Forex reserves down by $74.9 million
The country's total liquid foreign exchange reserves fell by $74.9 million during the last week ended February 1, 2013. According to State Bank of Pakistan (SBP), the country's total liquid foreign exchange reserves fell to $13.474 billion during the last week as compared to $13.549 billion a week earlier. Reserves held by SBP witnessed a decline of $67.8 million to $8.586 billion from $8.654 billion. more... (BR)
SECP registers 329 companies in January
The Securities and Exchange Commission of Pakistan (SECP) has said that it registered 329 companies in January, with Lahore office registering the highest number of firms.Authorised and paid-up capital of these companies is Rs5 billion and Rs573 million respectively, says an SECP press release.
Cement exports decline, local consumption improves
A slow recovery in domestic cement consumption during the first seven months of this fiscal year saved the day for the cement industry, which has been constantly losing its export market since last year. January was another good month for domestic market and bad for exports.
SBP stresses for sound management of operational risks
State Bank of Pakistan (SBP) Governor Yaseen Anwar has stressed the need for inculcating a risk culture within the organisation with open communication channels between business lines and control functions for the sound management of operational risks. more... (DT)
No change in discount rate expected: MPS today
The State Bank of Pakistan (SBP) will release Monetary Policy Statement (MPS) today (Friday) for next two months with expectations of no change in discount rate. Economists and analysts believed that the SBP will keep the policy rate stable at 9.5 percent ahead of escalating inflationary pressure on the economy and higher government borrowings to meet the high fiscal deficit. more... (BR)
Macroeconomic environment for Pakistan remains lacklustre
Moody’s Investors Service maintained Pakistan’s Caa1 rating and assessed that the low economic growth has been targeted by the protracted energy crisis, whereas inconsistent policies, supply-side constraints and ineffective policies have resulted in fiscal weakness. more... (TN)