Money Market, Forex and General Upadtes - 07-03-2011
Tuesday, March 8, 2011
Money Market Updates:
Money Market opened at 13.00 and was quite crunched in terms of liquidity today. Highest dealing went on 13.60 percent. Meanwhile State Bank conducted an open market operation in which it injected Rs. 10.95 billion at 12.91 percent. The total bidding was for Rs. 21.65 billion. Due to this OMO market came down to 12.30 and again rose to 13.30 and then closed at 13.50.
General Updates
- Besides injecting about Rs175 billion into the energy sector, the government is finalizing a plan for `at-source deductions and book adjustments` to melt down a chronic circular debt that has created a liquidity crisis for over a dozen companies and blocked dividend earnings for the national exchequer.
- Pakistan, which is the second largest recipient of the British aid after Ethiopia with an annual assistance of £200 million, could see it scale up to £446 million a year by 2015. But this enhancement in assistance, focusing on key areas of education, health, financial inclusion, democracy and governance, is conditional and Islamabad will have to prove its commitment to reforming itself.
- Ending a four-month freeze, the government on Monday increased by 9.9 per cent the prices of all petroleum products in a bid to pass on the partial impact of the steep rise of international oil prices. The political explosion that this hike may cause remains to be seen. This is the single biggest surge in oil prices in 32 months since July 2008 and is expected to generate about Rs5-6 billion revenue for the government, depending on the fluctuation in the international market which has been caused by the political turmoil in oil-producing countries of the Middle East and North Africa.
Forex Updates:
Interbank Dollar Market opened at 85.40/45 and keeping at a low dealing pace went on a high of 85.40 and a low of 85.35. Interbank Dollar Market closed at 85.38/40
Labels: Economy and Business, Forex, General Updates, Money Market, Pakistan Economy
posted @ 10:36 AM,
,
C/A Deficit At $81 Million Forex Reserves Rise to a Record $17.44 Bln
Saturday, February 19, 2011
Pakistan's current account deficit for July-January was a provisional $81 million, compared with a deficit of $3.052 billion in the same period last year, the central bank said on Friday.
In January, the current account deficit was a provisional $62 million, compared with a surplus of $570 million in December. The current account deficit for the fiscal year 2009/10 was $3.946 billion, compared with $9.261 billion in fiscal year 2008/09.
Pakistan's foreign exchange reserves rose to a record $17.44 billion in the week ending Feb. 12, up from $17.31 billion the previous week, the central bank said on Thursday. Reserves held by the State Bank of Pakistan rose to $13.91 billion from $13.76 billion in the week ending Feb. 12, while those held by commercial banks fell to $3.53 billion from $3.55 billion, said the SBP.
"Foreign exchange reserves rose to a record because of a rise in remittances and increasing exports," said Syed Wasimuddin, chief spokesman for the central bank. Remittances by overseas Pakistanis were recorded at $6.12 billion during the first seven months of the fiscal year 2010/11, up 17.70 percent from the same period last year, according to data from the State Bank of Pakistan.
Pakistan's foreign exchange reserves were boosted last month by more than $633 million after the United States provided military and logistical support to fight Islamist militancy. In May, Pakistan received $1.13 billion -- the fifth tranche of an $11 billion International Monetary Fund bailout programme.
Labels: Forex, Pakistan Economy
posted @ 10:56 AM,
,
Forex and General Upadtes - 01-10-2010
Monday, October 4, 2010
Forex Updates:
- Foreign Exchange Reserves of the country rose to historic level, reaching $16.78 billion. Major increase was witnesses in the reserves held by Central Bank which surged to almost $13 billion, showing an increase of over $156 million, while those possess by commercial banks stood at $3.816 billion. Country received $451 million from IMF, last week on account of flood relief measures
General Updates:
- Hike in power tariff is once again on the cards as government might increase the tarrif by 07 percent as a part of commitment made with International lenders. Pepco which is an oversight body in power sector has already requested to increase tarrif by 28 percent in three phases to generate additional revenue of Rs 127 billion. The rise in tarrif would further aggravate the inflation which is expected to stay around 13.50- 14.50 percent for FY-11.Moreover, World Bank has asked the government to wind up Pepco and grant autonomy to power sector.
- Government increased profit rates on National Saving Scheme (NSS), a move to attract funds from domestic resources and mobilize savings. The rate of profit on Special Savings Scheme enhanced to 12.13 percent from 11.67 percent while, Defense Saving Certificate’s profit rate reaches 12.60 percent from 12.15 percent. The rise in profit rates of NSS happens just after the hike in discount rate by Central Bank on September 29th.
- State Bank increased financing rate by 70 basis points on Export Finance Scheme (EFS) Long Term Financing Facility (LTFF)Under Stand By Agreement (SBA) with IMF, government agreed to phase out subsidized rate on export finance schemes.
Labels: Economy and Business, Forex, Pakistan Economy
posted @ 3:43 PM,
,
