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It’s time for dollar shower in the country with a holy touch. The road shows for raising sovereign Islamic bond have been blessed with massive response from international financial markets. Moody’s from Singapore has assigned a provisional Caa1 senior unsecured rating to the Pakistan’s Sukuk offering.
Last month marked three years since Steven Paul Jobs (popularly known as Steve Jobs), Apple’s co-founder and a modern era innovation czar, passed away. The nostalgia around the late technology billionaire, whose penchant for aesthetic design and purely-simple products won him millions of fans around the world, refuses to go away.
October was a slow month for local lenders. According to monthly credit data released by the State Bank of Pakistan (SBP), private sector credit off take dropped 52 percent year-on-year in October 2014. Recall that contrary to the earlier fears, credit to private sector businesses had not been hit by the end of first quarter, and the fact that 1QFY15 saw the biggest ever first-quarter borrowings in recent history was a testament to that. However, come October and the tables seem to have turned.
With positives encircling cement players, the sector has started regaining its lost charm on local bourse. While investors have been tied up in tweaking their earnings’ estimates, trading in cement stocks has been in full swing.
The imposition of moratorium on KASB Bank has shaken the confidence of depositors in the regulator as a lender of last resort and has disturbed the equilibrium of financial system. There were incidences in the past (post-privatization and deregulated regime) when a couple of banks had worse circumstances than what KASB had. But the regulator came to rescue, instead of asking them to pack their bags.
Yes, you heard it right. Pakistan has been exporting crude oil for some months now. And while there is nothing wrong with that, it sure sounds interesting especially considering that the country is energy deficient and meets a bulk of its need through imports. Starting in July 2014, crude oil exports seem to have a significant share in the total exports of the petroleum group that includes naphtha and other petroleum product exports. In 4MFY15, crude oil exports stood at 156,513 metric tons, which is equivalent to 1.32 million barrels of crude oil. In dollar terms, these exports have generated a foreign exchange of around $120 million in the first four months of FY15.
With petroleum imports tapering off one would have thought that the import bill would also follow suit. But that has not been the case. According to Pakistan Bureau of Statistics (PBS), imports were in fact up about 16 percent in the four months ending October 2014 as huge increases in imports under food group, machinery group and agri & other chemicals group offset the impact of tamed fuel imports.
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Index Closing Chg%
Arrow DJIA 17,814.94 0.02
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Banking Review 2013

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln