Govt issues Rs 90.29bn currency notes
The government has issued new currency notes of Rs 90.29 billion in two weeks of November. Value of currency notes being circulated in market has reached Rs 16.53 trillion.
Value of currency notes during the current fiscal year has crossed Rs 2.76 trillion. Talking to trendpk.Com, economist Shahid Siddiqui said that the government issues new currency notes to hide its budget deficit, huge expenses and tax evasion. The government borrows from the State Bank of Pakistan and this step fuels inflation in the country, he added.
Profit of refineries on the decline
Profit of refineries has seen decline up to 20-22 percent during the first three months of current fiscal year. According to a report, industry margin remained 3-3.5 dollars per barrel in these months. Last year, the margin had reached from 50 cents to 1 dollar. Production cost and difference in crude oil price caused decline in the profits of the refineries. According to analysts, profits of refineries might be enhanced but the profits are mainly affected by circular debts.
Forex reserves overrun $16 billion
KARACHI: The volume of Foreign Exchange Reserves has overshot level of 16 billion dollars after a long gap, which were lastly seen to have crossed the same level on August 31 in the year 2007, Geo news reported.
The spokesman to Central Bank Mr. Syed Waseemuddin told Geo news the forex reserves were recorded standing at level of $16.129 billion at the end of current fiscal year on May 21 with addition of $5.87 dollar.
He said out of $16.129 billion, the State Bank of Pakistan (SBP) possesses $12.30 billion while the remaining $3.70 billion are deposited in country’s other commercial banks.
The recent rise in forex reserves occurred following US deposited $280.80 million meant for expenses allocated for war against terrorism, he added.
Pick up falls into ravine in Kohistan; 4 dead
KOHISTAN: Four people were killed and three others injured on Tuesday after a pick up slipped into ravine in District Kohistan.
A woman is also among the dead.
The victims were identified as Abdul Haq, Syed Ali, Saeed and Buner.
According to police sources, pick up fell into ravine after it took a sharp turn on a Keru area.
While three people sustained injuries.
According to sources, police shifted the dead and injured to a local hospital with the help of locals.
US acknowledges Pakistan has delivered: Qureshi
ISLAMABAD: Minister for Foreign Affairs, Shah Mehmood Qureshi said the United States has not only realized but also has acknowledged that the Pakistani nation has delivered their due role in fighting war against terrorism
He said, now the Americans have to do something extraordinary. Commenting on the the recently concluded strategic dialogue between Pakistan and the United States, he said it is a long process which has been initiated at last.
“You have to see the basic difference between the past and the present meetings. The level of interaction has been upgraded. You can see the level of participation. There are specifics and by the end of April, we will be delivered a big sum and by the end of current fiscal year, the backlog will be cleared,” he told media.
The Minister said it was agreed during the visit that the required equipment to fight insurgency, which was not being given for long, will not only be delivered but also fast tracked.
When asked that when will solid things like access to markets come to the fore, Shah Mahmood Qureshi said in order to achieve these things, there is a need to make an environment first, adding that earlier, US administration was not serious in giving us assistance.
He said, “It was agreed that Pakistan also needs economic assistance. We presented them a dossier of demands to tell them what we need.”
Tea Worth $16.41 Crore Was imported During First 8 Months
KARACHI PAKISTAN : Tea worth $16.41 crore was imported during first 8 months of current fiscal year, standing at 23% more in comparison with same period of last fiscal year.
According to the statistics released by State Bank of Pakistan (SBP), $1.99 crore tea was imported during the month of February 2010, which was 27% more than it was imported in February 2009 and was 35% less as compared to January this year.
Fiscal year 2009 saw import of $20 crore tea, which was 11% more than previous fiscal year.
Tea Worth $16.41 Crore Was imported During First 8 Months was first posted on March 19, 2010 at 3:03 pm.
Copyright @ A Pakistan News
Govt Sets Rs 430bn Target for T-bills Selling
Govt Sets Rs 430bn Target for T-bills Selling, The government has set the target to sell Rs 430 billion T-bills in the third quarter of 2010 fiscal year. According to State Bank of Pakistan (SBP), T-bills worth Rs 90 billion in January, Rs 180 billion in February and T-bills of Rs 160 billion would be sold in March. Overall target has been set to sell T-bills of Rs 430 billion. During the first quarter of current fiscal year, T-bills of Rs 150 billion were sold while T-bills of Rs 145 billion were sold in the 2nd quarter.
Govt Sets Rs 430bn Target for T-bills Selling was first posted on January 1, 2010 at 3:29 pm.
Govt Sets Rs 430bn Target for T-bills Selling
Govt Sets Rs 430bn Target for T-bills Selling, The government has set the target to sell Rs 430 billion T-bills in the third quarter of 2010 fiscal year. According to State Bank of Pakistan (SBP), T-bills worth Rs 90 billion in January, Rs 180 billion in February and T-bills of Rs 160 billion would be sold in March. Overall target has been set to sell T-bills of Rs 430 billion. During the first quarter of current fiscal year, T-bills of Rs 150 billion were sold while T-bills of Rs 145 billion were sold in the 2nd quarter.
Govt Sets Rs 430bn Target for T-bills Selling was first posted on January 1, 2010 at 3:29 pm.
Sale of Petroleum Products Increases by 16 Percent
Sale of Petroleum Products Increases by 16 Percent, During the first five months of current fiscal year, sale of petroleum products reached to 84 lac ton with an increase of 16 percent.
According to data, from July to November, sale of furnace oil was increased by 16 percent and sale of petrol increased by 39 percent. Purchase of fuel for thermal power plants has been increased this year due to energy crisis. Petroleum products sale has been decreased by 13 percent on monthly bases while it has increased on annual bases.
Sale of Petroleum Products Increases by 16 Percent was first posted on December 9, 2009 at 8:14 pm.
Sale of Petroleum Products Increases by 16 Percent
Sale of Petroleum Products Increases by 16 Percent, During the first five months of current fiscal year, sale of petroleum products reached to 84 lac ton with an increase of 16 percent.
According to data, from July to November, sale of furnace oil was increased by 16 percent and sale of petrol increased by 39 percent. Purchase of fuel for thermal power plants has been increased this year due to energy crisis. Petroleum products sale has been decreased by 13 percent on monthly bases while it has increased on annual bases.
Sale of Petroleum Products Increases by 16 Percent was first posted on December 9, 2009 at 8:14 pm.
