Money Market, Forex and General News 27-07-09
Tuesday, July 28, 2009
MONEY MARKET
Money market opened at 10.75 percent. Overnight repo rates bottomed at 9.25 but later on market tightened to 13.50 and closed at the same level.
FOREX
Inter bank opened at 82.50 & 82.55.Persistent demand pressures depreciated rupee to 82.70.After losing thirteen basis points at bid and offer, market closed at 82.63 & 82.68.
GENERAL NEWS
Government has projected Exports growth of 29 percent in next three years while growth target for fiscal year 2009-10 is set to be six percent Exports target for FY-09 was set at $22 billion initially which was revised later on but even then target was missed by sizeable amount and total exports managed to reach just $17.781
billion. Moreover Trade Policy would concentrate on four major issues including establishment of a hedge fund to counter any adverse revision in interest rates, insurance of foreign buyers, availability of credit to industry and commitment of Wapda to supply power to industrial sector.
Government would roll over loan of Rs 3 billion taken from consortium led by NBP for Financial Improvement Plan (FIP) of Karachi Electric Supply Corporation KESC).Government had committed to finance Rs 13 billion through Public Sector
Development Program (PSDP).However due to budgetary constraints government arranged Rs 10.698 billion through PSDP while rest was financed through bank led consortium, which was to be paid off by October 2008.Even though the loan is over due,
payment period has now been extended to October 2009 with mark up of 6Month KIBOR plus 100 basis points.
Source: National Bank - Treasury Management Group
Money market opened at 10.75 percent. Overnight repo rates bottomed at 9.25 but later on market tightened to 13.50 and closed at the same level.
FOREX
Inter bank opened at 82.50 & 82.55.Persistent demand pressures depreciated rupee to 82.70.After losing thirteen basis points at bid and offer, market closed at 82.63 & 82.68.
GENERAL NEWS
Government has projected Exports growth of 29 percent in next three years while growth target for fiscal year 2009-10 is set to be six percent Exports target for FY-09 was set at $22 billion initially which was revised later on but even then target was missed by sizeable amount and total exports managed to reach just $17.781
billion. Moreover Trade Policy would concentrate on four major issues including establishment of a hedge fund to counter any adverse revision in interest rates, insurance of foreign buyers, availability of credit to industry and commitment of Wapda to supply power to industrial sector.
Government would roll over loan of Rs 3 billion taken from consortium led by NBP for Financial Improvement Plan (FIP) of Karachi Electric Supply Corporation KESC).Government had committed to finance Rs 13 billion through Public Sector
Development Program (PSDP).However due to budgetary constraints government arranged Rs 10.698 billion through PSDP while rest was financed through bank led consortium, which was to be paid off by October 2008.Even though the loan is over due,
payment period has now been extended to October 2009 with mark up of 6Month KIBOR plus 100 basis points.
Source: National Bank - Treasury Management Group
Labels: Economy and Business, Pakistan Economy
posted @ 10:45 AM,
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