Money Market and General Upadtes - 10-05-2011
Wednesday, May 11, 2011
Money Market Updates
The State Bank of Pakistan (SBP) sold Rs 45.803 billion worth of Ijara Sukuk (Islamic bonds) for the period of three years in its auction held here Monday. The SBP received bids worth of Rs 51.253 billion for three-year Ijara Sukuk from the primary dealers in the auction including commercial banks and Islamic banks. Primary dealers have been allowed to sell Ijara Sukuk to eligible investors with margins varies from negative100 to positive 50 basis points.
General Updates:
For the first time ever in the country’s history, exports have crossed the $20 billion mark in the first 10 months of the current financial year. According to statistics provided by Trade Development Authority of Pakistan (TDAP), Pakistan’s exports in April 2011 were recorded at $2.38 billion, 40 percent higher than the level of $1.7 billion in April 2010. Pakistan has been consistently crossing the $2.0 billion mark for the last five months of current financial year. According to official sources in TDAP, the country is likely to achieve record exports of $24 billion this year given the current resilience in exports.
The debt-stricken country’s total debts and liabilities during July-March FY11 have swelled to Rs 11.239 trillion, a figure that account for over Rs 1 trillion or 9.9 percent more than what Pakistan owed during the whole of last financial year, 2009-10. During the last financial year, debts and liabilities stood at Rs 10.221 trillion while during the preceding year, FY09, it came out at Rs 8.746 trillion. State Bank of Pakistan (SBP) data illustrates that during the first three quarters, the government’s domestic debts have grown to 33.2 percent of the GDP as compared to 31.4 percent of FY10.
Heavy domestic borrowing, naturally, pushed the country’s public debts skywards to stand at Rs 10.206 trillion registering an increase of 12 percent or Rs 1.989 trillion when compared with last year’s figure of Rs 9.107 trillion.
Labels: Economy and Business, Money Market, Pakistan Economy
posted @ 11:07 AM,
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