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Here we go again! The fiscal year 2014 has not even started and the federal fiscal deficit target for the year has already been breached by roughly 0.3 percent.
Three different political parties rule in three different provinces, and all of them have now presented their budgets. To analyse their development budgets, it must be kept in mind that Khyber Pakhtunkhwa, Punjab and Sindh not only have different geographies and unique local economies, but also receive a proportionate amount of funds from the federal divisible pool.
Nope! that is not a misspell. It is in fact exactly what happened to first Chinese currency swap auction held on June 4: it was swatted down by the market.
Pakistans market is hailed as an innovation laboratory for branchless banking (BB) services within the South Asia region as well as outside. But it seems that Pakistans regional leadership could soon be taken over by a relatively late entrant in the sector: Bangladesh.
Many common streaks from the previous provincial budget highlight Punjabs budget for 2013-14. Only this time, it will be relatively easier with the backing of Islamabad. And not surprisingly, the budget for the province is not too conflicting with the attitude adopted by the federal government.
The current account deficit stayed tame in May, thus curtailing the 11-month deficit within one percent of GDP. And this deficit is half of what it was in the corresponding period last year. But that is more of a stroke of luck than an outcome of smart policy framework.
For the ladies in Sindh, it will now cost an additional 10 percent to look all pretty and nice. Thats a part of Qaim Ali Shahs plans to increase provincial tax revenues; sales tax on services to be specific. Presenting the Sindh budget this week, the Chief Minister said that his government will not raise GST on services to 17 percent but certain new services like beauty parlours (exceeding annual turnover of up to Rs3.6 million) and race clubs will be brought in the tax net. The beautician services will be taxed at the reduced rate of 10 percent.
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Banking Review 2012

Annual2011/12
Foreign Debt $65.562bn
Per Cap Income $1,372
GDP Growth 3.7%
Average CPI 10.08%
MonthlyMay
Trade Balance $-2.171 bln
Exports $2.175 bln
Imports $4.346 bln
WeeklyJune 17, 2013
Reserves $11.446 bln