Reserves rise to record $17.44bn

Reserves held by the SBP rose to $13.91 billion from $13.76 billion in the week ending February 12. — File Photo

KARACHI: The foreign exchange reserves rose to a record $17.44 billion in the week ending February 12, up from $17.31 billion the previous week, the State Bank of Pakistan said on Thursday.

Reserves held by the SBP rose to $13.91 billion from $13.76 billion in the week ending February 12, while those held by commercial banks fell to $3.53 billion from $3.55 billion, said the central bank.

“Foreign exchange reserves rose to a record because of a rise in remittances and increasing exports,” said Syed Wasimuddin, chief spokesman for the State 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 per cent from the same period last year, according to SBP data.—Reuters

President for round-table on economic reforms

 

 The president suggested the businessmen to make consortiums of leading entrepreneurs. — File Photo

ISLAMABAD: President Asif Ali Zardari on Thursday invited the business community to convene a meeting of all political parties over economic reforms to devise a strategy for placing the economy on strong footings. 

Talking to a delegation of the Pakistan Business Council here on Thursday at the Aiwan-i-Sadr, the president offered the presidency as the venue of the roundtable meeting, adding that he would participate in it as co-chairman of the PPP along with leaders of other political parties and not preside over it as president, according to presidential spokesman Farhatullah Babar.

SBP raises rate to rein in inflation

SBP hiked its key policy rate by 50bps for the third time in a row to stem runaway inflation and blamed govt for hampering the bank’s efforts to contain excessive monetary expansion. – File Photo

LAHORE, Nov 29: The State Bank of Pakistan (SBP) hiked on Monday its key policy rate by 50bps for the third time in a row to stem runaway inflation and blamed the government’s inflationary budgetary borrowings from it for hampering the bank’s efforts to contain excessive monetary expansion. 

The bank has raised discount rate by 150bps during the current financial year to 14 per cent since the end of July to control inflation.

Leather industry may receive 20 per cent less animal hides

Due to inflation, high prices and low number of animals, people preferred collective sacrifice this year. — File Photo

KARACHI: The relatively soaring price of animals and their less numbers could result in 20 per cent less hides to the leather industry this year.


Due to inflation, high prices and low number of animals, people preferred collective sacrifice of animals. According to an estimate, around 70 per cent cows and 30 per cent other small animals have been sacrificed this year.

Pakistan’s July-Oct c/a deficit narrows to $533 mln

The current account deficit for the fiscal year 2009/10 was $3.495 billion, compared with $9.261 billion in fiscal year 2008/09. — File Photo

KARACHI: Pakistan’s current account deficit for July-October narrowed to a provisional $533 million, compared with $1.177 billion in the same period last year, the central bank said on Tuesday.

In October, the current account stood at a provisional surplus of $35 million, compared with a surplus of $424 million in September, the State Bank of Pakistan said.

The current account deficit for the fiscal year 2009/10 was $3.495 billion, compared with $9.261 billion in fiscal year 2008/09.

World Bank urges more economic reforms

ISLAMABAD: Pakistan's economy has made progress through tough reforms but still needs to boost tax revenues and increase power supplies to improve finances, the World Bank said on Friday.

During two days of meetings with officials, including Abdul Hafeez Sheikh, the new Finance Adviser to the prime minister, World Bank Vice President for South Asia Isabel Guerrero noted substantial economic progress since her last visit in 2008.

Pakistan’s 3-month fiscal deficit at 1.5pc of GDP

KARACHI: Pakistan’s budget deficit for the first three months of the 2009/10 fiscal year was Rs223.67 billion ($2.68 billion) or 1.5 per cent of gross domestic product (GDP), the Finance Ministry said on its website.

 
The International Monetary Fund (IMF) and the government had targeted a budget deficit for the three months ending on Sept 30 of Rs194 billion, or 1.3 per cent of GDP.

However, the country’s central bank governor told Reuters last month Pakistan would meet its fiscal deficit target in the first six months of this fiscal year despite slippage in the first quarter.