Govt to crack down on ‘Hawala system’: Malik

The federal interior minister Rehman Malik. – File Photo

KARACHI: In order to curb the illegal business of transferring foreign exchange through Hawala system, the government had started seizing the money that would stand transferred to the State, federal interior minister Rehman Malik said on Saturday.

Speaking at the opening ceremony of National Crisis Management Cell at Karachi Chamber of Commerce & Industry, he said, we have collected the data of those involved in this illegal trade and the amounts being transferred from different countries.

The government would not allow Hawala trade to continue and any amount came through it, would be seized, he warned.

Forex reserves dip to $16.88bn

KARACHI: Pakistan’s foreign exchange reserves slipped to $16.88 billion on regular debt payments by the week ended on October 22, the central bank said on Thursday.

The foreign exchange reserves held by the State Bank of Pakistan (SBP) declined to $13.09 billion while those held by other commercial banks came down to $3.79 billion, it said.

No risk to Pakistan's ratings: Moody's

KARACHI: Political wrangling in Pakistan is hampering the government's ability to focus on economic issues but poses no immediate risk to its sovereign ratings, Moody's Investors Service said on Wednesday.
 
Moody's has a B3 sovereign rating for Pakistan with a stable outlook.

Lotte Group plans to invest $40m in Pakistan

KARACHI: Lotte PA, the biggest producer of PTA (Purified Terephthalic Acid) in the country, plans to retire around 63 million dollars of foreign loans and invest 40 million dollars in Pakistan.

According to industry sources, the management reiterated its plan to invest S$40 million in a captive power plant for uninterrupted power supply and $5 million in a catalyst recovery plant for cost efficiency. This will help the company’s volatile margins to improve. The management endorses the news report that Lotte Group is considering acquiring confectionery business in Pakistan without giving much detail.

IMF Board to finalise 5th tranche on 31st

ISLAMABAD: The Executive Board of International Monetary Fund (IMF) will meet in Washington on March 31 for an in-depth review of Pakistan’s economy and finalise the fifth disbursement of $1.2 billion (SDR766.7 million) as part of its Stand-by Arrangement (SBA) for the country.
Informed sources said that the upcoming meeting of the Fund will be the fourth review of Pakistan’s recent economic performance and the outlook for remaining last quarter of the current fiscal year. The IMF board will have before it a report prepared by the IMF mission that held discussions with Pakistani authorities in Dubai last month.

Govt urged to stop TCP from meddling in rice exports

KARACHI: Exporters have opposed intervention in rice export trade from the state-owned Trading Corporation of Pakistan (TCP) and accused it of disturbing market mechanism thereby depressing prices of basmati rice in the world market.
 
The TCP floated export tender for 25,000 tons of super basmati rice on Dec 18, 2009 for the disposal of rice procured by the corporation last year, which is presently stocked at Pipri godowns, near Karachi.

North Korea bans foreign currencies

Friday, January 01, 2010
SEOUL: North Korea has banned the use of foreign currencies, another sign its hard-line communist government is intent on reasserting control over the country’s nascent market economy.

Reports say the decree warns of severe punishment for anyone using US dollars, euros, yuan and other non-North Korean currencies. Foreign currencies previously were accepted in some shops, restaurants and other outlets, particularly those catering to foreigners.

Forex reserves slip to $13.54 billion

KARACHI: Foreign exchange reserves eased to $13.54 billion in the week that ended on Dec 12 from $13.57 billion the previous week, the central bank said on Thursday.