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Money Market, Forex and General News 24-06-09
Thursday, June 25, 2009

MONEY MARKET

Money market opened in the band of 11.50/12.0 percent. Overnight repo rates topped at 13.50 percent but calmed down later on and closed at 12.0 percent.

FOREX

Inter bank opened at 81.45 & 81.52.Market swung both ways as pressure on buying was seen due to which market shot up to 81.69.
Later on market rebounded and made a low of 81.48. After losing ten basis points at bid and eight basis points at offer side, inter bank closed at 81.55 & 81.60.

GENERAL NEWS

Credit to the agriculture sector will remain much below the target set by the State Bank for the year 2008-09 despite significantly higher disbursement by the commercial banks.
The SBP had set Rs250 billion as the agriculture credit target for the current financial year ending on June 30, 2009. During the eleven months of this year, total agriculture disbursements were Rs202 billion.
The average monthly credit was Rs18.36 billion, while the remaining amount to chase the annual target is Rs48 billion.
Banks may not be able to disburse Rs48 billion in one month, which means the annual target for agriculture credit disbursement has already been missed.
The SBP had set 25 per cent higher target for agriculture sector compared to last year’s target of Rs200 billion.
Country’s oil bill witnessed a record negative growth of over 15 per cent in the first 11 months (July-May) of the outgoing fiscal year In absolute term, the import value of oil (crude and products) dropped by 15.26 per cent to $8.556 billion in the July-May period as compared to $10.097 billion in the corresponding period last year Pakistan gained $1.233 billion because of the fall in imports prices of soyabean oil, palm oil, petroleum products, petroleum crude, fertilizer and plastic material.

Source: NBP Treasury

Labels: Economy and Business, Pakistan Economy