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Money and Banking: Pakistan


The rupee managed to recover modestly against the dollar on the local currency market on Friday, dealers said. The rupee posted five-paisa against the dollar for buying and selling at Rs 101.83 and Rs 101.86, they said.

The following were the revised rates of debt securities on Friday (February 27, 2015).

The State Bank of Pakistan (SBP) fixed a minimum of Rs 500,000 processing fee for appeal against penalties slapped on irregularities by banks/DFIs. However, the processing fee will be refunded with the amount of refund to the concerned bank/DFI, if any amount of penalty contested is found tenable.
The State Bank of Pakistan (SBP) on Friday allowed exchange companies to enhance authorised and paid-up capital by the existing directors/shareholders without getting prior approval from the regulator. According to FE Circular No 02 of 2015, in order to encourage and facilitate all exchange companies including "B" category to increase their capital, it has been decided that henceforth prior approval of SBP regarding enhancement of authorised and paid-up capital by the existing directors/shareholders will not be required.
The Asian Development Bank (ADB) has approved a $30 million project loan to Engro Elengy Terminal Private Limited, a special purpose company which will build Pakistan''''s first liquefied natural gas (LNG) re-gasification terminal. "Pakistan urgently needs to utilise its existing power generation capacity fully, while reducing its reliance on costly imported diesel fuel for electricity generation," said Mohammed Azim Hashimi, an investment specialist in ADB''''s Private Sector Operations Department in a statement here on Friday.
The Board of Directors of JS Bank has decided to invest Rs 2 billion in four of its associated and subsidiary companies. Subject to regulatory and shareholders' approvals, the long-term strategic equity investment would be made in EFU Life Assurance Limited, EFU General Insurance Limited, JS Investments Limited and JS Global Capital Limited.
Governor State Bank of Pakistan Ashraf Mahmood Wathra has said that with strong commitment of the Government, SBP's strategic vision, sound legal and regulatory foundations, robust market infrastructure, technological and institutional innovations, and private sector dynamism, the trajectory of microfinance is set for achieving the long term vision of "financial inclusion for all" in Pakistan.


Index Closing Chg%
Arrow DJIA 18,132.70 0.45
Arrow Nasdaq 4,963.53 0.49
Arrow S&P 2,104.50 0.30
Arrow FTSE 6,946.66 0.04
Arrow DAX 11,401.66 0.66
Arrow CAC-40 4,951.48 0.83
Arrow Nikkei 18,797.94 0.06
Arrow H.Seng 24,823.29 0.32
Arrow Sensex 29,220.12 1.65

ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.703 bln
Exports $2.156 bln
Imports $3.859 bln
WeeklyFebruary 26, 2015
Reserves $15.944 bln