Business

Govt will need to import 3m tonnes of wheat, warns trade body

Published

3 years ago

Farwa

PBF Vice Chairman Ahmad Jawad says looming wheat gap within Pakistan may morph into a full-blown crisis soon.
Forum urges provincial food depts to monitor wheat purchase by private sector to avoid hoarding.
Says govt could have to import a minimum of 3 million tonnes of grain to stabilise the market.

ISLAMABAD: A trade body on Monday warned of a looming wheat crisis in the country , urging the government to ban wheat exports to stabilise the wheat prices and cater to supply gaps.

“Looming wheat gap within the country currently seems prepared to morph into a full-blown crisis over the approaching months,” said Pakistan Businesses Forum (PBF) Vice President Ahmad Jawad.

PBF urged provincial food departments to monitor wheat purchase by the private sector and curb involvement of middlemen to avoid hoarding. The explanations embodied domestic output inadequacy and billowy international costs within the wake Ukraine issue. The flour costs were probably to rise additional if the govt remained unable to manage imports and take action against hoarders, it added.

The explanations embodied domestic output inadequacy and billowy international costs in the wake of the Ukraine issue. The flour costs were probably to rise additional if the govt remained unable to manage imports and take action against hoarders, it added.

“Prime Minister Shehbaz Sharif has been educated that this wheat harvest is probably going to hover around 26.2 million tonnes against the target of 28.9 million tonnes.”

The forum said the government may have to import a minimum of 3 million tonnes of grain to stabilise the market and meet the demand of 30.8 million tonnes, despite a carryover stock of 1 million ton.

PBF said that the imports could surpass estimates, pushed by wheat smuggling into Afghanistan, adding that market players had decried wheat imports in the extended quantity.

“One, the cereal is briefly provided globally owing to a poor harvest, secondly, Pakistan doesn’t have enough bucks to get costly imports with the nation’s foreign currency reserves plunging to $10.5 billion on the widening trade and accounting deficits.”

“What will wheat shortages and costly imports mean for the shoppers,” the group questioned. The flour millers have already raised their costs in Punjab by Rs11 per weight unit supported the open market wheat value of Rs2,200 per 40kg when the termination of official releases.

Punjab had been providing wheat to the millers at the subsidised value of Rs1,950 per 40kg, which was additional slashed to Rs1,600 for the first 20 days of Ramadan.

“The flour inadequacy within the market and also the high value of the artifact could increase food insecurity within the country, particularly within the additional backward and poorer districts of the country, unless the govt proactively ensures its convenience at subsidised rates.”

Jawad deplored wheat shortages and increasing imports, and asked for immediate measures to deal with factors such as water shortage, poor farm management practices, global climate change, and carbamide inconvenience, which had bogged down the agriculture sector.

Business

The total amount of Pakistan’s liquid foreign reserves is $15.95 billion.

Published

3 days ago

Farwa

As of February 14, Pakistan’s total liquid foreign reserves were $15,947.9 million, with the State Bank of Pakistan’s (SBP) holdings being $11,201.5 million.

Official figures for the week ending February 14, 2025, show that the central bank’s liquid foreign exchange reserves rose by $35 million to $11,201.5 million.

Commercial banks maintained net foreign reserves of $4,746.4 million during the period under review, according to the breakdown of foreign reserves.

The nation’s total liquid foreign reserves as of the week ending February 07, 2025, were $15,862.6 million.

Of these, the central bank held $11,166.6 million in foreign reserves, while commercial banks kept $4,696 million in net reserves.

Business

In January 2025, RDA inflows reach 9.564 billion USD.

Published

2 weeks ago

Farwa

Remittances under the Roshan Digital Account (RDA) increased from US $9.342 billion at the end of 2024 to US $9.564 billion by the end of January 2025.

The most recent data issued by the State Bank of Pakistan (SBP) revealed that remittance inflows in January totaled US$222 million, compared to US$203 million in December and US$186 million in November 2024.

Millions of Non-Resident Pakistanis (NRPs), including those who own a Non-Resident Pakistan Origin Card (POC), desire to engage in banking, payment, and investing activities in Pakistan using these accounts, which offer cutting-edge banking options.

Nearly 778,697 accounts were registered under the scheme by the end of January 2025, according to the data.

By the end of January, foreign-born Pakistanis had contributed US $59 million to Roshan Equity Investment, US $479 million to Naya Pakistan Certificates, and US $799 to Naya Pakistan Islamic Certificates.

Business

FBR lowers Karachi’s built-up structure property valuation rates

Published

2 weeks ago

Farwa

A year-by-year breakdown of the depreciation value of residential and commercial built-up properties is included in the updated property valuation rates for Karachi that the FBR has announced.

The notification said that built-up structural values on residential property will be gradually reduced.

A residential home’s built-up structure, which is five to ten years old, will lose five percent of its worth.

In a similar vein, constructions between the ages of 10 and 15 will lose 7.5% of their value, while those between the ages of 15 and 25 would lose 10%. Built-up structures that are more than 25 years old will be valued similarly to an open plot.

Furthermore, age will also be used to lower the valuation of built-up properties, such as apartments and flats.

Structures that are five to ten years old will depreciate by ten percent, while those that are ten to twenty years old will depreciate by twenty percent. A 30% depreciation will be applied to properties that are 20 to 30 years old, while a 50% reduction will be applied to those that are above 30 years old.

In terms of commercial built-up properties, buildings that are 10 to 15 years old will lose 5% of their value, while those that are 15 to 25 years old will lose 8%. The value of properties that are more than 25 years old will drop by 10%.

In contrast, there would be a 15% boost in the value of commercial properties in the Defence Housing Authority (DHA) that face any Khayaban.