Money Market and General Upadtes - 22-03-2011
Monday, March 28, 2011
Money Market Updates
-Money market opened at 13.90 with a high of 13.90 and low 13.60 and closed at 13.90. Market remained under liquidity crunch today. State Bank is to conduct a T-Bill Auction today in which the total participation is 288.054 billion rupees and the auction is of 150 billion rupees.
General Updates
-Pakistan has imported more than 90 million kilograms (kg) of tea worth Rs17.2 billion in the first eight months (July to February) of fiscal 2010- 11. With a population of 180 million, the country’s import figures represent per capita consumption of 0.5 kg, compared with Afghanistan, which imported over 68 million kg, despite a population of only 20 million, representing per capita consumption of 3.4 kg.
-Banks lending to Small and Medium Enterprises (SMEs) has been falling despite all efforts made by the State Bank, while its` role is shrinking instead of growth in the economy.
-Bad debts of the country’s banks and development financial institutions (DFIs) have increased by Rs 54 billion to Rs 562.404 billion in second quarter of the current fiscal year, ranging from October 1 to December 31, 2010-11. Non-performing loans (NPLs) of all banks and DFIs ballooned to Rs 562.404 billion in the second quarter of FY11 compared to Rs 508.832 billion in the first quarter of FY11. Figures from the State Bank reveal that, during the said quarter, banks’ net NPLs to their net credits increased to 5.51 percent against 4.65 percent in the previous quarter.
-Oil prices rose by over $2 a barrel, as a wave of U.N.-mandated air strikes on Libya and proliferating unrest in the Middle East fanned concerns about oil supply from the region. Brent crude for May was up $1.80 to $115.73 a barrel by 1234 GMT after earlier trading over $116, while U.S. crude for April gained $1.81 at $102.88 a barrel.
Labels: Economy and Business, Money Market, Pakistan Economy
posted @ 10:11 AM,
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