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Governor State Bank of Pakistan Ashraf Mahmood Wathra announced a reduction in the policy rate by 100 basis points - from 8 percent to 7 percent - and introduced changes in interest rate corridor with a cut from 250 basis points to 200 basis points. Wathra made a very brief statement on Monetary Policy decisions applicable for the next two months. He announced the introduction of the SPB target rate for money market overnight repo - a rate that would be specified within the ceiling and the floor rate.

Savings-investment gap persists
Finance Minister Ishaq Dar has categorically stated that there is not going to be any tax on foreign remittances. His statement or clarification came a day after chairman Federal Board of Revenue (FBR) Tariq Bajwa reportedly told the Senate Standing Committee on Finance that the government is considering to imposing some restrictions on foreign remittance and it would be submitted to the federal cabinet for approval.
The Philippines' current account surplus is expected to reach a record $14.2 billion this year, the Bangko Sentral ng Pilipinas said on Friday, giving the country sufficient buffers to withstand global economic and financial shocks. BSP Deputy Governor Diwa Guinigundo said the new current account estimate, which is sharply higher than a previous forecast of $6.8 billion, will be fuelled by strong inflows from remittances, business process outsourcing, tourism and a narrower trade deficit.
The Economic Co-ordination Committee (ECC) of the Cabinet has decided to withdraw billions of rupees power subsidy by denying relief to consumers on account of different surcharges and fuel cost adjustment. The government has taken the decision to deny refund of fuel price adjustment to power consumers below 300 unit monthly consumers and a reduction in tariff on account of various surcharges after these were suspended by the court.
Finance Minister Ishaq Dar will launch Pakistan's first-ever National Financial Inclusion Strategy (NFIS) on Friday in Islamabad. The strategy has been agreed to at the national level following extensive consultation with stakeholders. It is being championed by State Bank of Pakistan (SBP), with shared leadership from the Ministry of Finance and Securities & Exchange Commission of Pakistan (SECP). Pakistan has developed its first-ever National Financial Inclusion Strategy to build a momentum and push forward reforms to achieve universal financial inclusion in an integrated and sustained manner.
Pakistan and Turkmenistan Wednesday resolved to make earnest efforts for early implementation of a trans-regional TAPI gas pipeline project, terming it a game changer and a win-win situation for all stakeholders. "We stressed the need for fast-tracking progress on trans-regional energy projects, including TAPI to advance the goal of greater regional integration," Prime Minister Nawaz Sharif said while addressing a joint press stakeout along with President of Turkmenistan Gurbanguly Berdimuhamedov here.
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Index Closing Chg%
Arrow DJIA 18,126.12 0.20
Arrow Nasdaq 5,097.98 0.17
Arrow S&P 2,120.79 0.13
Arrow FTSE 7,040.92 1.11
Arrow DAX 11,677.57 0.79
Arrow CAC-40 5,137.83 0.86
Arrow Nikkei 20,551.46 0.39
Arrow H.Seng 27,454.31 2.23
Arrow Sensex 27,506.71 0.21

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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 $-1.795 bln
Exports $1.995 bln
Imports $3.790 bln
WeeklyMay 28, 2015
Reserves $17.494 bln