Money Market, Forex & General Updates - 31-10-2011
Tuesday, November 1, 2011
Money Market Updates
Money market opened at 11.50 with high of 11.85 and a low of 11.40. Market closed at 11.85 percent.
Forex Market Updates
Dollar market inter bank opened at 86.65/67 with a high of 86.65 and a low of 86.48. Market closed at 86.50/52.
General Updates
The much-awaited Consumer Price Index (CPI) inflation number for the month of October is expected to be released this week, which is likely to fall in the range of 10-10.3 percent as against 10.5 percent for September, analysts said. This would be the third consecutive monthly decline which will render four months' FY12 average inflation to 11.2 percent as compared to 13.9 percent in the same period of last year.
The Sensitive Price Indicator (SPI), for the week ended on October 27 for the lowest income group up to Rs.8,000, has registered increase of 0.55 percent over the previous week. The SPI for the week under review in the above mentioned group was recorded at 171.36 points against 170.42 points registered in the previous week, according provisional figures of Federal Bureau of Statistics (FBS). The weekly SPI has been computed with base 2007-2008=100, covering 17 urban centers and 53 essential items for all income groups and combined. SPI for the combined group registered increase of 0.44 percent as it went up from 176.59 points in the previous week to 177.37 points in the week under review.
The exports of various sports goods increased by 5.39 percent during the first quarter of the current fiscal year as against the same period of last year. The overall sports goods' exports during July-September (2011- 12) stood at $79.469 million against the exports of $75.407 million during July - September (2010-11), Federal Bureau of Statistics reported. Among the sports products, the exports of footballs surged by 16.38 percent by increasing from $31.931 million in July-September (2010-11) to $37.161 million during the same period of current fiscal year.
Labels: Economy and Business, Money Market, Pakistan Economy
posted @ 10:31 AM,
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Pakistan's Forex Reserves Ease to $17.90 Billion
Monday, September 5, 2011
Pakistan's foreign exchange reserves fell to $17.90 billion in the week ending Aug. 27, from $17.96 billion in the previous week. Reserves held by the State Bank of Pakistan (SBP) fell to $14.45 billion from $14.50 billion in the earlier week, while those held by commercial banks eased to $3.45 billion from $3.46 billion, according to the State Bank of Pakistan. Foreign exchange reserves hit a record $18.31 billion in the week ending July 30 but have eased since then due to scheduled debt repayments.
The reserves were boosted in June by inflows of $411 million, including a loan of $191.9 million from the World Bank, and another loan of $196.8 million from the Asian Development Bank. Higher export proceeds and a record inflow of remittances have helped Pakistan's forex reserves grow steadily. According to official data, remittances rose 38.57 percent to $1.1 billion in the first month of 2011/12 fiscal year (July-June), compared with $791.18 million in the same period last year.
Labels: Money Market, Pakistan Economy, SBP
posted @ 3:38 PM,
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Money Market, Forex and General Upadtes - 23-07-2011
Saturday, July 23, 2011
Money Market Updates
Money market inter bank opened at 13.80/13.90. Market remained near 13.55 and went on a high of 13.90 and closed at 14.00.
Dollar Market interbank opened at 86.12/15 with a high of 86.19 and a low of 85.12. Market closed at 86.17/20.
- Inflation remained in double-digits in the four year term of the present government eroding the purchasing power of the country’s poverty-hit masses. With inflation forecasted to stay in double digit in FY12 it would be the first time in Pakistan’s history that the country would be observing consecutive five years of double-digit inflation. The overall Consumer Price Index (CPI) in Pakistan witnessed a massive increase of 76 per cent in last four years, thereby eroding the purchasing power of the masses. In the last four years average yearly inflation stood at 14.6 per cent as against an average GDP growth rate of a mere 2.9 per cent.
- During the financial year 2011, Pakistan imported goods worth $27.777 billion from the Asian region, which is 76 per cent of the country’s total import of $36.379 billion. Compared to this tall figure, the country’s exports to the region could hardly reached $11.195 billion, which is just 40 per cent of imports from the region.
- Even Pakistan’s close friends are getting large benefits while their imports from the country reflect poor and discouraging trade relations. China’s exports to Pakistan in FY-11 rose to $4.144 billion from last year’s $3.283 billion. However, China’s import from Pakistan remained stuck to just $1.645 billion, reflecting a serious gap which could be filled with better trade relations and market.
