Financial Risk Manager

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, ,

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, ,

Monetary Policy, July 2011 - At A Glance
Monday, August 1, 2011

1. A relative decline in average CPI inflation compared to earlier projections and a gradual buildup of foreign exchange reserves provide a modicum of macroeconomic stability as the economy begins a new fiscal year. These developments appear more pronounced in the backdrop of devastating floods of early FY11 and a significant shortfall in external financial inflows. While the containment of government borrowings from SBP in H2-FY11 played its part in relatively improving the inflation outlook, a substantial increase in export prices and steadily rising remittances facilitated the reserve accumulation. A cumulative increase of 150 basis points in SBP’s policy rate during H1-FY11 and a proactive management of financial markets also helped in realizing these incremental gains.

2. A lower than projected inflation does not provide an enduring source of comfort for SBP as it continues to show a high degree of persistence at an elevated level. The 12-month moving average of CPI inflation was 13.9 percent in June 2011, exactly the same level observed in every subsequent month since December 2010, and 4.4 percentage points higher than the target for FY11. This level of inflation is not limited to the prices of few items and is in fact quite broad based, indicating that expectations of inflation are fairly entrenched in the economy. Thus, a meaningful reduction in inflation would require consistent and credible implementation of monetary and fiscal policies.

3. Acknowledging the persistence of inflation, the government has announced an inflation target of 12 percent for FY12. The government has also provided in the Medium Term Budgetary Framework (MTBF) a desired path of inflation of 9.5 percent and 8 percent for the subsequent two years. Conditional upon factors such as adjustments in the administered prices of electricity and oil and a projected broad money (M2) growth of 15 to 16 percent SBP’s forecast of average inflation ranges between 11 and 12 percent during FY12.

4. A close inspection of the overall expansion in monetary aggregates and their changing composition is important to understand both the moderate decline and persistence of inflation. For instance, reserve money grew by 17.1 percent in FY11 with 82 percent of the expansion coming from an increase in the Net foreign Assets (NFA) of SBP. Accumulation in NFA is a reflection of the external current account surplus and build-up of reserves by the SBP. A surplus in the external current account, in turn, is an indication of somewhat restrained aggregate demand in the economy and therefore relative stability in inflation, albeit at a high level. Retirement of government borrowings from SBP towards the end of both the third and fourth quarter of FY11 has also been helpful in improving the inflation outlook.

5. The government borrowing from scheduled banks, however, has increased substantially. It grew by 74.5 percent in FY11 and contributed 65 percent to the 15.9 percent growth in broad money (M2). The growth in private sector credit, on the other hand, was only 4 percent with negligible demand for fixed investment. These monetary trends show that the decline in aggregate demand is less than desirable and expansion in productive capacity of the economy remains weak. Both these factors help understand the persistence of inflation. The falling productivity due to severe energy shortages and deteriorating law and order conditions together with unanticipated and sporadic adjustments in the administered prices are also adding inertia to inflation.

6. The borrowing needs of the government from the scheduled banks were mostly met through short term instruments. This has increased the rollover requirements substantially and has complicated liquidity management. Apart from mitigating the resulting volatility in the money market overnight repo rate and keeping it consistent with the monetary policy stance, SBP’s liquidity operations had to strike a difficult balance among multiple and competing considerations. These include stability of the payments system, adequate availability of liquidity in the market, and build up of foreign exchange reserves.

7. The underlying reasons of growing government borrowings are structural and not specific to FY11 though it must be acknowledged that FY11 was a difficult year given floods and other pressing spending needs. The consolidated fiscal data has not been released, however, provisional estimates from the financing side indicate that the fiscal deficit in FY11 may have reached close to Rs1127 billion or 6.2 percent of GDP. Excluding the one-off payment of Rs120 billion to partially settle the circular debt in the energy sector, the fiscal deficit in FY11 comes down to 5.6 percent of GDP.

8. The main structural weaknesses causing this high level of fiscal deficit and a rise in total debt are low tax to GDP ratio and rigid current expenditures. While exemptions and ineffective taxation of major parts of income generating sectors of the economy are limiting the revenue generation capacity, continued provision of financial support to the loss making Public Sector Enterprises (PSEs) and untargeted subsidies are keeping the current expenditures under pressure. Consequently, the tax to GDP ratio remains low, 8.6 percent in FY11, and any fiscal adjustment inevitably results in cuts in the development expenditures, which is not desirable given the infrastructure needs of the economy.

9. These considerations underscore the need to accelerate the implementation of fiscal reforms currently being considered by the government. A path of fiscal deficit in the next three fiscal years has been provided in the Medium Term Budgetary Framework (MTBF), which shows a budget deficit target of 4 percent for FY12. Moreover, the government is planning to reduce the revenue deficit to zero in FY12 with a projected surplus in the following two years. This assumes an ambitious increase in tax collection by the Federal Board of Revenue (FBR). An effective implementation of fiscal reforms, especially those related to broadening of the tax base, and better coordination with the provinces are urgently required to implement this plan.

10. Unlike fiscal accounts the position of the external current account improved considerably in FY11 and contrary to earlier projections a surplus of $542 million has been realized. A significant and unexpected growth of 29.4 percent in exports and a robust growth in workers’ remittances, which now stand at $11.2 billion, are the primary factors responsible for this improvement. Fragile global economic conditions and dominance of price effect in both exports and imports, which was more pronounced in H2-FY11, has increased exposure of the economy to movements in international commodity prices.

11. Incorporating the recent declining trend in international cotton prices and likely continuation of international oil prices around $100 per barrel, projected growth rate of exports is 6 to 7 percent and that of imports is 10.5 to 11.5 percent. The external current account is expected to show a modest deficit of 0.8 percent of GDP in FY12. Given an increase in debt obligations and continued suspension of IMF’s Stand-By Arrangement (SBA) financing even a small external current account deficit could pose challenges in terms of maintaining an upward trajectory of SBP’s foreign exchange reserves.

12. The main risk in external accounts emanates from the declining capital and financial flows, which have dropped to $1.8 billion in FY11 from $5.3 billion in FY10. The perceived high country risk, relative to other emerging market economies, is the main factor underlying the reluctance of private foreign investors to invest in the country. The delays in implementation of economic reforms, on the other hand, resulted in shortfalls in estimated foreign loans. Nonetheless, by end-June 2011, SBP’s liquid foreign exchange reserves have increased to $14.8 billion from $13.0 billion at end-June 2010. A reflection of an improved overall external position can also be seen in a relatively stable exchange rate; Pak rupee marginally depreciated by 0.5 percent against the US dollar in FY11.

13. The provisional National Income Accounts, however, do not share the positive aspects of external accounts. The devastating floods at the start of FY11 were a serious setback for economic growth in the economy already beset by continuing energy shortages and deteriorating law and order conditions. As a result, real GDP growth of 2.4 percent fell short of the target by more than 2 percentage points. The main casualty was the real private investment expenditures. The gross fixed capital formation by the private sector contracted by 3.1 percent, leading to a decline in total gross investment to 13.4 percent of GDP; the lowest level since FY74. However, due to strong growth in real consumption expenditures, aggregate domestic demand grew by 5.9 percent.

14. At the same time, national savings have increased to 13.8 percent of GDP, mainly due to net factor income from abroad. Consequently, the gap between national savings and investment as a percent of GDP has turned marginally positive. Since this positive gap is mostly due to falling investment, it cannot be considered as an encouraging development from the perspective of reviving economic activities and sustaining high growth over the medium term.

15. Against this backdrop, SBP has decided to reduce the policy rate by 50 basis points to 13.5 percent effective 1st August 2011. The key parameter in this assessment is the outlook of inflation that indicates that average inflation in FY12 is expected to remain in line with the announced target. No adjustment in the interest rate would have entailed further tightening of monetary policy in real terms, which is not warranted given the decline in private investment. Moreover, despite fiscal slippages, the government has adhered to restricting the stock of its borrowings from SBP to Rs1155 billion (on cash basis). In fact, the government retired these borrowings compared to both the end-June 2010 level as well as the mutually agreed limit of end-September 2010 level. The government has also expressed its commitment to continue with a stance of zero borrowings from SBP in yearly flow terms in FY12, which bodes well for anchoring inflation expectations. However, the developments related to expected financial inflows and pattern of government borrowings from scheduled banks will need to be monitored closely to assess potential risks for macroeconomic stability.

Labels: Monetary Policy, Pakistan Economy, Treasury

posted @ 4:28 PM, ,

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, ,

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, ,

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, ,

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, ,

Highlights - Pakistan Economic Survey 2010-11
Friday, June 3, 2011

GROWTH AND INVESTMENT

The Real GDP is estimated to grow at 2.4 percent on the back of strong performance of services sector as against actual growth of 3.8 percent last year and target of 4.5 percent.

The growth in the agriculture is estimated at 1.2 percent on the back of 3.7 percent growth in the livestock sector.

Major Crops accounting for 31.1 percent of agricultural value added registered negative growth of 4.0 percent compared to a negative growth of 2.4 percent last year and a target of 3.7 percent.

Minor crops registered a growth rate of 4.8 percent compared to the target of 3.0 percent and massive negative growth of 7.8 percent last year.

Output in the manufacturing sector has witnessed expansion of 3 percent in 2010-11 as compared to expansion of 5.5 percent last year on the back of strong performance from small and medium manufacturing sector.

Large-scale manufacturing grew by 0.98 percent (July-February 2010-11 incorporated in the national accounts but the growth is now 1.7 percent in July-March 2010-11) as against 4.9 percent of last year.

The services sector grew by 4.1 percent against the target of 4.7 percent and actual outcome of 2.9 percent. Within services sector Wholesale and retail trade sector grew at 3.9 percent as compared to 4.6 percent last year and the target for the year of 5.1 percent. Finance and insurance sector recorded negative growth of 6.3 percent in 2010-11 as against contraction of 11.3 percent last year. Public administration and defense posted a stellar growth of 13.2 percent as compared to 2.5 percent in last year. Social Services Sector grew by 7.1 percent which is slightly higher than the target of 5.0 percent but lower than last year’s actual growth of 7.8 percent.

Pakistan’s per capita real income has risen by 0.7 percent in 2010-11 as against 2.9 percent last year.

Per capita income in dollar term rose from $ 1073 last year to $ 1254 in 2010-11, thereby showing tremendous increase of 16.9 percent. This is mainly because of stable exchange rate as well as higher growth in nominal GNP.

Real private consumption rose by 7.0 percent as against 4.0 percent attained last year. However, gross fixed capital formation lost its strong growth momentum and real fixed investment growth contracted by 0.4 percent as against the contraction of 6.1 percent in last fiscal year.

The total investment has declined from 22.5 percent of GDP in 2006-07 to 13.4 percent of GDP in 2010-11.

Fixed investment has decreased to 11.8 percent of GDP from 13.4 percent last year.

The national savings rate has decreased to 13.8 percent of GDP in 2010-11 as against 15.4 percent of GDP last year.

Domestic savings has also declined substantially from 16.3 percent of GDP in 2005-06 to 9.5 percent of GDP in 2010-11.

AGRICULTURE

The agriculture growth this year is estimated at 1.2 percent as compared with 0.6 percent during 2009-10.

Cotton production has decreased from 12,913 thousand bales in 2009-10 to 11,460 thousand bales in 2010-11, showing a decrease of 11.3 percent.

Wheat production has increased from 23,311 thousand tons in 2009-10 to 24,214 thousand tons in 2010-11, showing an increase of 3.9 percent.

Rice production has decreased from 6,883 thousand tons in 2009-10 to 4,823 thousand tons in 2010-11, showing a decrease of 29.9 percent.

Sugarcane production has increased by 12 percent to 55.3 million tons in 2010-11 from 49.4 million tons last year.

Gram production has increased from 562 thousand tons in 2009-10 to 523 thousand tons in 2010-11, showing a decrease of 6.9 percent.

Maize production has increased from 3,262 thousand tons in 2009-10 to 3,341 thousand tons in 2010-11, showing an increase of 2.4 percent.

In minor crops, the production of potato, onion and mash increased by 18.6 percent, 11.2 percent and 1.0 percent, respectively. However, the production of mung, chillies and mash decreased by 35.5 percent, 8.6 percent and 2.7 percent respectively.

Agriculture credit disbursement of Rs. 168.7 billion during July-March 2010-11 is higher by 1.4 percent, as compared to Rs. 166.3 billion over the same period last year.

The domestic production of fertilizers during the first nine months (July-March 2010-11) of the current fiscal year was higher by 2.7 percent as compared with corresponding period last year. On the other hand, the import of fertilizer decreased by 50.4 percent, the off-take of fertilizer also decreased by 11.3 percent during the same period last year.

MANUFACTURING & MINING

During the First nine months of the current Fiscal Year 2010-11, production of Large Scale Manufacturing (LSM) increased by 1.71 percent which was mainly caused by the improvement in sub groups of leather (30 percent), automobile (14.6 percent), Food, Beverages & tobacco (9.3 percent) and paper & board (2.9 percent).

The items which show an increase in their production during this period were TV sets (28.6 percent), sugar (26.5 percent), LCVs (23.3 percent) and cooking oil (9.7 percent).

During the current fiscal year (2010-11), cement production decreased to 20.8 million ton as against 23.1 million tons last year showing a decrease of 9.6 %, whereas sugar production increased by 3.8 million ton showing an increase of 26.5 percent.

Exports earning of the Textile products in 2010-11 (July-March) showing an increase of 29.9 percent.

During 2010-11 (July-March) in automotive industry cars, LCVs/Jeeps and two/three wheelers registered a positive growth of 16.4 percent, 20.5 percent and 12.6 percent, respectively.

The mining and quarrying sector is estimated to grow by 0.4 percent in 2010-11 as against 2.2 percent last year. Natural gas, crude oil and dolomite posted positive growth rate of 1.9 percent, 1.1 percent and 5.9 percent, respectively.

FISCAL DEVELOPMENT

Tax collection by the FBR was targeted at Rs 1667 billion for fiscal year 2010-11. However, the target was downward revised to Rs 1,588 billion, as a result of devastation caused by floods during July and August 2011.

The catastrophic floods reduced growth and posed a further challenge to public finances by depressing budget revenues and additional spending to meet the humanitarian and reconstruction needs, thereby upward adjustment in the fiscal deficit target from 4 percent of GDP at the time of budget announcement to 5.3 percent of GDP have made.

The government is focused on prudent expenditure management and better resource mobilization to create fiscal space for providing support to growth. Major reforms like harmonization of tax administration have taken place and strengthening of Risk Based Audit is under process.

Through a combination of Presidential Ordinance and withdrawal of SRO base exemptions, amendments have been made in the Sales Tax Act 1990, Income Tax Ordinance 2001 and Federal Excise Act 2005. The additional revenues of Rs 53 billion are estimated during the last quarter of 2010-11. The following tax measures have been taken through these amendments:-

i. Withdrawal of sales tax exemption on agriculture inputs like tractors, pesticides, and fertilizer both at domestic and import stages. Now these are subjected to 17 percent GST

ii. A one time surcharge of 15 percent has been imposed on withholding and advance taxes payable during financial year 2011; and

iii. Special excise duty rate has been increased from 1 percent to 2.5 percent on non-essential items for the remaining period of tax year 2010-11.

The administrative measures and vigilance will be helpful in generating another Rs 24 billion. These steps will also be helpful in achieving the revised collection target of Rs 1588 billion.

Revenue collections of FBR stood at Rs 1,156 billion during July-April 2010-11, thereby reflecting 12.6 percent growth over Rs 1,026.5 billion collected during the corresponding period last year. Among the four federal taxes, the highest growth 15.6 % has been recorded in sales tax receipts, followed by customs (12.6 %), direct tax (10.7 %) and federal excise (7.0%).

For July-April, 2011, direct taxes have been a major source of FBR tax revenue collection, contributing 37.1 percent of total receipts. Net collection was estimated at Rs. 430 billion.

Indirect taxes including (Sales Tax, Federal Excise Duty and Custom Duty) grew by 13.8 percent during July-April, 2011 and accounted for 62.8 percent of the total FBR tax revenue. Net collection was estimated at Rs.726.0 billion.

Total expenditure of Rs. 3,257 billion was estimated for the full year, comprising of Rs. 2,641 billion of current expenditure (81.1% of total), and Rs. 617 billion of development expenditure (18.9% of total).

MONEY AND CREDIT

SBP has raised the discount rate to 14 percent on 30th November 2010, and decided to keep the rate unchanged at 14 percent.

Net expansion in M2 increased by 9.62 percent during July-April, 2011 as compared to 8.1 percent during the same period last year

Net Domestic Assets (NDA) during July-April 2011 reached at Rs 402.5 billion against Rs 446.1 billion during the same period last year. The expansion in NDA mainly attributed by a rise in demand for private sector credit and government borrowings.

On the other hand the NFA of the banking system during the period under review stood at Rs 153.2 billion after registering a significant decline of Rs 31.3 billion during the same period of last year.

During July-April, 2011 Credit to private sector enterprises (PSEs) registered a sharp decline from Rs72.5 billion in 2009-10 to Rs 26.7 billion owing to the retirements by an oil refinery and a state owned oil marketing company .

The government borrowing from the banking system for budgetary support and commodity operations stood at Rs 342.2 billion during July-April, 2011. Government has borrowed Rs 196.3 billion from the State Bank of Pakistan (SBP) , while Rs 275.9 billion has been borrowed from the scheduled banks. In the month of May 2011, the government has further reduced its borrowing stock from the SBP to attain the target of net zero borrowing from the SBP.

During July-April 2010-11 the retirement of loans under commodity financing picked up sharply and reached at Rs 134.2 billion on account of retirement of advances for wheat by provincial departments and Pakistan Storage and Supply Corporation (PAASCO) and other provincial procurement agencies as compared to Rs 35.6 billion during the same period last year.

The credit availed by the private sector during July-April, 2011 was Rs 156.7 billion is compared to Rs 144.2 billion in the corresponding period last year.

A strong growth has been witnessed since January 2010 which was due to an increase in seasonal demand for working capital. More than half of private sector credit went to the textile sector showing higher input prices, especially cotton. Sector wise breakup of private sector credit also shows that sugar and textile industries were the major drivers to this increase, which respectively availed credit of Rs 105.6 billion and Rs 62 billion during Jul-March 2011.

Liquidity conditions in the money market remained fairly comfortable during July-March 2010-11 underpinned by the reduced government borrowings from the SBP and growth in bank deposits. SBP drained this excess liquidity not only through auctions, but also mopped up a significant amount through open market operations (OMOs).

CAPITAL MARKETS

The KSE-100 index recorded a bullish trend during first half of the current fiscal year (CFY) as the market was trading around 12,000 at the end of December 2010. The KSE- 100 index however, remained steady during the third quarter of 2010-11 and after touching at 12,682 on January 17, 2011 and at the end of March 2011 it traded at 11,810 points.

The main reason of better performance in 3rd quarter of 2010-11, in the stock market and gearing up the momentum in the KSE-100 is considerable foreign investment in the capital market

Lahore stock exchange index-25 increased to 3,343 points on March 2011 and its market capitalization is Rs. 2921.5 billion.

Islamabad stock exchange index-10 inched up from end-June 2010 level of 2,445 points to 2605 points on end-March 2011 with market capitalization of Rs. 2,531.5 billion.

Net inflow of foreign investment in Pakistan from July –March 2010-11 was US$ 301.5 million which as compared to US$431.9 million in the last corresponding period, it is important to mention that noteworthy contribution was made during the first two quarter of 2010-11.

Corporate profitability has increased in 2011 but profitability concentrated in few large companies.

The sectors of Oil and Gas companies, Fertilizers and Chemical sector and Banks exhibit considerable profits.

Seven auctions of Pakistan Investment Bonds (PIBs) were carried out in July-March2010-11 and government collected Rs.83.4 billion. Three and ten years maturities contributed a large proportion by resulting in an amount of Rs.76.2 billion.

Three 3-years Ijara Sukuk were issued from July-March2010-11. Rs.136.6 billion was raised against the total target of Rs. 125 billion.

During the fiscal year July-March 2010-11, net deposits with National Saving Schemes (NSS) increased to Rs 1,822.4 billions. Behbood Savings Certificates, Regular Income Certificates and Special Saving Certificates were the precursor products. Profit Rates for some National Saving Sachems were revised.

The Securities and Exchange Commission of Pakistan (SECP) formulated a comprehensive policy for dealing with companies in default of securities market laws to protect the investor, enhance transparency and improve member listing.

INFLATION

The inflation rate as measured by the changes in Consumer Price Index (CPI) stood at 14.1 percent during (July-April) of the current fiscal year 2010-11, as against 11.5 percent in the comparable period of last year.

The food inflation is estimated at 18.4 percent and non-food 10.4 percent, against 12.0 percent and 11.0 percent in the corresponding period of last year.

The core inflation which represents non-food and non-energy prices also decreased from 11.0 percent to 9.6 percent.

The Wholesale Price Index (WPI) during July-April, 2010-11 have increased by 23.3 percent, as against 11.3 percent of last year.

The Sensitive Price Indicator (SPI) has recorded an increase of 18.2 percent during July-April, 2010-1, as against 12.4 percent of last year.

The increase in inflation rate during the current year 2010-11 is attributable to the increase in food price inflation which has been mainly due to increase in prices of sugar, milk, poultry, meat, fresh vegetables and fruits owing to shortfall in production of these items and significant increase in world food stuff prices.

TRADE AND PAYMENTS

Overall exports recorded a positive growth of 27.8 percent during the first ten months (July-April) of the current fiscal year against an increase of 8.0 percent in the same period of last year. In absolute terms, exports have increased from $15,773.2 million to $20,154.2 million in the period.

Imports during the first ten months (July-April) of the current fiscal year (2010-11) increased by 14.7 percent compared with the same period of last year, reaching to $32.3 billion. The overall import bill is higher by $4.1 billion, reflecting the impact of higher global crude oil & Commodity Prices.

The higher import bill during July-April 2010-11 is contributed by food group ($1,528 billion), petroleum group ($678.3 million) consumer durables ($247 billion), raw material group ($ 1039 million), telecom ($245 million) and other item group ($ 951 million).

Trade Balance The merchandise trade deficit improved by $240 million and declined from $12.3 billion in July-April 2009-10 to $ 12.1 billion in July-April 2010-11. The substantial increase of 14.7 percent in imports is more than neutralized by 27.8 percent growth in exports which caused the trade deficit to improve.

