Money Market, Forex and General Upadtes - 07-07-2011
Saturday, July 9, 2011
Money Market Updates
Money market interbank opened at 13.90. Market remained near 13.90 whole day and closed at 13.90.
Forex Updates
Dollar Market interbank opened at 85.82/85 with a high of 85.89 and a low of 85.83. Market closed at 85.82/84.
General Updates
Country’s oil consumption slid by 3.1 percent in fiscal 2011 to 19.6 million tonnes versus 20.3 million tons last year, despite the increasing energy appetizing and emergence of gas shortage in the country.
Pakistan and Srilanka have started thinking about enhancing the business ties between the two countries. The current bilateral trade volume stood at $338 million, which could be increase with the help of private sector.
The budget deficit for the fiscal year 2010-11 that ended on June 30 was 5.3 per cent of gross domestic product, higher than earlier estimated. The country’s budget deficit was 6.3 per cent of GDP in 2009/10 fiscal year. During June 2011, the US transferred to Pakistan $190 million for what is called the citizen damage compensation program. It helps provide assistance to victims of the devastating summer floods of 2010, which caused about $10 billion in damage.
In the fiscal year that began July 1, the government aims to cap its deficit at 4 per cent of GDP by decreasing its expenditure and broadening its tax-to-GDP ratio, which is currently around 9 per cent.
Labels: Money Market, Pakistan Economy
posted @ 10:41 AM,
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