Connect with us

Business

Pakistan green lights live cattle import from Brazil

Published

on

  • Brazil also received green light to export tilapia fish to Philippines.
  • Brazil exported total of nearly $489 million in live cattle last year.
  • Pakistan’s imports from Brazil last year amounted to $298 million.

SAO PAULO: Brazil said on Wednesday it received approval this week from Pakistan to export live cattle to the South Asian country, as well as the embryos and semen of cows.

Brazil’s Agriculture Ministry said in a statement that it also received the green light to export young tilapia fish to the Philippines.

Brazil exported a total of nearly $489 million in live cattle last year, 154% more than in 2022.

Pakistan’s imports from Brazil last year amounted to $298 million, largely from products such as fibers and textiles, the ministry said, while Philippines imported $918 million worth, with meat proteins representing more than three-quarters.

Overall, the South America nation exported almost $340 billion of products in 2023, mainly to China, which bought nearly $106 billion worth, according to government data earlier this month.

In April last year, the Economic Coordination Committee (ECC) on Wednesday approved the proposed amendments in the relevant clauses of IPO-2022.

Ministry of Commerce submitted a summary on amendments in the Import Policy Order-2022 with regards to the import of live animals and animal products in line with the revised conditions/guidelines by the World Organization of Animal Health (WOAH) on animal (Cattle) trade.

In September 2023, the United Arab Emirates (UAE) tightened its rules on the import of meat from Pakistan after receiving complaints of substandard shipments from the country.

The UAE Ministry of Climate Change and Environment said in a notification dated September 19, 2023, that it will only allow fresh or chilled meat from Pakistan that is vacuum-packed or modified-atmosphere packed and has a shelf life of 60 to 120 days from the date of slaughtering.

The new restrictions apply to all other types of packaged fresh or chilled meat that are not allowed to be imported from Pakistan by sea, the notification had said.

Business

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

Published

on

By

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.

Continue Reading

Business

In January 2025, RDA inflows reach 9.564 billion USD.

Published

on

By

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.

Continue Reading

Business

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

Published

on

By

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.

Continue Reading

Trending