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Hostilities between rivals India and Pakistan on Wednesday threatened to scupper efforts by South Asian leaders to boost trade among almost a quarter of the world's people, throwing into doubt any prospect of a regional customs union. India-Pakistan bickering spilled into a two-day regional summit in Kathmandu, and their leaders refused to meet. Indian and Nepali officials claimed Pakistan declined to sign three multilateral pacts with the eight members of the South Asian Association for Regional Co-operation (SAARC).

Afghanistan's new president told the Indian and Pakistani leaders Wednesday he would not let his country become the battleground for a proxy war. The imminent departure of NATO combat troops from Afghanistan has raised fears that India-Pakistan rivalry could escalate, further destabilising the two countries' troubled neighbour as it tries to rebuild after decades of war.
Prime Minister Nawaz Sharif on Wednesday said his vision for the region was of a 'dispute-free South Asia'. "We should build on convergences, minimise divergences and most of all, seek to augment complementarities for the greater good of the people of this region," the Prime Minister said in his address to the 18th summit of South Asian Association of Regional Co-operation (SAARC).
Pakistan has successfully returned to the international Sukuk market, with the issuance of US dollar-denominated Sukuk Notes under Reg-S/144a format. The last international Sukuk was issued nine years ago. The government was seeking to raise only US $500 million. However, the issue received a very high response from investors who made a subscription of US $2.3 billion, which was nearly five times of the target amount.
The Cabinet Committee on Privatisation (CCoP) Wednesday approved the transaction structure for divestment of government stake in Allied Bank Limited (ABL). A meeting of the CCoP chaired by Finance Minister Ishaq Dar through a video-con from London approved the transaction structure of ABL shares.
European Commission chief Jean-Claude Juncker revealed a huge 315-billion euro investment plan Wednesday to "kickstart" the stalling economy, saying it would show the world Europe is back in business. The eagerly-awaited plan, the keystone of Juncker's five-year mandate, involves the EU setting up a 21-billion-euro ($26 billion) fund with the aim of drawing in 15 times that amount in private investment.
A kind of firmness prevailed on the currency market on Wednesday in the process of trading, dealers said. The rupee recovered six paisa versus the dollar for buying and selling at Rs 101.79 and Rs 101.81, they said.
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Banking Review 2013


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlySeptember
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln