The State Bank said in a statement on Thursday that
the amount includes cash flows, encashment of foreign exchange bearer
certificates and foreign currency bearer certificates, Hajj remittances
and remittances from Iraq-Kuwait war affectees.
The statement said out of the total $2.389 billion
received in July/June 2001/2002, $2.299 billion was sent back home by
overseas Pakistanis up 151 per cent from $915 million received in
"During the month of June 2002 the country
received highest ever amount of $268.54 million as workers remittances
as compared to $85.85 million in June 2001, posting an increase of
212.80 per cent."
Senior bankers say workers remittances crossed the $2
billion mark in the outgoing fiscal year primarily due to post 9/11
developments. They say that tightening of anti-money laundering laws in
the US and in the rest of the world after 9/11 resulted in higher inflow
of foreign exchange into Pakistan. That levelled the gap between the
official and kerb market exchange rates and the incentive to send
foreign exchange through informal channels disappeared. Hence a marked
increase in home remittances.
The extraordinary increase in home remittances has
helped the country build foreign exchange reserves. The reserves rose by
$3 billion to $6.2 billion in the outgoing fiscal year.
SHELL'S $31.3M INVESTMENT PLAN
Shell Pakistan Limited (SPL) plans to invest
approximately $31.3 millions in 2002 (which also includes $29 million
for white oil pipeline project) for the up-gradation and development of
its storage and distribution facilities.
This was stated by the SPL director, external
affairs, Saleemuddin Ahmed, at a press briefing on Thursday at Shell's
Keamari installation. Installation manager, Mohammed Owais Sultan,
supplying logistic manager, Saleem Butt, regional transport manager,
Lt-Col (Retd) Iftikhar Uddin and Iqtidar Siddiqui, manager finance also
spoke on the occasion.
An overall growth in the industry storage is expected
due to White Oil Pipeline Project and associated storage of 180,000
tons. Existing pipeline has a storage capacity of over 150,000 tons, he
EURO BEATS DOLLAR IN INTER-BANK, KERB MARKET
The euro flew past Rs60 on Tuesday after attaining
parity with the US dollar in the international currency markets on
Senior bankers said the euro closed at
Rs60.06/Rs60.08 for ready buying and selling in inter-bank market at the
close of formal trading hours. But later on it rose as high as Rs60.60
on the back of growing strength in the international market. It could
not be learnt whether the banks struck any deals at this level.
Against this the dollar closed at Rs59.67/Rs59.69 for
ready buying and selling in the inter-bank market. So the euro had an
edge of 39 paisa over the dollar in term of rupees, reflecting its
victory against the once-mighty greenback in the world markets.
POWER RATE RAISED
Nepra on Thursday allowed an unprecedented power
tariff increase of 44 paisa per unit to be suffered by some 10 million
domestic consumers across the country, excluding Karachi.
The tariff revision exercise would yield Rs20 billion
to 12 corporate companies of Wapda through an expected sale of 47.4
PC BOARD ACCEPTS MCB'S FRESH BID
The Privatization Commission Board on Thursday
accepted the increased bid of Rs12 billion by the Muslim Commercial Bank
(MCB) group to seek majority shares in the United Bank Limited (UBL).
"Our reference price was Rs11.8 billion but the
MCB group revised its bid price from Rs8.5 billion to Rs12 billion,
which is pretty good," said Minister for Privatization Altaf M.
PRIVATE SECTOR TO GET RS94BN
The private sector borrowing from the banks has been
set at Rs94.7 billion for the fiscal July-June 2002-03. The target is
part of the new credit plan that was approved on Wednesday by the
National Credit Consultative Council (NCCC), headed by State Bank
Governor Dr. Ishrat Husain.
DOLLAR SHEDS 35 PAISA MORE IN KERB
The US dollar lost 35 paisa or more than 0.5 per cent
against the rupee in the kerb market on Wednesday in line with its fall
against the euro and other major currencies in the international
The Forex Association of Pakistan said the US dollar
closed at Rs59.25/Rs59.35 on Wednesday down 35 paisa from the Tuesday
close of Rs59.60/ Rs59.70. At this level the greenback became cheaper in
the kerb market as compared to inter-bank market where it closed
unchanged at Rs59.67/Rs59.69 for ready buying and selling on Wednesday.
Abbott Laboratories (Pakistan) Limited announced the
financial figures for the six months to end-May, 2002, posting an after
tax profit of Rs131.4 million. The directors also declared an interim
cash dividend at Rs1.50 (15 per cent) for the current year.
The Oil Companies Advisory Committee (OCAC) on Monday
has made a marginal decrease in prices of petrol, high octane blending
component (HOBC) and high speed diesel (HSD) by six paisa to 12 paisa
$8 MILLION OUTFLOW
Foreign portfolio investment recorded net outflow of
Rs470 million or around $8 million in June, figures released by the KSE
on Monday showed.
Together with the net outflow of Rs297 million or $5
million in May, foreign investors were net sellers to the extent of
Rs767 million or $13 million in two months.
National Bank of Pakistan (NBP) announced after-tax
profit at Rs1.1 billion for the year ended December 31, 2001 and cash
dividend of Rs1.25 per share, both of which were better than market