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Money Market, Forex and General New - 09-06-2009
Wednesday, June 10, 2009

MONEY MARKET

Pakistan's Central bank sold 10 billion rupees of Treasury bills in four-day repo contracts at 10.65 percent to mop up liquidity from the money market.

FOREX

Inter bank market opened at 80.75 & 80.80.Pressure was seen on local currency due to strong demand of green back fuelled by payments in the market, which depreciated the rupee to 81.05, day’s highest point. Market touched bottom at 80.80 for a while but later on lost twenty eight paisas at bid and offer each to close at 81.03 & 81.08.

GENERAL NEWS

The government has decided to cut subsidies by Rs 100 billion, bringing them from Rs 220 billion to Rs 120 billion, and impose a huge 10-15 per cent Capital Gains Tax on moveable and immovable land transactions in the new budget. Out of the total Rs 120 billion subsidies for 2009-10, the government is going to allocate Rs 35 billion for wheat, Rs 10-15 billion for the fertilizer sector and the remaining amount for the power sector.
The private sector advances of the scheduled banks have posted only one percent growth during July-March 2008-09 as against robust growth of 15.1 percent in the corresponding period of last year amid slowdown in business advances demand during the period under review. The YoY trend of private sector advances indicated that deceleration in business sector loans stemmed essentially from the fall in working and trade related loans.

Labels: Economy and Business, Pakistan Economy

posted @ 11:37 AM,

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