Business

Rupee further strengthens against dollar despite flood losses

Published

2 years ago

Farwa

The Pakistani rupee continued to strengthen against the dollar in the interbank on Thursday despite the flood emergency triggering economic and humanitarian losess in the country.

The dollar shed Rs1.5 and was trading at Rs217.25 in the interbank market during intraday trade as of 10:10am.

The unit has lost Rs4.67 during the last three sessions since the International Monetary Fund bailed Pakistan out from the risk of slipping into default.

Early estimates put the damage from the floods at more than $10 billion, government officials have said, adding that the world had an obligation to help the South Asian country cope with the effects of man-made climate change.

The major reason for the rupee’s uptrend was due to the deposit of much needed $1.16 billion from the International Monetary Fund’s (IMF)

“Today, SBP has received proceeds of USD 1.16 billion (equivalent of SDR 894 million) after the IMF Executive Board completed the combined seventh and Eight reviews under the Extended Fund Facility (EFF) for Pakistan,” wrote the bank.

The bank said that the funds will improve the SBP’s foreign exchange reserves.

“[It] will also facilitate realisation of other planned inflows from multilateral and bilateral sources,” read the statement.

With the revival of the IMF programme, Pakistan is expected to receive funds from multilateral and bilateral organisations, apart from friendly countries.

Economist and former adviser to the federal ministry of finance Dr Khaqan Hassan Najeeb said that the IMF programme resumption would certainly help build Pakistan’s depleting foreign exchange reserves, but the flood devastation has increased the country’s foreign financing needs.

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.