Worker’s Remittances totaled $ 9.1 billion in July-April 2010-11 as against $ 7.3 billion in the comparable period of last year, depicting an increase of 23.8 percent.

Current Account Balance improved significantly during the last two years or so. Current account recorded a broad-based surplus of $ 748 million in July-April 2010-11 as against deficit of $3456 million in the comparable period of last year. The improvement came from all components of current account balance like trade balance of goods and services, and current transfers.

Services account deficit shrank by 28.2 percent during July-April 2010-11 to reach $ 1.4 billion as compared to $1.9 billion during the same period last year.

Financial account surplus deteriorated and reached to $ 412 million as compared to $ 3533 million in corresponding period last year.

Exchange rate remained more or less stable as rupee depreciated by just 2.2 percent in July-April 2010-11, however, Real Effective Exchange Rate (REER) appreciated by 0.8 percent in the period.

Foreign direct investment (private) stood at $1232 million during the first ten months (July-April) of the current fiscal year as against $1725 million in the same period last year thereby showing a decline of 29 percent.

Foreign Exchange Reserves amounted to $ 17.1 billion by the end of April, 2011. Of which, reserves held by State Bank of Pakistan stood at $ 13.7 billion and by banks stood at $ 3.4 billion.

EXTERNAL AND DOMESTIC DEBT

During the first nine months of the current fiscal year 2010-11, Pakistan’s total external debt increased from $55.9 billion at end-June 2010 to $ 59.5 billion by end-March 2011 — an increase of US $ 3.6 billion or 6.4 percent which is lowest growth in EDL in the last five years.

In relative terms, EDL as percentage of GDP decreased from 31.6 percent at end-June 2010 to 28.2 percent by end-March 2011— a decrease of 3.4 percentage points.

The country’s debt burden defined as external debt and liabilities as percentage of foreign exchange earnings decreased from 146.6 percent by end-June 2010 to 127.2 percent by end-March 2011.

Public Debt increased by Rs 1162 billion in the first nine months of 2010-11, reaching a total outstanding amount of Rs. 1,002,0 billion; an increase of 13.1 percent in nominal terms.

The primary source of increase in public debt during July-March, 2011 has been a sharp rise in local currency component that accounted for 69.7 percent of the total increase in total public debt.

The external debt component grew by Rs 275 billion or 6.4 percent partially due to increased foreign public debt inflows and partly because of cross-currency translation effect.

Public debt as percent of GDP has decreased to 55.5 percent by end-March 2011 after hovering around to 60 percent of GDP for three years.

Domestic Debt stood at Rs 5462.2 billion at end-March 2011 which implies net addition of Rs.803.9 billion in the nine months of the current fiscal year.

In relation to GDP the domestic debt stood at 30.2 percent of GDP which is lower than end-June 2010 level at 31.4 percent.

The domestic debt grew by 17.3 percent which is lower than last years’ growth of 20.7 percent. The focus on deficit financing through internal sources owing to non-availability of external receipts has been the major cause.

The composition of major components shaping the domestic debt portfolio has undergone a complete transformation from a high dominance of unfunded debt to an increasing dependence on floating component of domestic debt.

Since 2006-07, domestic debt witnessed a sharp rise with consequent build-up in the interest payments. Interest payments as percent of GDP has peaked to 4.4 percent of GDP in 2008-09 but since then declined persistently to 2.5 percent of GDP in 2010-11. This also incorporates impact of higher nominal GDP growth.

Higher fiscal deficit and enormous slippages in the revenue and expenditure targets remained key problems.

EDUCATION

The overall literacy rate (10 years & above) which was 57.4 percent in 2008-09 has increased to 57.7 percent in 2009-10, indicating 0.5 percent increase over the same period last year.

Male literacy rate (10 years & above) remained 69.3 percent in 2008-09 and 69.5 percent in 2009-10 while it increased from 44.7 to 45.2 percent for females during the same period. Literacy remained higher in urban areas (73.2 percent) than in rural areas (49.2 percent) during 2009-10.

Province wise literacy data of PLFS (2009-10) shows Punjab stood at 59.6 percent, Sindh (58.2 percent), Khyber Pakhtunkhwa (50.9 percent) and Balochistan (51.5 percent).

According to the Ministry of Education, there are currently 228,376 institutions in the country. The overall enrolment is recorded at 38.22 million with teaching staff of 1.41 million as compared to 1.40 million last year showing an increase of 0.7 percent.

HEALTH AND NUTRITION

At present, there are 972 hospitals, 4842 dispensaries, 5344 basic health units and 909 maternity and child health centres in Pakistan.

With availability of 144,901 doctors, 10,508 dentists, 73,244 nurses and 104,137 hospital beds in the country by 2010-11, the population and health facilities ratio works out at 1222 persons per doctors, 16,854 persons per dentist and 1701 persons per hospital bed which compares well with the other developing countries.

During 2010-11, 35 basic health units and 13 rural health centres have been constructed. While 40 rural health centres and 850 basic health units have been upgraded.

Some 4500 doctors, 400 dentists, 3200 nurses and 5000 paramedics have completed their academic courses and 4300 new beds have been added in the hospitals.

Some 96,000 Lady Health Workers (LHWs) have been trained and deployed mostly in the rural areas. Moreover, some 8 million children have been immunized and 24 million packets of ORS distributed.

Various health programmes with a special focus on major public health problems have been carried out. These include cancer treatment, AIDS prevention and Malaria Control Programme.

The total outlay of health is budgeted at Rs.42.0 billion (Rs.18.7 billion development and Rs. 23.3 billion current expenditure) which is equivalent to 0.23 percent of GDP which is 79 billion as compared in 2009-10.

POPULATION, LABOUR FORCE AND EMPLOYMENT

According to the latest estimates population of Pakistan stood at 177.10 in 2011 and is sixth most populous country of the world. If the existing trend remained unchanged, it will reach 191.7 million by the year 2015 and 242.1 million by 2030 (Estimates and projection by Sub-Group II for the 10th five year People’s Plan 2010-15).

Growth Rate is 2.05 percent and total Fertility Rate (TFR) is 3.5 per woman.

Life expectancy in Pakistan is 64.18 for male and 67.9 for female.

Pakistan has the total labour force of 54.92 million and is the 9th largest country in the world with respect of the size of its labor force in 2010.

About 3.05 million labour force is estimated as unemployed in 2009-10, with an unemployment rate of 5.6%.

Agriculture dominates the distribution of employed persons among all the major sectors leading at 45.0 during 2009-10; wholesale and retail trade has the share of 16.3 percent and manufacturing with 13.2 percent.

To cope with the evolving demographic challenge the National Population Policy 2010 seeks to attain replacement level fertility i.e. 2.1 births per woman by 2030.

POVERTY

The floods of 2010 have caused a significant loss to poverty reduction efforts. The areas affected by floods were consistently lagging behind in terms of socio-economic and educational indicators as compared to the areas unaffected by floods. The loss to infrastructure and livelihood sources will push them behind further.

ADB’s recently issued study on “Global Food Price Inflation and Developing Asia”, maintains that a 10 percent rise in domestic food prices in Pakistan for one year could push an additional 3.47 million people below the $1.25-a-day poverty line or worsen poverty situation by 2.2 percentage points.

Food inflation in Pakistan has averaged 18 percent for the last four years which implies significant deterioration of purchasing power of the poor. The precise impact of this build-up in prices could not be determined until availability of results of the Household Income Expenditure Survey (HIES) component of PSLM Survey 2010-11 the work on which has already started.

An analysis of 3 year moving average of changes in per capita income and commensurate impact on reduction in poverty headcounts suggests that large reductions in poverty headcount are associated with substantial growth in per capita GDP during 2002-2006.

The Government has prioritized the 17 pro-poor sectors for budgetary intervention through the Medium Term Expenditure Framework (MTEF) from 2008-09 to 2010-11 in the PRSP-II. An amount of Rs.482.6 has been spent on these areas during July-December 2010 which is 15.8 percent higher than in the comparable period of last year.

The social safety nets are major initiatives to reinforce the government’s efforts to reduce the adverse effects of poverty on the poor. The social safety nets program include Benazir Income Support Programme (BISP) envisages cash grants of Rs 1,000 every month to the females of each qualifying household having a monthly income of less than Rs 6,000 through banks/post offices with the aim to ameliorate the conditions of the poorest of the poor by directly accessing them and supplementing their sources of income.

To enhance self-employment, some registered beneficiaries of BISP under the current targeting mechanism are selected through a monthly draw under Waseela-e- Haq and each of them are provided with an interest-free loan worth Rs. 0.3 million, repayable in installments over a period of 15 years.

The government is also working on various microfinance initiatives in collaboration with the SBP and multilateral institutions to generate employment and combat poverty.

TRANSPORT AND COMMUNICATION

In 2010-11, Pakistan has a road network covering 259,463 kilometers including 180,866 KM of high type roads and 78,597 KM of low type roads.

Since March 2008, NHA has launched/awarder 36 development projects covering a length of above 1000 Km inclusive of a number of bridges, flyovers and interchanges.

During the year 2010-11 (July-March), in railway, there has been fall in growth rate of passenger traffic by 17.6 percent but freight traffic grows at the rate of 17.7 percent.

During the calendar year 2010, PIA earned the revenue of around Rs. 107 billion as compared to last year of Rs. 94.6 billion.

Karachi Port Trust handled a total of 20.2 million tones of cargo during 2010-11 (July-Dec).

Port Qasim Authority handled 13.1 million tones cargo during the current financial year 2010-11 (July-Dec).

First ever largest ship in Pakistan having 63,000 M ton of wheat was berthed at Gwadar Port in March 2008. Since then upto January 2011, 120 ships have been handled at Gwardar.

Total Cellular subscribers at the end of December 2010 crossed the 102.8 million mark, with over 97 percent prepaid subscription in the mobile market and the post paid subscription in Pakistan is only 3 percent.

ENERGY

Crude Oil

Production of crude oil per day has increased to 65,996.50 barrels during July-March 2010-11 from 65,245.69 barrels per day during the same period last year, showing an increase of 1.15 percent.

The transport sector consumed 47.82 percent of petroleum products, followed by power sector (42.84 percent), industry (6.66 percent), other government (1.93 percent), household (0.49 percent) and agriculture (0.26 percent) during July-March 2010-11

Natural Gas

The average production of natural gas per day stood at 4050.84 million cubic feet during July-March 2010-11, as compared to 4,048.76 million cubic feet over the same period last year showing an increase of 0.05 percent.

The power sector consumed 23.81 percent of gas followed by industrial (20.15 percent), household (16.75 percent), fertilizer (15.04 percent), commercial (2.45 percent) and cement sector (0.05 percent) during July-March 2010-11

Electricity

The total installed capacity of PEPCO system is 20,681 MW as of March 2011, compared to 20,190MW in first nine months of the last fiscal year.

Total installed capacity of WAPDA stood at 11,439 MW during July-March 2010-11 of which hydel accounts 57.30 percent or 6,555 MW, thermal accounts for 42.70 percent or 4,884 MW.

During the first nine month of current fiscal year 66,928 GWh of electricity has been generated by WAPDA as against 64,935 GWh in the same period last year showing an increase of 3.07 percent.

The number of villages electrified increased to 160,110 by March 2011 from 147,038 recorded in March 2010.

CNG

Presently there are 3329 CNG stations operating throughout the country. By March 2011 about 2.5 millions have been converted to CNG

Coal

Supply of coal during July-March 2010-11 has been recorded at 5.85 million tonnes compared to 5.304 million tonnes in the first nine months of last fiscal year.

Brick kilns and cement industry consumed 56.6 percent and 42.7 percent respectively of the supplied coal.

The government is developing Thar Coalfield in order to increase the share of coal in energy mix and to reduce dependency on expensive imported fuel.

ENVIRONMENT

Pakistan recognizes the importance of environmental concerns as a cross cutting theme in its sustainable development strategy. Hence its protection, renewal and enrichment is recognized as an obligation towards the betterment of its citizens. The environmental concerns of Pakistan are associated primarily with the adverse impact of un-sustainable social and economic development. High population growth rate, lack of public awareness of environmental related education, mismanagement of natural resources, widely unplanned urban and industrial expansions are the core hard issues. These are further compounded with the rapid urbanization.

A nation with a population of 177 million with an average population density of 222 persons per sq km, higher than many other developing countries, whose 37% people live in urban areas and 63% in rural has a high rate of migration to urban centers which has made the cities dysfunctional, overcrowded and very congested. Rapid urbanization is putting the available insufficient infrastructure under enormous pressure and causing environmental debacles of great magnitude. Serious risks of irreversible damages are present due to air and water pollution, mismanagement of solid waste and destruction of fragile ecosystems.

With an estimated 37 percent of its population living in cities, Pakistan is the highly urbanized country in South Asia. Its cities continue to grow, offering employment opportunities, but rapid urbanization has been accompanied by environmental problems such as pollution, waste management, congestion and the destruction of fragile ecosystems. Urban air pollution remains one of the most significant environmental problems, facing the cities.

Motorcycles and rickshaws, due to their two stroke (2 strokes) engines, are the most inefficient in burning fuel and contribute most to emissions. 2-stroke vehicles are responsible for emission of very fine inhalable particles that settled in lungs and cause respiratory diseases. The 2-stroke vehicles industry is performing fast in Pakistan and has increased by 142.6 percent in 2010-11 when compared with the year 2000-01. Rickshaws have grown by more than 24 percent while motorcycles and scooters have more than doubled since 2000-01.

CNG is promoted as an alternate motor fuel for Pakistan’s market to reduce pressure on petroleum imports and to curb air pollution. Presently, 3329 CNG stations are operating in the country and 2.50 million vehicles are using CNG as fuel. Use of CNG as fuel in transport sector has observed a quantum leap, replacing traditional fuels.

National Environment Quality Standard (NEQS) for Motor Vehicle Exhaust & Noise (Amended), 2010 have been approved to control the vehicular emissions. It has been decided that: (i) all petrol driven vehicles imported or manufactured locally will comply with Euro-II emission standards with effect from July 2009. Existing models if not complying with Euro-II emission standards will have to switch over to Euro-II models by no later than three years, If not immediately: (ii) all diesel driven vehicles imported or manufactured locally will comply with Euro-II emission standards with effect from July, 2012. The Ministry of Petroleum and Natural Resources will ensure availability of Euro-II diesel (with sulphur contents 0.05 percent) with effect from January, 2012.

Supply of drinking water and provision of sanitation are the most important contributing factors for improving the health of the people in any country. Inadequate water supply results in high incidence of water related diseases which in turn increase morbidity and mortality rates and pose major threat to the survival and development of children. The National Standards for Drinking Water Quality (NSDWQ) have been approved on 29th March, 2010 in order to improve the water quality and to provide the public with the safe drinking water.

Pakistan is committed to achieve the MDG target of halving by 2015 the proportion of people without sustainable access to safe and improved sanitation. Strategic direction, capacity development, and monitoring and evaluation, as well as investments, are primarily the responsibility of the provincial governments through the provincial line departments.

Climate change is one of the most complex challenges of the new century; Pakistan like other developing countries remained extremely vulnerable to the impacts of climate change. The most serious concerns are the threat to water and food security of the country and the vulnerability of its costal areas. Other climate change related concerns include increased risks and extreme events (floods, droughts and cyclones) and adverse impact of forests, biodiversity human health etc.

Implementation of the climate change programme under Tenth Five Years Plan will be carried out through coordinated efforts of the relevant ministries to secure ample resources and their effective utilization The following areas will be targeted through mitigation and adaptation measures as well as studies to enhance our understanding for Pakistan specific needs.

Data information on Climatology
Reducing climate change induced risks and vulnerabilities from Glacier Lake Outburst Floods (GLOF) in Gilgit Baltistan Area of Pakistan.
Enhancement of capacities to harness opportunities under Clean Development Mechanism and Adaptation Fund.

Labels: Economic Survey, Economy and Business, Highlights - Pakistan Economic Survey 2010-11, Pakistan Budget, Pakistan Economy

posted @ 10:52 AM, ,

Thar Coal Reserves
Friday, May 27, 2011

If All The Oil Reserves of Saudia Arab & Iran Put Together These Are Approximately 375 Billion Barrels,But A Single Thar Coal Reserve Of Sindh is about 850 Trillion Cubic Feet, Which is More Than Oil Reserves Of Saudia & Iran.

These reserves estimated at 850 trillion cubic feet (TCF) of gas, about 30 times higher than Pakistan 's proven gas reserves of 28 TCF.

Dr Murtaza Mughal president of Pakistan Economy Watch in a statement said that these reserves of coal worth USD 25 trillion can not only cater the electricity requirements of the country for next 100 years but also save almost four billion dollars in staggering oil import bill.

Just 2% usage of Thar Coal Can Produce 20,000 Mega Watts of Electricity for next 40Years ,without any single Second of Load Shedding. and if the whole reserves are utilized, then it could easily be imagined how much energy could be generated.

The coal power generation would cost Pakistan PKR 5.67 per unit while power generated by Independent Power Projects cost PKR 9.27.

It Requires Just Initial 420 Billion Rupees Initial Investment, Whereas Pakistan Receives annually 1220 Billion from Tax Only.

Chinese and other companies had not only carried out surveys and feasibilities of this project but also offered 100 percent investment in last 7 to 8 years but the “Petroleum Gang” always discouraged them in a very systematic way.

But Petroleum lobby , is very strong in Pakistan and they are against any other means of power generation except for the imported oil. This lobby is major beneficiary of the increasing oil bill that is estimated above 15 billion dollar this year.Even GOV. is planning to Sell all these reserve to a company on a very low price. When Pervez Musharraf was president he gave green signal to embark upon the initiation of work on exploiting energy potential of these coal reserves of Thar under a modern strategy.

Think About This, How We Can Help Our Home Land .

(GOD HELP THOSE WHO HELP THEMSELVES)

Labels: Economy and Business, Pakistan Economy, Thar Coal Reserves

posted @ 10:04 AM, ,

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, ,

Money Market and General Upadtes - 08-04-2011
Saturday, April 9, 2011

Money Market Updates:

Money market opened at 13.50 with a high of 13.70 with a low of 13.15. State Bank conducted an Open Market Operation today and injected Rs. 32.5 billion for 7 days at the rate of 13.21 percent due to which the market came to ease and closed at 13.15 percent.

General Updates:

After showing a relative ease for a couple of months, inflation jumped to 13.16 per cent last month because of high prices of food items and a partial increase in prices of petroleum products in domestic market and a slight rise in electricity tariff. Inflation had fallen from 15pc in December last year to 14.2pc in January and 12.91pc in February because of a government freeze on oil and electricity prices. The impact of overall increase in inflation last month was mainly because of food prices (56.46pc) and house rent (12.08pc), totaling 68.54pc.

Developing Asia, a diverse group of economies including China, India, Azerbaijan, Thailand and Fiji, is expected to grow 7.8 percent in 2011 and 7.7 percent in 2012, robust rates albeit slower than the 9 percent seen in 2010, Asian Development Outlook report. At the same time, inflation is expected to quicken to an average 5.3 percent this year from 4.4 percent in 2010, before easing to 4.6 percent in 2012. Some countries such as Vietnam and Pakistan could see inflation rates climb well into the double digits.

Pakistan’s foreign exchange reserves have declined to $17.637 billion on April 2, 2011, as compared to $17.9 billion during the previous week. The reserves held by central bank fell to $14.261 billion as compared to $14.54 billion during the last week, similarly, the reserves held by commercial banks other than SBP also declined to $3.376 billion as compared to $3.41 billion. The reserves touched a record high to $17.9 billion on March 26 on handsome inflows of remittances and exports earnings. Remittances sent home by overseas Pakistanis soared 20 percent in the first eight months (July-February) of the current fiscal year, in the wake of a tightening of noose around illegal channels, a stable rupee and contribution of charity money after flood ravages.

Labels: Economy and Business, Pakistan Economy

posted @ 10:00 AM, ,

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, ,

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, ,

Money Market, Forex and General Upadtes - 24-02-2011
Thursday, February 24, 2011

Money Market Updates

State Bank of Pakistan is to conduct a T-Bill auction today. The target of the auction is Rs. 150 billion. Participation in 3 months, 6 months and 1 year t-bill is recorded at Rs 183,757 million, Rs 63,326 million and 21,600 million respectively.

Forex Market Updates

Benchmark crude oil prices rose to a record high in two and a half years and gain $5 US a barrel and closed at $95 a barrel and Brent crude oil futures in London added $2.2 a barrel and closed at $108 approximately, due to revolts in Libya.

General Updates

-July to January exports increased by 22.7 percent which is a record high during this ongoing fiscal period as compared to last year. The exports for the period of July to Jan 2010-11 totaled to $13.23 billion against $10.78 billion of last year’s corresponding period. Pakistan’s exports in January were recorded at $2.329 billion depicting a 38.2 percent increase against $1.685 billion made in January 2010.

-The imports in January 2011 were $3.44 billion being 3.4 percent higher than the exports recorded in January 2010. The total imports for July-Jan 2010-11 were recorded at $22.55 billion against $19.32 billion for the same period previous year showing an increase of 16.7 percent.

-Pakistan’s energy sector is facing a circular debt of about Rs. 500 billion which includes Rs. 300 billion old and Rs 150 billion fresh debts. The fresh debts are created due to inefficient top brass of Pakistan Electric Power Company.

-The government has released Rs 1.2 billion against the allocated Rs 8.7 billion which is 13 percent of the total allocation to the agriculture sector. There were 59 total projects to be completed with the allocated amount from which Rs 5.2 billion were allocated for Improvement of Watercourses for which Rs 672 million were released so far.

-Japan International Cooperation Agency is to provide $175 million soft loan for construction of damaged roads and bridges in Khyber Pakhtunkhwa that were swept away by flood.

Labels: Economy, Pakistan Economy

posted @ 4:13 PM, ,

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, ,

Economic and Business Updates - From 7th to 13th Feburary, 2011
Thursday, February 17, 2011

THE CPI inflation surges by 14.19 per cent in January 2011 over the corresponding period last year with prices of perishable food items soaring to 44.39 per cent, according to the Federal Bureau of Statistics.

EXPORTS witness a record growth of 38.2 per cent at $2.329 billion during January 2011 as compared to $1.658 billion in January 2010.

