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Money and Banking: Pakistan


The rupee moved down slightly against the dollar on the money market on Saturday in the process of trading, dealers said. The rupee appreciated by around 12 percent versus the dollar during the last five months, money experts said. However, during the last closing sessions, the rupee depreciated following the remarks by the Finance Minister the dollar would be kept around Rs 98 to support the export sector. Dar's remarks caused a panic buying of dollars, they added.

In a frank discourse, the former Governor of State Bank of Pakistan and head of Institute of Business Administration, Dr Ishrat Husain, has sought to quantify the cost borne by country''''s economy due to recent judgements of superior courts. In a paper that he read at the International Judicial Conference in Islamabad on Saturday, Dr Husain cited four factors that have led to inflict a profound damage on the country''''s economic potential.
Finance Minister Ishaq Dar on Saturday said the government target is to mobilise Rs 200 billion to Rs 250 billion through privatisation of State Owned Enterprises (SOEs) by September 2014. In an interview with Aaj News, the minister further stated that the International Monetary Fund (IMF) would not have any objection to a delay in sell-off of SOEs as he has been able to convince them about a marginal adjustment in the timeframe of planned capital market transaction.
Dollar managed to recover some lost ground against the rupee on the back of payment requirements, dealers at the local currency market said on Friday. The dollars were in demand that day to meet the payment requirements, experts said, adding it was most likely that the rupee might recover its loss in the near future.
Reacting to Federal Finance Minister Ishaq Dar''s interview on television that exporters are feeling uncomfortable with a Rs 96 to a dollar parity and that it should be around Rs 98, PKR weakened on Friday by a rupee against the greenback. The interbank trading was at Rs 97.50 while the gap between the interbank and open market rate remained at one rupee due to a massive conversion by Afghan traders in Peshawar.
Jubilee Life Insurance Managed Growth Fund Rates on Friday (April 18, 2014).

Jubilee Life Insurance Capital Growth Fund Rates on Friday (April 18, 2014).


Index Closing Chg%
Arrow DJIA 16,408.54 0.10
Arrow Nasdaq 4,095.52 0.23
Arrow S&P 1,864.85 0.14
Arrow FTSE 6,625.25 0.62
Arrow DAX 9,409.71 0.99
Arrow CAC-40 4,431.81 0.59
Arrow Nikkei 14,516.27 0.68
Arrow H.Seng 22,760.24 0.28
Arrow Sensex 22,628.84 1.58

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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln