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The government has withdrawn tax exemption powers of Economic Co-ordination Committee (ECC) of the Cabinet as per agreement with the lenders including the International Monetary Fund (IMF). Finance Minister Senator Ishaq Dar, who is also the chairman of the ECC rejected two tax exemption related summaries submitted by the Ministry of Petroleum and Ministry of Ports and Shipping in July 8, 2015 meeting of the committee.

The State Bank of Pakistan (SBP) has kept the policy rate unchanged at 6.5 percent. In the previous policy it had reduced the ceiling of interest rates corridor by 100 bps to seven percent. It had also introduced a new target rate which it termed as policy rate, at 50 bps below the ceiling rate. This target rate is the policy rate and SBP kept it unchanged this time around, at 6.5 percent while making the ceiling rate irrelevant for market interest rates. Hence, effectively the previous easing was of 150 bps and no change this time around.
According to latest Meteorological and Hydrological conditions observed by Flood Forecasting Division Lahore, River Indus at Kalabagh is likely to attain high flood level ranging between 550,000 cusecs to 600,000 cusecs during the period from 1400 PST of 27th July 2015 to 1400 PST of 28th July 2015. River Indus at Chashma is also likely to attain high flood level ranging between 550,000 cusecs to 600,000 cusecs during the period from 0100 PST of 28th July 2015 to 0100 PST of 29th July 2015.
Iran has assets of $29 billion in overseas banks that could be unlocked under a nuclear deal - far less than reported estimates of over $100 billion, the country's central bank chief said. Valiollah Seif told state television late Saturday that the holdings comprised $23 billion in foreign exchange belonging to the bank and another $6 billion of the Tehran government's money.
Iran's foreign minister called on Sunday for a united front among Middle Eastern nations to fight militancy, in his first regional trip since Iran reached an agreement with world powers on the country's nuclear programme - an agreement that raised fears among its Gulf Arab neighbours.
Bollywood superstar Salman Khan urged India's top court Sunday to spare the life of a convicted bomb plotter due to be hanged this week, declaring him innocent and sparking a political furore. The Supreme Court is expected on Monday to hear a last-ditch appeal from Yakub Memon, convicted of being a key plotter of a series of bomb blasts that killed hundreds in Mumbai two decades ago - the deadliest such attacks in India's history.
The rupee moved cautiously against the dollar amid shortened week due to Eid-ul-Fitr holidays, ended on July 25, 2015. In the interbank market, the rupee picked up three paisas versus the dollar for buying and selling at Rs 101.84 and the national currency rose by five paisas for selling at Rs 101.85.


Index Closing Chg%
Arrow DJIA 17,440.59 0.73
Arrow Nasdaq 5,039.78 0.96
Arrow S&P 2,067.64 0.58
Arrow FTSE 6,505.13 1.13
Arrow DAX 11,056.40 2.56
Arrow CAC-40 4,927.60 2.57
Arrow Nikkei 20,350.10 0.95
Arrow H.Seng 24,351.96 3.09
Arrow Sensex 27,561.38 1.96

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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 $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyJuly 23, 2015
Reserves $18.677 bln