RICE exports cross $1billion-mark during the first seven months of this fiscal year on the back of rising paddy prices on the international markets.

THE total refinery production in the country declines by nine per cent in the first seven months of FY 11 as compared to that in the same period last year.

THE exporters fail to bring back $316 million export proceeds in initial months of the current financial year and the outstanding export dues mount to $927 million.

AS the Sindh government is mounting pressure to get four dormant gas fields from OGDCL, the latter has refused to accept the demand. It has asked the provincial government to pay wellhead price of hydrocarbon resources as per petroleum concession accord in light of the decision of ECC of the Cabinet.

THE total debt and liabilities services cross over rupees one trillion in the fiscal year 2009-10 and Rs305 billion are paid in the first quarter of the current fiscal year, SBP data reveals.

THE KESC and the Global Mining Company of China sign MoU for fuel replacement initiative through converting two of six generation units of Bin Qasim Power Station from furnace oil to coal.

THE United States Agency for International Development releases first tranche of $20 million to Wapda for Gomal-Zam Dam project.

OVER 0.32 million animals are exported under the commercial export of live animals through open policy since May 2009, the Senate is informed.

THE Competition Commission of Pakistan achieves a breakthrough in enforcement activities when a large business association admits opera-ting as a cartel and requests the CCP to take a lenient view in imposition of penalty.

DEVASTATING floods last year has caused severe losses to the economy and destroyed over three million bales of cotton resulting in cumulative loss of about 1.5 per cent to GDP.

THE Trading Corporation of Pakistan, on the directives of the Economic Coordination Committee of the Cabinet, signs an agreement worth $100 million with Saudi Basic Industrial Corporation for import of 300,000 tons of urea to meet local demand.

THE country receives $6.12 billion remittances during July-January 2010-11, showing an increase of 17.7 per cent against $5.198 billion over the corresponding period last year.

Labels: Economy and Business, Pakistan Economy

posted @ 10:43 AM, ,

ADB Lends $242 Million To Pakistan For Power Sector
Monday, February 14, 2011

The Asian Development Bank will provide $242 million to Pakistan to help it modernise electricity transmission lines and curtail losses that have contributed to a crippling power shortage, the bank said on Friday. Pakistan faced a power shortfall that peaked to between 4,000 and 5,000 MW during the 2010 summer, sparking street protests and adding to the government's problems as it battles a deadly Islamist militancy.

The new loan is part of $810 million the Manila-based bank approved for Pakistan in 2008 for the country's Power Distribution Enhancement Investment Programme, the bank said in a statement. "This project will not only reduce electricity loss during delivery to the customers but also improve the quality of service," said ADB's country director, Rune Stroem, who signed the loan agreement with Pakistani officials on Friday.

Outdated power grids and rampant electricity theft mean that some grid companies experience line losses of up to 30 percent to 40 percent, energy experts say. The project includes investments in a secondary transmission grid and will include the addition of 3,380 megavolt-amperes of transformer capacity, and 387 km of new distribution lines.

The bank this month also approved a loan of up to $100 million to U.K-based International Power PLC to build a gas-fired 404-megawatt power plant in the southwestern Baluchistan province, scheduled to be completed by September, 2013. The power crisis has crippled industry, and frequent power outages, lasting up to 18 hours in some rural areas, led to violent protests last year.

Labels: ADB, Pakistan Economy, Power

posted @ 11:59 AM, ,

Economic and Business Updates - From 17th to 23rd January, 2011
Friday, January 28, 2011

The country’s current account balance becomes positive and registers a surplus of $26 million in the first half of the fiscal 2010-11 primarily driven by massive decline in trade and services deficit and high foreign inflows.

The private sector improves its borrowing record in the first half of the current fiscal year, but banks massive investment in treasury bills show that the advances are much below the market requirement.

The Asian Development Bank announces to lend up to $100 million to a privately owned gas-fired power plant in Pakistan to help address the country’s energy crisis.

The government is facing serious financial crises and is not in a position to give any industrial relief package, says Chairman Federal Board of Revenue.

The Sindh government approaches the federal government for a new constitutional amendment authorising the province to collect royalty on oil and gas.

A 150 megawatt wind power project will be set up by a United States power firm AES at Gharo, Sindh, for which the water and power ministry and USAID jointly arrange equity and funding.

The import bill of eatables witnesses a substantial growth of 75 per cent during the first half of the current fiscal year threatening food sovereignty of the country.

Textile and clothing exports witness a robust growth of 25.79 per cent in the first half of the current fiscal year over the corresponding period last year on the back of double digit growth in exports of value added products.

The Punjab Food Department decides to export 0.8 million tons of wheat from its six million tons stock.

The unusual flow of phutti during the third and last picking of the current season is proving a boon for the country, which badly needs cotton to meet a wide gap between demand and supply.

Annual sales at the Utility Stores Corporation jumps from Rs2.5 billion some two years back to Rs60 billion in 2010.

The sponsors of Arif Habib Investment Ltd and the MCB Asset Management Company Ltd sign the shareholders agreement for the proposed merger between the two entities.

The existing structure of the Federal Board of Revenue remains in violation of the Constitution and must be revamped, says federal tax ombudsman.

The State Bank of Pakistan includes the glass manufacturing industry producing exportable goods for financing under the Long Term Financing Facility.

The Pakistan Cotton Ginners Association has stongly protest against levy of 3.5 per cent withholding tax on purchase of raw material from the middleman.

Labels: Economy and Business, Pakistan Economy

posted @ 10:31 AM, ,

General, Money Market and Forex Updates - 25-01-2011
Wednesday, January 26, 2011

General Updates

Indonesian President Susilo Bambang Yudhoyono hoped to help secure lucrative investment deals worth $15 billion on a trip to India this week. “The investment value is $15 billion, which includes cooperation in infrastructure, manufacturing, natural resources and services.

Pakistan and Japan on Friday signed an agreement under which Japan would provide a soft loan of US $ 233 million for development projects in Pakistan. Under the arrangement, Japan will provide a soft loan of US $ 233 million of which $60 million and $173 million would be for budgetary support and the Khyber Pakhtunkhwa Rural Road Project respectively. This support is out of a total of $500 million pledged by Japan during the Pakistan Development Forum 2010.

The World Bank has approved a $250 million loan and a $35 million grant for Pakistan to help vulnerable communities in areas rocked by conflict. The loan announced Thursday aims to bolster Pakistan’s recovery efforts in the Khyber Pakhtunkhwa (KP) province and Federally Administered Tribal Areas (Fata).

Money Market Updates

Money market Interbank opened at 13.00/25 closed at 13.90 with a high of 13.90 and low of 13.00. Due to the liquidity crunch in the market the rate could not go down today due to which market had to stay near the upper limit of the discount rate although it did not touch the floor.

The State Bank of Pakistan (SBP) continued injecting liquidity into the money market that, analysts believe, is faced with liquidity crunch due to the rupee blockade as non-performing loans (NPL) mount and excessive government borrowing from the scheduled banks takes a toll. The state bank, in its fifth reverse repo open market operation of the month in the Government of Pakistan Market Treasury Bills and Pakistan Investment Bonds, injected some Rs 8.0 billion into the banking system on Saturday. The Saturday’s auction was preceded by four others conducted by the central bank on the 6th, 15th, 17th and 21st of this month to inject a sum of over Rs 92.35 billion into the inter-bank market in the short span of 16 days. One major reason of this injection in the market is the non performing loan increase in the credit market which has cause a big liquidity crunch.

Forex Updates

The monthly average of remittances for the July-December 2010 period comes out to $881.90 million as compared to $755.04 million during the same corresponding period of the last fiscal year, registering an increase of 16.80 percent.

