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Budgets: 2010-11

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The government on Saturday announced a consolidated budget outlay of Rs 3.259 trillion for next fiscal year, with 4 percent budget deficit, and what the Federal Finance Minister was careful to refer to as deferring the reforms of GST, understood by the galleries as reluctant to use the three-letter word ''VAT'', till October 1, 2010 instead of July 1, 2010, but increased the GST from existing 16 to 17 percent.

The government has increased defence allocations in 2010-11 budget by Rs 99,260 million to Rs 442.1 billion as compared to the Rs 342.9 billion defence allocations of on-going fiscal year, mainly due to military operations against terrorists.
The government has earmarked Rs 663 billion for development in the 2010-11 budget, which envisages Rs 280 billion federal and Rs 373 billion provincial share. According to budget documents, Rs 10 billion has been earmarked for Erra for financial year 2010-11.
The government has targeted 4.5 percent GDP growth rate for the financial year 2010-11, with the following sectoral contributions: agriculture 3.8 percent, manufacturing 5.6 percent, and services sector 4.7 percent. The production targets of wheat and rice have been set at 25 million tons and 6.2 million tons, respectively, for 2010-11.
10 percent tax credit on BMR & Expansion between fiscal year 2010-2015
Privatisation as an economic tool to lower the haemorrhaging of the Budget still needs a political consensus within the Pakistan People''s Party as nil inflow from privatisation process has been shown in the 2010-11 budget documents.
In a bid to decrease the cost of vegetable ghee and oil, the government has reduced customs duty on crude palm oil by Rs 1000 per metric ton from Rs 9000/MT to Rs 8000/MT. The duty structure on the import of old and used cars, re-conditioned vehicles and other cars has not been changed.

China Wholesale

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Banking Review 2011


The Wall

ArrowEuro 1.3158
ArrowSterling 1.5815
ArrowSwiss Franc 0.9182
ArrowYen 76.6015
ArrowGold 1740.300
ArrowCotton 96.340
ArrowOil 97.840
Index Closing Chg%
Arrow DJIA 12,862.20 1.23
Arrow Nasdaq 2,905.66 1.61
Arrow S&P 1,344.90 1.46
Arrow FTSE 5,901.07 1.81
Arrow DAX 6,766.67 1.67
Arrow CAC-40 3,427.92 1.52
Arrow Nikkei 8,831.93 0.51
Arrow H.Seng 20,757.00 0.08
Arrow Sensex 17,605.00 0.99

The Rupee

Interbank closing rates for dollar on Saturday.
BuyingRs 90.40
SellingRs 90.45
Rates keep coming down

Annual2010/11
Foreign Debt $59.53bn
Per Cap Income $1254
GDP Growth 2.4%
Average CPI 14.10%
MonthlyDecember
Trade Balance $-2.41 bln
Exports $1.85 bln
Imports $1.26 bln
WeeklyJanuary 26, 2012
Reserves $16.802 bln
ArrowBRIndex-30 9,104.17
ArrowKSE-30 Index 11,258.08
ArrowKSE-100 Index 11,982.62
ArrowLSE-25 Index 3,122.96
ArrowISE-10 Index 2,627.71
ArrowGold Per 10gm 50,914.00
ArrowKCA Spot Rate 5,700.00
ArrowLibor Rate 0.76850

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