan's rupee continued to sustain losses against the US dollar for the third successive session, settling with a depreciation of 0.7% on Tuesday. As per the State Bank of Pakistan (SBP), the rupee closed at 221.42 after declining by Rs1.56 against the greenback.
Approval of new refining policy linked to deregulation
Approval of the much-delayed refining policy has now been linked with deregulation, with a top government official seeking input from local refineries for deregulation, which could also mean uneven POL prices across Pakistan.
Currency firms to seek SBP nod before dollar exports
The State Bank of Pakistan (SBP) has asked the exchange companies to take its permission before exporting dollars to the international markets, a circular said on Tuesday, in a bid to avoid shortages of the US currency in the country.
RDA inflows reach $5 billion in 24 months
Pakistan received $5.0 billion in inflows through the Roshan Digital Account (RDA) in two years, supporting the nation’s depleting foreign exchange reserves, data from the central bank showed on Tuesday.
Public debt balloons to over Rs50 trillion in July
The public debt swelled 27 percent year-on-year to Rs50.5 trillion in July FY2023, latest data showed on Tuesday, mostly because of no let-up in the government’s borrowing binge to plug the budgetary hole amid lack of external assistance and rupee rout.
Govt to slash PSDP by Rs150bn for flood relief
The government is all set to slash the Public Sector Development Program (PSDP) by Rs150 billion and divert the resources to rehabilitation and reconstruction in the flood-affected areas
The Securities and Exchange Commission of Pakistan (SECP) has revised the eligibility requirements for the listed companies that buy back their own shares.
Edibles for flood-hit areas
Ministry of Industries and Production (MoI&P) has sought Rs 540 million grant against supply of essential food items in flood-affected areas
RLNG plants’ sell-off
The government has decided to reengage Financial Advisor M/s Credit Suisse, Singapore for privatisation of two RLNG-fired power plants of National Power Parks Management Company Limited (NPPMCL)
QTA for Q-4: Discos given Rs3.40/unit tariff hike
National Electric Power Regulatory Authority (Nepra) on Tuesday approved an increase of Rs 3.40 per unit in tariffs of power Distribution Companies (Discos) to recover additional amount of Rs 95.145 billion from consumers for 4th quarter of CFY 2021-22 under Quarterly Tariff Adjustment (QTA) mechanism.
Staggering impact of FCA
The Power Division is to file a motion to the National Electric Power Regulatory Authority (Nepra) to stagger the impact of Fuel Charge Adjustment (FCA) as per approval of federal government
Pak Suzuki announces another extension in shutdown of automobile plant
Pak Suzuki Motor Company (PSMC) said on Tuesday that it has extended the shutdown of its automobile production plant till September 23
Miftah asked to open India trade
Finance Minister Miftah Ismail, on Monday, hinted at allowing imports of cotton from India after textile exporters demanded 2.5 million bales to meet an emergent shortfall caused by the calamitous floods that washed away about half the country’s total crop.
Commodities and Currency: 1-Day Change