Financial Risk Manager

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Money Market, Forex and General Upadtes - 15-06-2011
Thursday, June 16, 2011

Money Market Updates

Money market interbank opened at 11.50/11.25 percent offer rate with a high of 12.25 and a low of 11.00. Market was quite liquid today and closed at floor.

Forex Updates

Dollar interbank market opened at 85.75/80 and volumes were traded between 85.93 and 85.77. Market closed at 85.84/88.

General Updates

Foreign investment in Pakistan fell 5.8 percent to $1.739 billion in the first 11 months of the 2010/11 fiscal year because of a decrease in foreign direct investment. Foreign investment totaled $1.847 billion in the same period last year. Foreign direct investment fell 29.7 percent in the July-May period to $1.392 billion from $1.981 billion in the same period last year.

The remittances sent home by overseas Pakistani workers have crossed $10 billion mark for the first time in country's history. The overseas Pakistanis have remitted an amount of $10,096.40 million in the first eleven months (July-May) of the current fiscal year (2010-11), showing an increase of $2,031.94 million or 25.20 percent when compared with $8,064.46 million received over the same period of the last fiscal year. Overseas Pakistanis have remitted over $1 billion for the third consecutive month of this fiscal year. They remitted an amount of $1052.90 million, $1,030.43 million and $1,049.79 million in March, April and May 2011 respectively. The remittances sent home by overseas Pakistanis in May 2011 were up by 38.52 percent or $291.93 million when compared with $757.86 million received in the same month last year.

Malaysia would invest in Pakistan to the tune of $1.5 billion by next year. Malaysian exports for $1.8 billion to Pakistan were only due to palm oil as Pakistan is the second largest importer of Malaysian palm oil. Pakistan’s exports to Malaysia reached $125 million from $100 million three year ago but this increase is meager and needs a quantum leap.

Labels: Economy and Business, Money Market, Pakistan Economy

posted @ 11:09 AM,

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