Morning Buzz for March 25, 2014 – MR Securities

Karachi, March 25, 2014 (PPI-OT): SBP seeks dollar buyers” data

According to MR Securities,

The State Bank of Pakistan (SBP) on Monday asked all exchange companies of “A” category to submit the data of dollar consumers, who purchased the greenback during last one week. Sources told Business Recorder that the SBP through some banks is supplying dollars to “A” category exchange companies to keep the exchange rate stable at a reasonable level. However, still there is huge difference between dollar rate of interbank and open currency market.

Rupee-dollar spread in interbank, open markets widens
The spread between the value of the rupee traded against the dollar in the interbank market and open market has widened by more than 200 paisas, which is a source of concern, as this gap may depreciate the exchange rate again, analysts said on Monday.

Dar expects forex reserves to touch double digit
Finance Minister Ishaq Dar has said that he expects forex reserves to increase despite a decision not to revive the Friends of Democratic Pakistan (FODP) scheme, the News learnt on Monday.

Rs 34 billion TDAP scam: SBP urged to conduct forensic audit of 10 banks
Federal Investigation Agency (FIA) has urged the State Bank of Pakistan (SBP) to conduct forensic audit of 10 commercial banks allegedly involved in money transfer amounting to Rs 34 billion in a period of 30 months for Hawala-Hundi in TDAP scam.

IMF disburses $556 million loan tranche
Pakistan is set to receive a $556 million loan instalment from the International Monetary Fund, which on Monday signed off on its second review of Islamabad’s aid program. In completing the review, the IMF said it waived some conditions, including a requirement for Pakistan to limit government borrowing from the central bank and to meet a target for the central bank’s net swap/forward position.

Tax cut: Withdrawal of concessionary regime delayed
As the International Monetary Fund’s (IMF) given deadline to levy about Rs220 billion more taxes in new budget approaches, the government’s much-hyped plan to withdraw tax exemptions granted to affluent people still remains incomplete.

Power ministry encases $2.68m IPP guarantee
A 133.5-megawatt gas-fired independent power plant (IPP) is facing an uncertain future as the federal government has turned down Sindh’s request for an extension in the validity of letter of support and encased the guarantee submitted by the project developer.

Stagnant: Gas prices left unchanged for now
Prime Minister Nawaz Sharif directed Ministry of Petroleum and Natural Resources to keep gas prices on hold until a possible adjustment of Rs33 billion in accounts of gas distribution companies in wake of downward revision in ceiling of Unaccounted for Gas (UFG), which covers losses by theft and leakages.

Stealing energy: Sher Ali vows to take strict action against power theft
The government is working on a priority basis to bridge the gap between demand and supply; power theft should be eliminated, it is a non-bailable offence, and anyone involved will be punished, said Federal Minister for Water and Power Abid Sher Ali, while addressing a meeting of the Faisalabad Electric Supply Company.

134 megawatts SPGL: PPIB encashes $2.6 million performance guarantee
Private Power Infrastructure Board (PPIB), a subsidiary of Water and Power Ministry, encashed performance guarantee of $2.6 million of 134 MW Star Power Generation Limited(SPGL)- an Independent Power Producer(IPP), on the plea that the company has failed to set up power plant within the stipulated ten years.

POL prices likely to drop in April
Prices of petroleum products are likely to drop next month due to rupee appreciating. Quoting sources, a private news channel reported prices of petroleum products were likely to be slashed by Re 1 to Rs 1.50 and, thereby, petrol price would go down to Rs 108.50 from Rs 110 and diesel to Rs 116 from Rs 116.75.

Govt starting efficiency test of Gencos
The government is initiating regular efficiency testing of state-owned generation companies (Gencos) to increase power supply from them, revealed an official document on Monday.

‘Govt to utilise $50 million Murabaha facility to import urea’
The government will use a Murabaha financing facility of $50 million for the import of 0.125 million metric tons of urea to bridge the shortages in the coming Kharif season.

Govt has disbursed Rs500m to banks under BISP: Dar
Federal Finance Minister Ishaq Dar on Monday said that Rs500 million had already been transferred to banks through the Benazir Income Support Programme (BISP) for disbursement to 77,000 families.

The post Morning Buzz for March 25, 2014 – MR Securities appeared first on AsiaNet-Pakistan.

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