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economicletter

Pakistan According to SBP, government borrowing for budgetary support from the banking system (central and scheduled banks) in the first two months of the current fiscal (July-August 27, 2011) rose by 104% to Rs 183.45 bn against Rs 88.89 bn in the sam e period last fiscal. According to SBP, consumer financing in July 2011 was lower at Rs 216 bn against Rs 240 bn in the same month last year. According to SBP, liquid foreign exchange reserves as on September 3, 2011 stood at $ 18.06 bn of which $ 14.06 bn was held by the SBP and the rest with banks. Pakistan and Iran have signed three MOUs aimed at enhanced economic and technical cooperation, for setting up a joint investment company, and to collaborate in electronic media. The two countries have also agreed to remove tariff and non-tariff barriers to improve the volume of bilateral trade. The World Economic Forum in its Global Competitiveness Report, 2011-12 has upgraded Pakistans position to 118 against 123rd position in its last report. It has identified areas of concern which need improvement as, mainly, institution building, infrastructure, health, primary education and macroeconomic environment. The Karachi Cotton Association, a private sector representative body, has estimated that cotton production targeted at 15 mn bales in 2011-12 may suffer a loss of about 2-2.5 mn bales due to the continuing rains in the country. Markets at a glance
Weekly Review Beginning Ending Change KIBOR (6months) Bid % Offer % 13.13 13.15 +0.02 13.38 13.40 +0.02 Foreign Exchange Rates GBP () Euro () Rs 142.13 Rs 139.53 - 2.60 Rs 125.48 Rs 123.04 - 2.44 USD ($) Rs 86.81 Rs 87.47 + 0.66 KSE 100 Index 11,070 11,286 + 216
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a weekly publication of The Institute of Bankers Pakistan

The National Electric Power Regulatory Authority (NEPRA) has raised the price of electricity by Rs 2.04 per unit for all the nine distribution companies except for KESC and lifeline consumers as part of its monthly fuel adjustment policy. The Planning Commission of Pakistan has come to conclude that lack of qualified management capacity as also continuing fiscal policy difficulties were hampering successful implementation of Public Sector Development Programs. The government has accorded approval to National Logistic Cell (NLC) to operate Railway Freight Service. It would undertake the business through purchase of locomotives from Pakistan Railways, South Korea and the US-based General Electric. It would start operations initially through six terminals in border areas of Taftan, Chamman, Turkham, Wagha, Jamrud and Sust. According to National Fertilizer Development Authority, total sale of fertilizers in the first seven months of 2011 was lower by 4.3% over the same period of 2010. The Oil & Gas Regulatory Authority (OGRA) has increased the prices of HOBC (high octane blending component) from Rs 107.80 to Rs 109.93 per litre and of high speed diesel from Rs 92.11 to Rs 92.65 per litre. The Authority has left the price of motor gasoline (petrol) and Kerosene oil unchanged.

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Gold Rate (10gm) Rs 51,000 Rs 52,114 + 1,114


September 9, 2011

Volume 6, Issue No. 35

a weekly publication of The Institute of Bankers Pakistan

The Sensitive Price Indicator (SPI) registered an increase of 16.33% in the week ending August 30, 2011 over the same week of 2010. The weekly SPI monitors changes in prices of 53 essential commodities, mostly kitchen items, data for which is collected form 17 urban centres. International The U.S. Federal Reserve Chairman has warned that unless politicians agree on a common strategy over spending and debt issues, presently in a wrangling division and debate, U.S. economic growth prospects could be seriously jeopardized. The U.S. economy grew by 0.7% in the first six months of 2011 over the same period last year and is being projected to attain a full year growth of 2.0% over 2010. The positive growth rate recorded has warded-off fears of a second round of recession. U.K. GDP growth slowed to 0.2% in the second quarter this year after having grown by 0.5% in the first quarter. But even at the slower pace, the second quarter growth was higher by 0.7% over the same quarter of 2010. France has introduced new austerity measures worth 12 bn euros ($ 17.3 bn) aimed essentially at increased taxes for the rich as also for plugging loopholes in the existing tax system. The measures are intended to reduce public deficit to 4.5% of GDP by end-2011. It would result in GDP growth coming down to 1.75% against earlier projections of 2.0% for the year. Greece is most likely to miss most of its budgetary targets set at the beginning of the year including GDP growth target of 4.5% now being seen at about 3.5%.

The United Nations Security Council has agreed to release $ 1.5 bn of Libyas foreign assets for use for humanitarian needs in the civil-war torn country. GDP growth in India in the first quarter of the current fiscal (April-June 2011) stood at 7.7%, slowest quarterly growth in the last six quarters. Industry sources in India have forecast that outsourcing export revenue in the current fiscal (April-March 2011-12) may reach a level of $ 68-70 bn, a rise of 16-18% over the previous fiscal. ABN AMRO, nationalized by the Dutch government in the wake of the 2008 global recession, is to cut 2,350 jobs 9% of its workforce, over the next three to four years bringing the total job cuts to near 5,000 in recent months. The government now plans to re-privatize the bank by 2014 or slightly later. Japans liquid foreign exchange reserves reached an all-time high of $ 1.22 trillion by end-August 2011 against $ 1.15 trillion at end-July this year. The Bank of Japan, the central bank of the country, has left its prime lending rate unchanged at between 0.01%. The Swedish central bank has left its prime lending rate unchanged at 2.0% after a series of progressive increases since July 2010. It has lowered the GDP growth forecast for 2011 from 2.2% to 1.7%. The European Central Bank as also the Bank of England have left their prime lending rates unchanged at 1.0% and 0.5% respectively.

Editor: Syed Mahdi Mustafa


Published by: The Institute of Bankers Pakistan, M.T. Khan Road, Karachi 74200, Pakistan Phone: (021) 35689718, 35680783 | Fax: (021) 35683805 | Email: ibp@ibp.org.pk | Website: www.ibp.org.pk

General Disclaimer: IBP Weekly Economic Letter is based on information obtained from local and international print and electronic media. IBP has not verified this information and no warranty, expressed or implied, is made that such information is accurate, complete or should be relied upon as such. In no circumstance IBP and its team members would be liable for any incidental or consequential damage that may incur from the use of information contained in IBP publication(s).

Volume 6, Issue No. 35

September 9, 2011

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