The country’s trade deficit went up by over 18 per cent in the first half (July-December) of current fiscal year 2010-11 against the corresponding period of the last year, as it was recorded at $ 8.150 billion against $ 6.895 billion in the same period of 2009-10.

Labels: Economy, Pakistan Economy

posted @ 1:13 PM, ,

Economic and Business Updates - From 3rd to 9th January, 2011
Wednesday, January 12, 2011

The government reverses the recent hike in petroleum products prices bringing them back to the October 31 level.
The government requests the European Union Commission to redirect half of the 114 million euros grant, allocated for reconstruction and rehabilitation of flood-hit areas, to budget support.
The country is facing the worst- ever inflation of its history after 1970, primarily because of fiscal indiscipline and borrowing from the State Bank to meet the deficit.
The US will provide $190 million to the Damage Compensation Fund for rehabilitation of flood-affected people in Pakistan.
The Asian Development Bank, International Finance Corporation, Citibank and Muslim Commercial Bank announce completion of a trade transaction that will help boost textile industry in Pakistan.
The Trading Corporation of Pakistan provides a list of eight sugar mills of influential politicians to the federal government. These mills allegedly defaulted on delivery of sugar resulting in crisis of the commodity in the market.
The recent devastating floods pushed the country to import over 60 per cent more pulses in the last five months to avoid possible food shortage in the country.
The ministry of industries and production fears a serious shortage of urea fertiliser across the country after government’s fertiliser import plan fails to materialise.
The government, in an effort to stabilise onion prices, bans its export to India via land route, while the same will continue through sea route.
The ministry of textile industry allows drawback facility of local taxes and levies to textile units in the Export Processing Zones.
Basmati rice export records a growth of 21 per cent at 0.534 million tons during the first six months of fiscal 2010-11, earning higher foreign exchange at $435 million.
The government fails to reduce the non-interest current expenditure during last two years and resorts to easy option of slashing the development expenditure.
The agriculture department of Punjab claims that 95 per cent wheat sowing target has been achieved against the total target of 16.89 million acres.
A Big gap between demand and supply is likely to stay because cotton crop harvesting is still short up to 14.17 per cent at 10.24 million bales as against 11.93 million during the corresponding period of last year.
The manufacturing of textile products registers a decline of 10.2 per cent during the first four months of the current fiscal year owing to price fluctuation in international market.

Labels: Economic and Business, Pakistan Economy

posted @ 4:44 PM, ,

Financial Risk Manager

Ways of Financial and Risk Management

Money Market, Forex & General Updates - 31-10-2011
Tuesday, November 1, 2011

Pakistan's Forex Reserves Ease to $17.90 Billion
Monday, September 5, 2011

Monetary Policy, July 2011 - At A Glance
Monday, August 1, 2011

Money Market, Forex and General Upadtes - 07-07-2011
Saturday, July 9, 2011

Money Market and General Upadtes - 23-06-2011
Thursday, June 23, 2011

Money Market, Forex and General Upadtes - 22-06-2011

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

Highlights - Pakistan Economic Survey 2010-11
Friday, June 3, 2011

Thar Coal Reserves
Friday, May 27, 2011

Money Market and General Upadtes - 10-05-2011
Wednesday, May 11, 2011

Money Market and General Upadtes - 08-04-2011
Saturday, April 9, 2011

Money Market and General Upadtes - 22-03-2011
Monday, March 28, 2011

Money Market, Forex and General Upadtes - 07-03-2011
Tuesday, March 8, 2011

Money Market, Forex and General Upadtes - 24-02-2011
Thursday, February 24, 2011

C/A Deficit At $81 Million Forex Reserves Rise to a Record $17.44 Bln
Saturday, February 19, 2011

Economic and Business Updates - From 7th to 13th Feburary, 2011
Thursday, February 17, 2011

ADB Lends $242 Million To Pakistan For Power Sector
Monday, February 14, 2011

Economic and Business Updates - From 17th to 23rd January, 2011
Friday, January 28, 2011

General, Money Market and Forex Updates - 25-01-2011
Wednesday, January 26, 2011

Economic and Business Updates - From 3rd to 9th January, 2011
Wednesday, January 12, 2011

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Financial Risk Manager

Ways of Financial and Risk Management

Money Market, Forex & General Updates - 31-10-2011 Tuesday, November 1, 2011

Pakistan's Forex Reserves Ease to $17.90 Billion Monday, September 5, 2011

Monetary Policy, July 2011 - At A Glance Monday, August 1, 2011

Money Market, Forex and General Upadtes - 07-07-2011 Saturday, July 9, 2011

Money Market and General Upadtes - 23-06-2011 Thursday, June 23, 2011

Money Market, Forex and General Upadtes - 22-06-2011

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

Highlights - Pakistan Economic Survey 2010-11 Friday, June 3, 2011

Thar Coal Reserves Friday, May 27, 2011

Money Market and General Upadtes - 10-05-2011 Wednesday, May 11, 2011

Money Market and General Upadtes - 08-04-2011 Saturday, April 9, 2011

Money Market and General Upadtes - 22-03-2011 Monday, March 28, 2011

Money Market, Forex and General Upadtes - 07-03-2011 Tuesday, March 8, 2011

Money Market, Forex and General Upadtes - 24-02-2011 Thursday, February 24, 2011

C/A Deficit At $81 Million Forex Reserves Rise to a Record $17.44 Bln Saturday, February 19, 2011

Economic and Business Updates - From 7th to 13th Feburary, 2011 Thursday, February 17, 2011

ADB Lends $242 Million To Pakistan For Power Sector Monday, February 14, 2011

Economic and Business Updates - From 17th to 23rd January, 2011 Friday, January 28, 2011

General, Money Market and Forex Updates - 25-01-2011 Wednesday, January 26, 2011

Economic and Business Updates - From 3rd to 9th January, 2011 Wednesday, January 12, 2011

Blog Roll

Previous Posts

Archives

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Money Market, Forex & General Updates - 31-10-2011
Tuesday, November 1, 2011

Pakistan's Forex Reserves Ease to $17.90 Billion
Monday, September 5, 2011

Monetary Policy, July 2011 - At A Glance
Monday, August 1, 2011

Money Market, Forex and General Upadtes - 07-07-2011
Saturday, July 9, 2011

Money Market and General Upadtes - 23-06-2011
Thursday, June 23, 2011

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

Highlights - Pakistan Economic Survey 2010-11
Friday, June 3, 2011

Thar Coal Reserves
Friday, May 27, 2011

Money Market and General Upadtes - 10-05-2011
Wednesday, May 11, 2011

Money Market and General Upadtes - 08-04-2011
Saturday, April 9, 2011

Money Market and General Upadtes - 22-03-2011
Monday, March 28, 2011

Money Market, Forex and General Upadtes - 07-03-2011
Tuesday, March 8, 2011

Money Market, Forex and General Upadtes - 24-02-2011
Thursday, February 24, 2011

C/A Deficit At $81 Million Forex Reserves Rise to a Record $17.44 Bln
Saturday, February 19, 2011

Economic and Business Updates - From 7th to 13th Feburary, 2011
Thursday, February 17, 2011

ADB Lends $242 Million To Pakistan For Power Sector
Monday, February 14, 2011

Economic and Business Updates - From 17th to 23rd January, 2011
Friday, January 28, 2011

General, Money Market and Forex Updates - 25-01-2011
Wednesday, January 26, 2011

Economic and Business Updates - From 3rd to 9th January, 2011
Wednesday, January 12, 2011