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Money and Banking: Pakistan


The rupee tended lower slightly against the dollar on the local currency market, during the week, ended on October 18, 2014. In the interbank market, the rupee shed four paisa in relation to the dollar for buying and selling at Rs 102.88 and Rs 90, money experts said.

Meezan Bank, the first and largest Islamic Bank in Pakistan has successfully completed the acquisition of HSBC Pakistan over the weekend and all branches of HSBC opened today with the new purple Meezan look. "It is a historic day for Meezan Bank to have acquired the Pakistan business of one of the world's leading commercial Banks - HSBC", said Irfan Siddiqui, the founding President & CEO of Meezan Bank. He informed Business Recorder that Meezan will benefit from the international best practices and well trained and experienced staff who are joining Meezan Bank.
KP Chief Minister Pervez Khattak has said that the provincial government has allocated a fund of Rs 1 billion for first phase of the launching of Islamic Micro-Credit Scheme. The project would be implemented under the auspices of Bank of Khyber (BOK). The scheme will benefit 0.1 million persons. In case of success, more investment would be made in the scheme.
The futures spreads decreased by 15 basis points to close 10.14 per cent during the outgoing week ended on October 17, 2014. During the last week, trading activity on the future counter witnessed a downward trend and average daily volume dropped by 1.3 per cent to reach 11.79 million shares. Similarly, with an increase of 21 per cent, the average daily trading value surged to Rs 1.203 billion end of the last week.
Rupee-dollar parity rates moved higher on the currency market on Saturday in the process of subdued trading, dealers said. The rupee appreciated by 10-paisa against the dollar for buying and selling at Rs 102.50 and Rs 102.70 respectively. It also picked up 50-paisa in relation to the euro for buying and selling at Rs 130.50 and Rs 130.75 respectively, they said.
Firmness prevailed on the money market on Friday as the rupee improved slightly versus the dollar amid the process of trading, dealers said. The rupee held the overnight levels against the dollar for buying and selling at Rs 102.88 and Rs 102.90 respectively, they said.
Jubilee Life Insurance Managed Growth Fund Rates on Friday (October 17, 2014).


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 10, 2014
Reserves $13.401 bln