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Apr 10 - 16, 2000

  1. International
  2. Finance
  3. Industry
  4. Policy
  5. Trade
  6. Gulf

No change in oil prices

Petroleum products will be available at the prevailing rates for the coming two months, regardless of the downward trend in the prices of oil in the world market.

Duty on 200 tractors may be waived

Government is likely to waive Rs 130m piled up on account of duty/ demurrage charges on the import of 200 tractors to give relief to 800 farmers who had deposited Rs 56m as an advance money to importers in '96 under Benazir Bhutto government's Awami Tractor scheme.

Mohsin Aziz elected APTMA chief

After a long legal battle that had raged over six months, Moshin Aziz from NWFP zone on Wednesday was elected unopposed chairman of All Pakistan Textile Mills Association (APTMA).

He was elected chairman APTMA in the central managing committee meeting held in Association's zonal office at Lahore.

NTC to review duty on vaccine

National Tariff Commission (NTC) has accepted two applications for review of duties and for protecting the local industry against import at cheaper rates. According to two press releases, the items involved are calcium carbide and tetanus oxid vaccine.

China offers help

China has agreed to offer financial and technical assistance for the construction of Gwadar port and upgradation of Pakistan Railways. China has also offered to provide all possible cooperation in the field of agriculture with a view to help establish model farms with Chinese technology and training facilities for Pakistani farmers.

Quetta gets Rsl0.6bn

The Balochistan govermnent's shortfall in the projected receipts from the federal government under the NFC award has now risen to Rs 9,908 million.

In the first eight months of the current financial year 1999-2000, Balochistan has received only Rs 10,631m against projected amount of Rs 14,779m.

Foreign missions can open FCAs

Foreign diplomatic missions and diplomats as well as their home-based staff can now open and maintain fresh foreign currency accounts in Pakistan — separate of the special diplomatic accounts they are maintaining at present. International organizations and their expatriate employees can also enjoy this freedom under a State Bank order. Foreign diplomatic missions and their officers and staff as well as international organizations are also free now to buy or sell foreign currency in the inter-bank market.

Chinese offer to invest in textiles

Leader of the Chinese delegation, Ma Yue has offered his country's investment for the textile sector for developing value-added products for export purposes.

In a meeting with vice chairman, Export Promotion Bureau (EPB), Syed Masood Alam Rizvi at the EPB, he also offered technical support to the footwear manufacturing sector in Pakistan.

SBP guidelines on remittances

Banks are exercising many checks on outward remittances of portfolio investors under the State Bank orders: Bankers say these checks are aimed at making these remittances transparent—and discouraging undue foreign exchange outflows.

The checklists are annexed with the circular (F.E. no 03) that the SBP issued after announcing on March 30 the conditional lifting of curbs on such remittances.

On March 30, the SBP announced that custodian banks did not require its prior permission for making outward remittances of those investors who maintained special convertible rupee accounts with them. But there are three checklists for the banks to follow in handling outward remittances of portfolio investors: the first one is for outward remittances against dividends; the second for outward remittances against sale proceeds of shares and the third for clean remittances.

Bankers say they are exercising following checks on remitting abroad the funds out of dividends earned by portfolio investors:

(i) they are maintaining a record of client requests showing whether the request is spedfic or on case to case basis or it is in the form of standing instructions;

(ii) they are keeping record of copies of dividends/warrants/ pay orders: they are also keeping record of copies of cash statements reflecting current cash balance in special convertible rupee account along with the statement on the date when dividends were credited into these accounts;

(iii) they are gathering evidence of dividends also including the certificate of Central Depository Company showing investment or registration of security in the name of the investor;

(iv) they are making it sure that the sources of credit into special convertible rupee accounts are not other than (i) foreign inward remittances (ii) credits due to sale proceeds of shares and dividends and (iii) transfer from another special convertible rupee account.

(v) bankers are keeping vigilance against partial remittances of dividends to avoid excess outflow.

New MCB president

The board of directors of Muslim Commercial Bank Ltd has appointed Mohammad Aftab Manzoor as MCB president.

Mian Mohammad Mansha who was holding the positions of MCB president and the chairman of the board will continue to be the bank chairman, says a press release.

Mohammad Aftab Manzoor was working as senior executive vice president and head of credit division MCB.

Closed-end Mutual Funds post rise in NAV

The private sector closed-end Mutual Funds quoted on the stock market posted sizable increase in their Net Asset Value (NAV) over a month's period between January and February this year.

A statement released by the Mutual Funds Association of Pakistan (Mufap) on March 25 disclosed, the improvement in NAVs appear to be more pronounced when compared with the values at the beginning of the last quarter of the previous year.

Benefiting from the stock market rally that has seen the Index climb from 1247 points in November to the 2000 levels currently, the market price of certificates in Mutual Funds also posted gains, but not enough to bridge all of the wide discount that still shows up between the NAV and market values in all the 13 private sector mutual funds.