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The liquid foreign currency reserves held by the country rose $95 million to $19,047.3 million on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. National Electric Power Regulatory Authority (Nepra) on Thursday approved increase in electricity tariffs of Discos for five months and reduction for three months under monthly fuel price adjustment mechanism to be passed on to consumers in August and September 2020. The government on Thursday signed two financing agreements valuing $750 million with the World Bank (WB) and the Asian Infrastructure Development Bank (AIIB) for the Resilient Institutions for Sustainable Economy (RISE) programme.
Market View: The KSE100 Index lost 226.40 points during Thursday’s trading session. We expect the market to remain range bound during today’s trading session.
Commodities:
Brent oil (USD/bbl): 43.47 (+0.37% D/D)
Crude oil (USD/bbl): 41.19 (+0.29% D/D)
Gold (USD/oz): 1,888.40 (-0.08% D/D)
SBP reserves up $67m to $12.1bn
KARACHI: The liquid foreign currency reserves held by the country rose $95 million to $19,047.3 million on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.
Increase in power tariffs approved by Nepra
ISLAMABAD: National Electric Power Regulatory Authority (Nepra) on Thursday approved increase in electricity tariffs of Discos for five months and reduction for three months under monthly fuel price adjustment mechanism to be passed on to consumers in August and September 2020.
Pakistan inks $750m financing pacts with WB, AIIB
ISLAMABAD: The government on Thursday signed two financing agreements valuing $750 million with the World Bank (WB) and the Asian Infrastructure Development Bank (AIIB) for the Resilient Institutions for Sustainable Economy (RISE) programme.
OGRA removes bottlenecks in wellhead gas price notification
ISLAMABAD: In an apparent bid to promote indigenous gas production, the Oil and Gas Regulatory Authority (OGRA) has removed certain bottlenecks in the issuance of wellhead gas price notification of local gas fields.
Pakistan, China hold consultations on wide range of issues
ISLAMABAD: Pakistan and China on Thursday held consultations on a wide range of issues including bilateral ties, regional security situation, deepening co-operation in the wake of Covid-19, the CPEC, and further solidifying bilateral economic cooperation.
SBP conducts four-year review of complaints against banks, DFIs, MFBs
KARACHI: The State Bank of Pakistan (SBP) has conducted a four-year (2016-2019) review of complaints against banks/MFBs/DFIs.
90 projects of CPEC completed so far: Alvi
KARACHI: President Dr Arif Alvi on Thursday said that about 90 projects of the China Pakistan Economic Corridor (CPEC) have so far been completed whereas 28 projects are in implementation phase and 41 are in the pipeline.
PSMA urges govt to import up to 300,000 tons of sugar
ISLAMABAD: The all Pakistan Sugar Mills Association (PSMA) has proposed to the government to import up to 300,000 tons of sugar as strategic reserves for August to October.
Food ministry, CCP to take action against collusion, cartelisation in wheat industry
ISLAMABAD: Ministry of National Food Security and Research (NFSR) in collaboration with Competition Commission of Pakistan (CCP) has decided to chalk out an action plan to tackle collusive market practices and cartelisation within the wheat industry.
Finance Commission to be formed in Punjab, says Asad Umar
ISLAMABAD: Minister for Planning, Development and Special Initiatives Asad Umar on Thursday said that a Provincial Finance Commission would be formed in Punjab in light of instructions from Prime Minister (PM) Imran Khan.
Mortgage system: PM for making subsidy provision process for banks easy
ISLAMABD: Prime Minister Imran Khan has directed the Finance Division and the State Bank of Pakistan (SBP) that the process to make the provision of subsidy to the commercial banks easy for promoting mortgage system in the country for the construction of low-cost houses for ordinary and low-income group people.
FBR allows clearing stuck cargoes against bank guarantee
KARACHI The Federal Board of Revenue on Tuesday allowed customs clearance against bank guarantees to goods stuck up after changes in application of income tax rates applied through Finance Act 2020.
International News
Gold hits all-time high
KARACHI: Gold on Thursday was traded for the historic high price of Rs117300 per tola, up by Rs2300 on the local market, traders said. The precious metal was available for Rs100566 per 10 grams, up by Rs1972 locally and was quoted for $1882 an ounce, up by $26 internationally.
Oil rises on weaker dollar, but virus woes and U.S.-China tensions weigh
Oil edged up on Friday as the dollar fell to an almost two-year low, although demand concerns stemming from rising coronavirus cases and U.S.-China tensions kept a lid on prices.
KASB Research
