Money Market, Forex and General Upadtes - 24-02-2011
Thursday, February 24, 2011
Money Market Updates
State Bank of Pakistan is to conduct a T-Bill auction today. The target of the auction is Rs. 150 billion. Participation in 3 months, 6 months and 1 year t-bill is recorded at Rs 183,757 million, Rs 63,326 million and 21,600 million respectively.
Forex Market Updates
Benchmark crude oil prices rose to a record high in two and a half years and gain $5 US a barrel and closed at $95 a barrel and Brent crude oil futures in London added $2.2 a barrel and closed at $108 approximately, due to revolts in Libya.
General Updates
-July to January exports increased by 22.7 percent which is a record high during this ongoing fiscal period as compared to last year. The exports for the period of July to Jan 2010-11 totaled to $13.23 billion against $10.78 billion of last year’s corresponding period. Pakistan’s exports in January were recorded at $2.329 billion depicting a 38.2 percent increase against $1.685 billion made in January 2010.
-The imports in January 2011 were $3.44 billion being 3.4 percent higher than the exports recorded in January 2010. The total imports for July-Jan 2010-11 were recorded at $22.55 billion against $19.32 billion for the same period previous year showing an increase of 16.7 percent.
-Pakistan’s energy sector is facing a circular debt of about Rs. 500 billion which includes Rs. 300 billion old and Rs 150 billion fresh debts. The fresh debts are created due to inefficient top brass of Pakistan Electric Power Company.
-The government has released Rs 1.2 billion against the allocated Rs 8.7 billion which is 13 percent of the total allocation to the agriculture sector. There were 59 total projects to be completed with the allocated amount from which Rs 5.2 billion were allocated for Improvement of Watercourses for which Rs 672 million were released so far.
-Japan International Cooperation Agency is to provide $175 million soft loan for construction of damaged roads and bridges in Khyber Pakhtunkhwa that were swept away by flood.
Labels: Economy, Pakistan Economy
posted @ 4:13 PM,
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