Labels: Money Market
posted @ 1:38 PM,
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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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Money Market and General Upadtes - 23-06-2011
Thursday, June 23, 2011
Money Market Updates
Money market opened at 13.00/25 percent with high of 13.85 percent and a low of 11.oo percent. Market closed at 11.00 percent
General Updates
The foreign exchange reserves of the country increased by dollars 353.9 million to dollars 17.518 billon. Foreign exchange reserves were dollars 17.518 billion on June 11 compared to dollars 17.164 billion on June 06. The break-up further showed that reserved held by SBP were dollars 14.085 billion and that held by other banks were dollars 3.433 billion.
Pakistan's current account surplus for the July-May period was a provisional $205 million, compared with a deficit of $3.402 billion in the same period last year. In May, the current account had a provisional deficit of $457 million, compared with a surplus of $630 million in April. The current account deficit for the 2009/10 fiscal year was $3.946 billion, compared with $9.261 billion in 2008/09 fiscal year.
The government budgetary borrowings from the banking system have witnessed a sharp rise of 75 per cent or Rs316.823 billion and have skyrocketed to Rs735.647 billion during a period ranging from July 1 to June 11 during the concluding financial year. The central bank recorded that Broad Money expanding to 14.50 per cent or Rs837.693 billion during the period under review against last year’s expansion of 9.72 per cent or Rs499.385 billion in monetary terms.
Labels: Economy and Business, Money Market, Pakistan Economy
posted @ 5:23 PM,
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Money Market, Forex and General Upadtes - 22-06-2011
Money Market Updates
Money market opened at 13.00/25 and mostly traded in between 12.00% to 13.00% & low 11.00 and closed at floor.
Forex Market Updates
Dollar Market interbank opened at 85.65/70 with a high of 85.71 and a low of 85.55. Market closed at 85.54/56.
General Updates
The State Bank of Pakistan (SBP) has extended the limits sanctioned by banks to individual exporters under Part-II of the Export Finance Scheme (EFS) and Islamic Export Refinance Scheme (IERS) for the year 2010-11 to August 31. Export refinance limits sanctioned in favor of banks for the year 2010-11 were due to expire on 30 June, 2011.
Textile and Food sectors which have exhibited dramatic growth in exports have helped in pushing overall exports over the $22 billion mark during the last 11 months. Textiles was the major export sector which, having 55 per cent share in total exports, recorded 46.23 per cent growth over the same month of last year. Export of food items grew by 66.24 per cent. On the other hand, growth in manufacturing sector decreased by 2.6 per cent and Petroleum group by 11.7 per cent.
Labels: Economy and Business, Money Market, Pakistan Economy
posted @ 5:10 PM,
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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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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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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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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,
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Money Market and General Upadtes - 04-02-2011
Friday, February 4, 2011
Money Market Updates
- State Bank of Pakistan conducted OMO (open market operation) mopup today for six days., market participated with 36 billions where as 26 billions were taken at a cutof 12.30%
General Updates
- The Federal Board of Revenue (FBR) can easily manage its revenue shortfall for annual budgetary target by collecting income tax from the beneficiaries of loan write-offs. Although the Board has powers to charge income tax from the beneficiaries.
- Steadier trend was seen on the currency market on Thursday as the rupee managed to gain versus the US currency despite the higher demand for dollars, dealers said. The rupee almost retained its overnight level against the dollar as it did not show any variation for buying at 85.50, it, however, inched up with a gain of one paisa for selling at 85.54, they said.
- The State Bank of Pakistan (SBP) has advised the general public to exchange the old-design and bigger-size banknote of Rs 500/- from the field offices of SBP Banking Services Corporation and the branches of all commercial banks throughout the country up to 30th September 2011. It may be recalled that the federal government has earlier notified that the old design banknote of Rs 500 (introduced in April 1986) will cease to be the legal tender and not exchangeable with effect from 1st October 2011.
- Pakistan has successfully achieved sugarcane production target as 55 million tonnes of sugarcane production has been recorded across the country, officials at Ministry of Food and Agriculture (MinFA) told Business Recorder. Officials revealed that those areas, which were not affected by the floods yet benefited from increased rainfall last year recorded 55 million tonnes of sugarcane output.
Labels: Money Market
posted @ 7:07 PM,
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