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Big or small, banks just love risk free returns. Well, who does not? Bank of Khyber (BoK) seems to have feasted on the opportunity thrown by the government during 1H CY14. BoK, like most its peers, has a high IDR in the 60s and almost muted deposit growth. The healthy top line growth, in all likelihood seems to have been driven by lucrative yields on government securities.
Monetary hawks will like the July import figures. But the same numbers will disappoint economic growth advocates. As per the latest PBS data, Pakistan's import shipments declined by a massive 22.5 percent in value over June 2014. They also went down by a noticeable 11.8 percent over July last year.
A sturdy financial system needs stakeholder confidence and public trust. Globally, regulators are now upping the companies website maintenance requirements. Here at home, the Securities and Exchange Commission of Pakistan (SECP) is also asking the firms to catch the drift of the digital age.
Adamjee Insurance (KSE: AICL) is witnessing its fortunes slip this year. With investment income losing luster and net claims touching the skies, AICLs bottom line dwindled by 44 percent year on year in 1H CY14.
Textile exports--Pakistan's largest export-earning segment--had shown some heart in the just-concluded FY14 by registering a 5.3 percent year-on-year growth. But now at the start of FY15, data show lower July textile exports compared to last year. Overall, the textile products fetched home $1.17 billion in July. At this level, year-end exports would register a paltry growth of mere two percent.
The outcome of prolonged, peaceful protests by PTI and PAT may or may not bring down the Sharif government, but they already seem to have swung the equilibrium of power away from the PML-N government to other stakeholders. Many positives could have emerged from the standoff--e.g. an elaborate agreement on electoral reforms--but sadly, the impasse has seemed to weaken democratic institutions.
For private sector credit supply, July has been the month of autumn. Never ever has July seen a positive net credit supply--not at least since the central bank started disseminating monthly credit data, going as far back as FY07: July, thus, was no different!


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.311 bln
Exports $2.027 bln
Imports $4.338 bln
WeeklyAugust 28, 2014
Reserves $13.582 bln