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Finance Minister Senator Ishaq Dar has reportedly supported the withdrawal of a Regulatory Duty (RD) on import of raw materials of auto parts, well informed sources told Business Recorder. This was the crux of a meeting between the Finance Minister and representatives of Pakistan Association of Automobile Parts & Accessories Manufacturers (PAAPAM) , held at the FBR headquarters on May 21,2015.

The Finance Division here Saturday issued notification regarding removal of Mohammad Akhtar Buland Rana from the office of the Auditor General of Pakistan. The notification said that in accordance with Supreme Judicial Council's report which opines that Muhammad Akhtar Buland Rana has committed misconduct on numerous occasions, making him liable to be removed from his office, the President in pursuance of article 168(5) read with article 209(6) of the Constitution has been pleased to remove Muhammad Akhtar Buland Rana from the Office of the Auditor General of Pakistan with immediate effect.
Federal Minister for Interior Chaudhary Nisar Ali Khan on Saturday said the government has decided to contact Federal Bureau of Intelligence (FBI) and Interpol for assistance in holding a thorough probe into the Axact scam. Speaking at a press conference, he said that FIA has acquired substantive evidence regarding the scam due to which the government has decided to write a letter to FBI to provide legal assistance in the probe into the Axact affairs. Similarly, a letter would be written to Interpol in this regard.
The Bank of England revealed Friday that it is researching the economic risks of Britain leaving the European Union, just as Prime Minister David Cameron began negotiations with EU leaders ahead of a referendum on membership. The central bank study, which could have a major impact on the debate over Britain's future within the bloc, was due to remain confidential but details were accidentally emailed to an editor at The Guardian newspaper.
Federal government has been accused of bypassing Council of Common Interest (CCI) and Parliament on all contentious issues between federation and provinces, including the China-Pakistan Economic Corridor (CPEC), LNG import and appointments. The ruling party has shown a clear preference for discussing such issues at an All-Party Conference (APC) or a Parliamentary Parties' moot levels presided over by the Prime Minister at Prime Minister Office.
Governor State Bank of Pakistan Ashraf Mahmood Wathra announced a reduction in the policy rate by 100 basis points - from 8 percent to 7 percent - and introduced changes in interest rate corridor with a cut from 250 basis points to 200 basis points. Wathra made a very brief statement on Monetary Policy decisions applicable for the next two months. He announced the introduction of the SPB target rate for money market overnight repo - a rate that would be specified within the ceiling and the floor rate.
- Savings-investment gap persists
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Index Closing Chg%
Arrow DJIA 18,232.02 0.29
Arrow Nasdaq 5,089.36 0.03
Arrow S&P 2,126.06 0.22
Arrow FTSE 7,031.72 0.05
Arrow DAX 11,815.01 0.42
Arrow CAC-40 5,142.89 0.07
Arrow Nikkei 20,264.41 0.30
Arrow H.Seng 27,992.83 1.70
Arrow Sensex 27,957.50 0.53

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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 $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyMay 21, 2015
Reserves $17.75 bln