Money Market, Forex and General News - 16-06-2009
Friday, July 17, 2009
MONEY MARKET
The MoF held an auction for T-bills on 15 Jul-09 borrowing Rs57bn against a target of Rs45bn. Compared to the last auction, cut-off yields for 3M, 6M and 12M T-bills declined by 156, 93 and 71bps to settle at 11.42%, 11.51%, and 11.54% respectively.
Significantly higher participation in longer term papers with relatively lower cut-off yields confirms our expectation of longer term instruments at low level yields going forward.
FOREX
Inter bank opened at 82.25 & 82.30.Market topped at 82.38 but no drastic swings were seen today. Market moved just two basis points to close at 82.27 & 82.32.
GENERAL NEWS
- Pakistan on Wednesday reached an initial agreement with the World Bank and Asian Development Bank to raise power tariff by 22-26 percent in a phased manner during the current financial year 2009-10.
- SBP has announced that all purchases of foreign exchange related to import of diesel and other refined products will be made by banks from the interbank market from August’09 onwards. From Feb’10 onwards, purchase of crude will also be made via this
mechanism. - Oil prices rose more than 3 percent to above $61 a barrel on Wednesday, supported by falling US crude oil inventories and economic optimism following positive US data. US crude rose $2.05 to $61.57 a barrel by 2:31 pm EDT (1721 GMT), after reaching a high of $61.98 a barrel. London Brent crude gained $2.22 to $63.08 a barrel.
Source: NBP Treasury
Labels: Economy and Business, Pakistan Economy
posted @ 10:23 AM,
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