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That rains and flash floods have wreaked havoc in various parts of the country is a grim reality as these have claimed a number of lives and massive damage to properties and infrastructure. Chitral appears to be the worst-hit area so far. Both federal and provincial governments have mobilised, however modest, resources to deal with the challenge. Members of civil society and various NGOs are also reaching out to the distressed people in an effective and meaningful manner.

The State Bank of Pakistan has kept its policy rate of 6.5 percent unchanged, for the next two months. The central bank's decision has been generally hailed across the country. SBP has attributed its decision to a sharper decline in CPI inflation, along with its benign outlook and improvement in external account. The factors that have contributed to the market sentiment are said to be narrowing of fiscal deficit and continuation of Extended Fund Facility (EFF).
There are economists who often underscore the need for PKR depreciation. There is a lack of understanding/knowledge about exchange rate and its working, which is debatable. Its working may vary from one country to another, but there is no single recipe that will suddenly help reap economic gains.
There is no doubt that on most occasions content of "Business Recorder's editorial" is useful and sparks interest, as it keeps readers' interest in mind. However, Friday's editorial "Policy rate: What is in store" looks good in economic sense. But according to my observation, it lacks monetary aspect, which is the crux of monetary policy.
That rains and floods have wreaked havoc in various parts of the country, particularly Chitral and southern Punjab, is a fact that has found its best expression in dozens of swept away suspension bridges, uprooting of road networks and massive damage to crops and livestock. That the misery of the flood-affected people is profound is a fact that could be ascertained from the news reports that after witnessing an unprecedented damage to their property they are struggling for meals and safe drinking water. While hundreds of people in Chitral are still stranded - although a large number of such people have been rescued by soldiers - the relief efforts by provincial and federal authorities are too little and too late. The authorities have failed to respond to the calamity in a timely manner as they are yet to allocate adequate resources available for the affected people. Not only are the provincial and federal governments required to step up efforts towards this challenge, the nation as a whole must act with a view to reaching out to the distressed people without any further loss of time.
This letter refers to a Business Recorder op-ed "Is the end nigh?" by A B Shahid. The writer has raised a very important issue with regard to burgeoning population growth of Karachi and a profound lack of cemeteries in the city of teeming millions.
This refers to Business Recorder editorial "Almost a breakthrough" carried by the newspaper on July 12. It has raised a profound question with regard to the outcome of the Narendra Modi-Nawaz Sharif meeting on the sidelines of SCO in Russian city Ufa recently. It has asked: "Is it the positive atmospherics created by the back-to-back SCO and BRICS summits that triggered change in the tension-ridden bilateral relationship of the two countries, or is it the usual between the two?" and, it has answered this question by saying, "perhaps, it is both."


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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyJuly 23, 2015
Reserves $18.677 bln