State Bank of Pakistan rates for conversion of Foreign Currency Deposits, Dollar Bearer Certificates, Foreign Currency Bearer Certificates, Special United States Dollar Bonds and profit thereon January 21, 2015

Karachi, January 21, 2015 (PPI-OT): The following rates will be applicable for conversion into rupees of Foreign Currency Deposits, Dollar Bearer Certificates, Foreign Currency Bearer Certificates, Special U.S Dollar Bonds and profit thereon by all banks and for providing Forward Cover on Foreign Currency Deposits (excluding F.E-25 deposits) by the State Bank on January 22, 2015.

Currency         Rate in Pak Rupee

U.S. Dollar         100.7542

Japanese Yen          0.8553

Pound Sterling      152.1792

Euro                116.5726

For more information, contact:
Syed Wasimuddin
Chief Spokesman
State Bank of Pakistan (SBP)
Tel: +9221 3921 2562
Fax: +9221 3921 2563
Email: syed.wasimuddin@sbp.org.pk

Lahore and Karachi Chambers of Commerce and Industry to work jointly for the causes of business community

Lahore, January 21, 2015 (PPI-OT): Lahore and Karachi Chamber of Commerce and Industry Wednesday agreed to work jointly for the cause of business community, promotion of regional trade, exploration of non-traditional global destinations and for the activation of Pakistan’s FTAs/PTAs with other countries.

The decision was made at a meeting between the LCCI Senior Vice President Mian Nauman Kabir and Senior Vice president of Karachi Chamber of Commerce and Industry Muhammad Ibrahim Kasumbi. Both the Chambers also agreed to share their respective latest research reports for the common good of the business community.

Speaking on the occasion, the LCCI President Mian Nauman Kabir said that the strength of the private sector lies in unity therefore they should extend full support to each other on all economic issues and challenges. He said that the Lahore Chamber of Commerce and Industry had already taken a number of steps to educate its members on GSP Plus to enable them to get maximum benefit out of this great opportunity.

Briefing about the LCCI Mediation Centre, Mian Nauman Kabir said that the Mediation Centre was established with active collaboration of IFC which was inaugurated in August 2012. It is only the beginning of systematic efforts needed for making consistent improvement in investment climate in the country. The business community of surrounding cities of Lahore can benefit from it in case they get into any commercial dispute either locally, nationally or internationally.

For more information, contact:
Shahid Khalil
Information Department
Lahore Chamber of Commerce and Industry (LCCI)
11-Shahrah-e-Aiwan-e-Tijarat,
Lahore -54000, Pakistan
Tel: +92-42-111-222-499
Fax: +92-42-6368854

Govt urged to encourage use of LPG in automobile sector

Lahore, January 21, 2015 (PPI-OT): LPG Association of Pakistan has urged the government to encourage use of LPG in automobile sector as it would not only help government to get rid of the fuel crisis in future but would also reduce the oil import bill that is the biggest reason of widening trade deficit.

In a statement issued here Wednesday, Chairman LPG Association of Pakistan Farooq Iftikhar said that association wants to work hand in hand with the government to keep fuel crisis away from the country. He said that LPG Association of Pakistan was already supplementing government’s endeavours by controlling price of LPG as committed by them in a meeting with Federal Minister of Petroleum Shahid Khaqan Abbasi and Oil and Gas Regulatory Authority (OGRA) on December 24th, 2014.

Farooq Iftikhar said that despite massive demand, LPG Association of Pakistan had brought the prices of Liquefied Petroleum Gas (LPG) down in the larger interest of the consumers. The Chairman LPG Association made it clear that recent past hike in LPG prices was not because of marketing companies but was due to the growing gap between demand and supply but situation was well controlled by the Association.

“Today, Liquefied Petroleum Gas (LPG) is being sold on the advertised prices to give relief to the petrol crisis-hit masses.” He urged the government to bring down the LPG producer’s price through a policy framework in line with LPG Policy. Farooq Iftikhar said that it was an ample proof of LPG Association of Pakistan’s commitment with the country that despite severe crisis of petrol in the country, sufficient LPG was available.

LPGAP wants to emphasize on the Government that countries like Pakistan would be adversely affected if OPEC Countries reduce oil production, as such Government should encourage LPG as alternate fuel for the automobile sector on priority so that dependence on conventional fuel, like petrol and diesel is reduced.

For more information, contact:
Shahid Khalil
Information Department
Lahore Chamber of Commerce and Industry (LCCI)
11-Shahrah-e-Aiwan-e-Tijarat,
Lahore -54000, Pakistan
Tel: +92-42-111-222-499
Fax: +92-42-6368854

Islamabad Chamber of Commerce and Industry for focusing on SMEs development to improve the economy

Islamabad, January 21, 2015 (PPI-OT): Bank Alfalah and International Finance Corporation in collaboration with Islamabad Chamber of Commerce and Industry organized an awareness session on SMEs Toolkit launched by Bank Alfalah to provide online business management solutions to SMEs in the country.

Speaking at the occasion, Sikandar Karim, Head, Non-Financial Advisory, Bank Alflah said that the role of SMEs has become more important in economic development, especially in privatization and deregulation scenario. He said Bank Alfalah in conjunction with IFC has introduced Non-Financial Advisory Services to SMEs in Pakistan, which will add significant value to small and medium businesses.

He said SME Toolkit provided vital managerial tools and global learning resources to SMEs and will empower the entrepreneurial community to play more effective role in economic progress of the country.

He said Bank Alfalah was serving about 200,000 SMEs by catering to their cash flow, working capital, business expansion and investment requirements. He said Bank Alfalah was the only bank that has launched two unique services “Alfalah Milkiat Finance” and “Merchant Line” to meet the needs of small businesses for growth and expansion.

The SME Toolkit, available for free at www.pakistan.smetoolkit.org, offers tools and expert advice on how to start, run and grow a business and covers a wide range of business management areas including accounting, finance, human resources, legal issues, and marketing etc.

Muzammil Hussain Sabri, President, Islamabad Chamber of Commerce and Industry said that SMEs were the backbone of the economy as they were contributing more than 35 percent to GDP and generating more than 70employment in non-agriculture sector, but 90 percent of the SMEs were facing financing problems.

He said SMEs lending in Pakistan was just 16 percent of the total lending and stressed upon the banks to come up with innovative products to meet the financing needs of SMEs so that they could grow fast and play better role in the economic development of the country.

Mian Ayyaz Afzal, Managing Director, Islamabad Stock Exchange said that ISE was actively working on facilitating SMEs to grow through stock market. He said ISE was the only stock exchange that has launched a separate counter for listing of SMEs to enable them to raise money from ISE to meet their business needs. He said ISE has also signed an MoU with SMEDA for the development of SMEs.

Alamgir Chaudhry, Chief Executive Officer, Small and Medium Enterprises Development Authority highlighted the role of his organization for SMEs development. He said SMEs were growing but lack of access to finance and bankable documentation were their serious issues. He urged that banks should make lenient the documentation requirement for lending to SMEs which will help and facilitate them to growth fast and play bigger role in strengthening the economy.

For more information, contact:
Khalid Chaudhry
Islamabad Chamber of Commerce and Industry (ICCI)
Chamber House, Aiwan-e-Sanat-o-Tijarat Road,
Mauve Area, G-8/1,
Islamabad, Pakistan
Tel: +9251 225 0526, 2253145, 8432676
Fax: +9251 225 2950
Email: icci@brain.net.pk
Website: www.icci.com.pk