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Money and Banking: Pakistan


The rupee drifted slight lower in terms of the dollar on the money market in the process of trading on Saturday, dealers said. The rupee shed five paisa in relation to the dollar for buying and selling at Rs 102.50 and Rs 102.70, they said. The rupee also dropped 30 paisa against the euro for buying and selling at Rs 114.20 and Rs 114.45, they said.

The World Bank has said that despite a number of reforms in tax policy and administration, tax performance in Pakistan has worsened over the last decade, resulting in a low tax-to-GDP ratio (10 percent) compared to the South Asia region as well as rest of the world. It is learnt on Saturday that the WB has issued aide-memoire on Tax Component of the Trust Fund for Accelerating Growth and Revenue (TAGR) program.
Finance Minister, Senator Mohammad Ishaq Dar arrived in Baku, Azerbaijan to participate in the 48th annual meeting of Asian Development Bank (ADB) Board of Governors. He would also have other important meetings and engagements during his stay at Baku from 2-5 May, 2015, says a statement received here Saturday. The ADB Board of Governors meeting would open on May 4 preceded by Governors Roundtable on ''Fluctuating commodity prices and their impact on Asia''. Governors plenary on "Opportunities and Challenges for Livable Asian Cities" would be held on May, 5 followed by second business meeting.
Citibank N.A., Pakistan ("Citi Pakistan") recently held its globally acclaimed Planet Game and Treasury & Trade Solutions ("TTS") Seminar in Karachi. The two-day event featured an overview of the future of Cash Management and Trade in the region, and allowed participants to compete in a money markets and foreign exchange simulation game.
This is reference to an article appearing in Business Recorder yesterday which contains some serious incorrect statements attributed to KASB Bank. While inaccuracies are substantial in number, the factual position with respect to only some key points are explained below.
The World Bank on Thursday approved $50 million to improve skills training programs in priority growth sectors in Punjab. The project aims to improve the quality, labour market relevance and access to the training programs with a focus on the employability of graduate trainees.
The Management of KASB Bank clarifies that the article printed in Business Recorder on May 01, 2015 on page no. 19 with the title 'KASB Bank refutes MoF stance' is not issued by KASB Bank Limited or its Management. The stance taken in the referred article does not reflect KASB Bank's view point on the issue in any manner.


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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
WeeklyApril 30, 2015
Reserves $17.717 bln