Liquid foreign reserves

Karachi: State Bank of Pakistan (SBP) Monday said the total liquid foreign reserves held by the country stood at $9207.3million on 11th October 2013.

The breakup of the foreign reserves position is as under:

Foreign reserves held by the SBP:    			 $4075.4mn

Foreign reserves held by banks (Other than) SBP: 	$5131.9mn

Total liquid foreign reserves: 				$9207.3million


KCCI advises govt to restore six working days

Karachi: Acting President of the Karachi Chamber of Commerce and Industry (KCCI), Mufassar Atta Malik has advised the present government to immediately revert previous government’s unjust decision of observing two holidays a week as it not only intensifies the suffering of the business community but also results in serious losses to the national exchequer.

In a statement issued on Monday, Mufassar Malik said that the decision to observe two holidays a week i.e. on Saturday and Sunday with a view to conserve electricity has failed to yield results. On the contrary, this unjust move was terribly sabotaging Pakistan’s economy due to closure of custom houses, ports and banks etc, he added.

Acting President KCCI pointed out that closure of major offices on every Saturday delays the revenue collection process by one day whereas the complete shutdown of ports and customs aggravates the sufferings of exporters owing to cancelation of export orders.

“We are not in a position to sit back in our homes twice a week and assume we are saving electricity which is not happening at all. I am quite sure that if one more working day a week is added and just one holiday is observed on Sunday, it will not only give a sigh of relief to the business community, particularly the exporters but the government will also be able to generate additional revenue in shape of collections that will ultimately go in favour of the economy”, Mufassar commented.

Acting President KCCI further opined that banks and custom houses, besides enjoying two holidays a week, were not the real victims of power failures and load shedding as they can opt for generators. The business community, on the other hand, simply cannot afford to do so as it will have a direct impact on the cost of doing business and make Pakistani products uncompetitive in foreign markets due to stiff competition.

Referring to the recent weeklong across-the-board closure witnessed by the country on account of Eid-ul-Azha, Acting President KCCI asked can anyone imagine the size of losses suffered by the national exchequer during such weeklong closures and what happens to the daily wage earners in such circumstances?

“We cannot afford such prolonged holidays as they result in giving losses of up to billions of rupees to the national exchequer, affect trading activities particularly the exports and deprive the poor daily wage earners from their desperately needed earnings”, Mufassar added.

He urged the government to immediately restore six working days a week for custom houses, ports, terminals and designated branches of National Bank of Pakistan (NBP) to enhance revenue collection and ensure timely shipment of export consignments.

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