Money Market, Forex and General News 04-08-09
Wednesday, August 5, 2009
MONEY MARKET
Money Market opened at 12.50 percent.SBP injected Rs 23.5 billion @ 12.53 percent for four days through Open Market Operation OMO).Market topped at 13.75 percent and closed at 12 percent.
FOREX
Inter bank opened at 83.35 & 83.40.Market topped at 83.42 while made a bottom at 83.20.Later on rupee gained some ground and closed at 83.28 & 83.30.
GENERAL NEWS
Self power generation seems to be only viable solution for industries and consumers as power crisis continued to paralyze business activities through out the country. Pakistan imported power peneration machineries of over $1.7 billion in FY-09 compared with $1.1 billion last year, exerting further pressure on import bill. Power shortage and pilferage and un announced load shedding forced industrialist and exporters to import power machinery which substantially increased cost of production.
World Bank postponed two key loans regarding National Trade Corridor worth 834 million dollars for a year after the government's lethargic and lackluster attitude towards transport sector investment. Two loans of 634.5 million-dollar National Expressway and 200 million-dollar National Trade Corridor Improvement Plan were under active review with the World Bank during 2007-08, which are gradually falling out of sight as the government is showing no progress in these areas.
Source: NBP Treasury
Money Market opened at 12.50 percent.SBP injected Rs 23.5 billion @ 12.53 percent for four days through Open Market Operation OMO).Market topped at 13.75 percent and closed at 12 percent.
FOREX
Inter bank opened at 83.35 & 83.40.Market topped at 83.42 while made a bottom at 83.20.Later on rupee gained some ground and closed at 83.28 & 83.30.
GENERAL NEWS
Self power generation seems to be only viable solution for industries and consumers as power crisis continued to paralyze business activities through out the country. Pakistan imported power peneration machineries of over $1.7 billion in FY-09 compared with $1.1 billion last year, exerting further pressure on import bill. Power shortage and pilferage and un announced load shedding forced industrialist and exporters to import power machinery which substantially increased cost of production.
World Bank postponed two key loans regarding National Trade Corridor worth 834 million dollars for a year after the government's lethargic and lackluster attitude towards transport sector investment. Two loans of 634.5 million-dollar National Expressway and 200 million-dollar National Trade Corridor Improvement Plan were under active review with the World Bank during 2007-08, which are gradually falling out of sight as the government is showing no progress in these areas.
Source: NBP Treasury
Labels: Economy and Business, Pakistan Economy, Treasury
posted @ 11:32 AM,
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