FX reserves surge to $11.64bn
Country's foreign exchange reserves have increased by $130 million to $11.64 billion in the week ended on June 13, State Bank of Pakistan (SBP) spokesman said Thursday.
The SBP's reserves edged up to $8.30 billion from $8.20 billion a week earlier, while reserves held by commercial banks surged to $3.34 billion from the previous week's $3.31 billion, the spokesman added. He did not give any particular reason behind the rise in reserves. Foreign reserves hit a record high of $16.5 billion in October 2007 but fell steadily to $6.6 billion by November last year, largely owing to a soaring import bill, before government agreed in November to an IMF emergency loan package of $7.6 billion to avert a balance of payments crisis and shore up reserves.-Agencies more... (FD)
JPMorgan says Pakistan best bond investment
Despite a continued sense of tension with India and open hostility along the Afghan border, the country's bond market is the best in the world, said JPMorgan Chase & Co. And, the stock market may be the next more... (FD)
No need to review privatisation of KESC: Naveed
Federal Minister for Privatisation and Investment Syed Naveed Qamar Thursday said that there was no need to review the privatisation of Karachi Electric Supply Company (KESC) rather the focus should be make on its improvement. Talking to a private television channel the Minister said that if there was some negative feedback of the privatised entities it doesn't mean that we should go back to nationalisation more... (BR)