Morning Buzz for March 14, 2014 – MR Securities

Karachi, March 14, 2014 (PPI-OT): SBP’s forex reserves up $702 million

According to MR Securities,

Liquid forex reserves held by the State Bank of Pakistan posted a notable increase of $702 million in a week. According to weekly forex report issued by the central bank, during last week SBP’s liquid forex reserves rose by 18% to $4.623 billion as on March 7, 2014 compared to $3.921 billion last week ended Feb 28, 2014.

Rupee fails to maintain upward momentum
The Pakistani rupee failed to keep its upward momentum on Thursday, depreciating after reaching 98 against the greenback just a day ago.

IMF praises rupee appreciation
International Monetary Fund (IMF) Thursday welcomed appreciation in rupee value and asked State Bank of Pakistan (SBP) to take advantage of this trend and rebuild foreign exchange reserves. This was stated by the Director IMF Communication Department Gerry Rice. He said, IMF firmly believes that Pakistan is best served by a flexible exchange rate which allows rupee to find market based equilibrium.

Sudden drop in dollar’s value turns all export businesses to the red
Sudden drop in US dollar’s value against Pak Rupee turned export businesses in red while the exporters have suffered huge losses during last 10 days. Payments expected to be realised at Rs 105 were received at 6-8% less value as against thin margin of profit which ranges from one to 2.5% due to energy crises and higher cost of doing business, said Pakistan Tanners Association (PTA)’s former Chairman Agha Saiddain.

Addressing financial exclusion: Multi-pronged, long-term strategy adopted: Wathra
The State Bank of Pakistan (SBP) has adopted a multi-pronged and long-term strategy to address financial exclusion through structured policy and regulatory actions besides market-development interventions.

UBL UK launches agent-based money transfer service
United Bank UK (UBL UK) – a subsidiary of United Bank Limited and National Bank of Pakistan on Thursday launched its agent-based money transfer service, UBL Omni. UBL UK is the first UK regulated bank which is offering a money transfer service through a network of authorised agents.

Life insurers must enter into ‘CISSII’ pact before May 1: SECP
SECP has directed life insurance industry to ensure that all life insurers have entered into the Centralised Information Sharing Solution for Life Insurance Industry (CISSII) Participation Agreement before May 1, 2014 and implement a formal information sharing mechanism among the life insurer to reduce systematic risk.

LNG terminal contract: Prime minister refuses to give his seal of approval
The prime minister has refused to approve award of the multi-million-dollar liquefied natural gas (LNG) terminal contract to Elengy Terminal Pakistan Limited (ETPL) and has instead told the Ministry of Petroleum and Natural Resources to seek the nod of federal cabinet, sources say.

Settle the claims: FBR warned, given a month to clear sales tax refunds
Federal government warned tax officials against ‘greasing their palms’ and directed to clear sales tax refunds of up to Rs1 million within 1 month without bribes, highlighting deep-rooted corruption in tax machinery.

Fuel price adjustment: Electricity tariff shoots up by Rs2.24 per unit
The National Electric Power Regulatory Authority (Nepra) has allowed power distribution companies to increase electricity tariff by a hefty Rs2.24 per unit on account of fuel price adjustment for January.

Quality issues: Ogra gives PSO a clean chit
Oil and Gas Regulatory Authority (OGRA) expressed satisfaction over quality of different petroleum products being supplied by state-run Oil Marketing Company (OMC) Pakistan State Oil (PSO), an official stated.

Hubco plans to set up 600MW coal plant
The Hub Power Company (Hubco) has decided to set up a new imported coal-based power generation plant of 600MW capacity with an investment of $800 million.

K-Electric to set up 660MW plant
K-Electric, formerly Karachi Electric Supply Company (KESC), on Thursday announced that the company is on its way to facilitate setting up of a 660MW green field coal-fired power plant.

Byco poised to bring revolution in refining capacity
With the commissioning of the largest oil refinery in the country, Byco is poised to help ease the burden of imported refined petroleum products on the country. Pakistan is in the grip of crippling energy crisis while the government works tirelessly to ease it by enabling domestic solutions.

China to invest $50 billion in energy, infrastructure projects till 2017
China is to invest $50 billion in energy and infrastructure projects in Pakistan till 2017 of which $35 billion investment is anticipated in energy sector. This was disclosed by the Minister for Planning, Development and Reforms, Ahsan Iqbal at a recent meeting of federal cabinet, presided over by Prime Minister Nawaz Sharif.

The post Morning Buzz for March 14, 2014 – MR Securities appeared first on AsiaNet-Pakistan.

Leave a Reply