State Bank increases discount rate by 14 percent

Staff Report

LAHORE: The State Bank of Pakistan has announced Monetary Policy for next two months on Monday, increasing the discount rate by 14 percent.

During the press conference, the director of State Bank Hamza Ali Malik told media that discount rate has been increased to control inflation.

AGENCIES ADD: Pakistan’s central bank on Monday raised its benchmark interest rate by 0.5 percent to 14 percent, warning for the second time in two months that rising inflation was impacting the economy.

The State Bank of Pakistan attributed rising inflation to relentless government borrowing and the fallout from catastrophic flooding, and said inflation could remain in double digits into the next fiscal year, beginning July 2011.

“The economy’s ability to achieve sustainable recovery remains constrained owing to slow progress in the prevailing

What Time Is The Health Care Vote

The questions that’s been bugging most people in the us, What Time is the Health Care Vote? When will the Results of the Health Care Vote launch? I have no idea and I think no-one can really knows precisely when the results will be launched, we will just settle for the next best thing. We’ve got been scouring the net for information regarding today’s Health Care Vote and we can do a little compilation. This might shed some light as to the outcome of today’s Health Care Vote.

Below are the unofficial results of the Health Care Vote. These were compiled using news articles from other news sites.

Votes announced earlier today, the votes may not come from votes that will actually be counted but it’s nice to see how they view the Health Care Reform Bill. (unverified)

Rep. Dennis Cardoza still remains UNDECIDED
Rep. Joe Donnelly switches from his “Yes” vote to NO
Rep. Dennis Kucinich from No to “YES”
Rep. Eliot Engel says YES
Rep. Mike Shuler is UNDECIDED
Rep. Charlie Wilson also UNDECIDED
Rep. Betty Sutton undecided but leaning on a YES
John Tanner – NO
Bart Gordon -NO
Brian Baird – NO
Vice President Biden an obvious YES
Rep. Luis Gutierrez says “YES”
Rep. Mark Schauer still “YES”
White House Press Secretary Robert Gibbs, Conform he still in “Yes” positions.

Bristol Motor Speedway

Latest  Update News:-“I’m real proud of Justin. He ran a good hard race. He had the opportunity on the last restart to use me up and he did. That’s cool because I wrecked him here last year, so I had one coming (smiles). He’s been running great and I’m really happy for his team and for Roger Penske.

Larry Pearson’s car had already slowed after spinning during today’s Legends race at Bristol Motor Speedway. The impact of Carlie Glotzbach’s car smashing into his driver’s side door knocked him unconscious.

Glotzbach walked gingerly away from the wreck. Pearson had to be cut from his car. He was conscious when put on a stretcher and into an ambulance where he was transported to Wellmont Regional Medical Center in nearby Johnson City, Tenn.Larry Pearson’s car had already slowed after spinning during today’s Legends race at Bristol Motor Speedway. The impact of Carlie Glotzbach’s car smashing into his driver’s side door knocked him unconscious.
Glotzbach walked gingerly away from the wreck. Pearson had to be cut from his car. He was conscious when put on a stretcher and into an ambulance where he was transported to Wellmont Regional Medical Center in nearby Johnson City, Tenn.

A great effort for our Nationwide Series team. I hope everyone back home is really proud of that one at Penske Racing. I’m glad to have another solid finish with the Discount Tire/Ruby Tuesday Dodge. This gets us right to where we need to be in points. I’m sure we’re closing in on the point lead. I feel really good about our effort and feel really good on how we’re running. I’m real proud of this team.”

Bulls contribute 106 points to 100 Index

Full Story And Original Content.TrendPK.com KARACHI: Karachi Stock Exchange (KSE) witnessed bullish activity as the benchmark KSE-100 Index gained 106 points to close at 9,251. The market opened with green numbers and remained in the positive territory throughout the session.

Full Story And Original Content.TrendPK.com KARACHI: Karachi Stock Exchange (KSE) witnessed bullish activity as the benchmark KSE-100 Index gained 106 points to close at 9,251.
The market opened with green numbers and remained in the positive territory throughout the session.
The reports of reduction in the cut-off yield on one-year term T-Bills and slashing of the discount rate [...]

State Bank Of Pakistan Reduced By 100 Points

PAKISTAN, ISLAMABAD: State Bank of Pakistan has slashed the discount rate by 100 basis points.
At a press conference here Saturday, Governor SBP Syed Saleem Raza announced the monetary policy.
He announced that the SBP has decided to slash the discount rate by 100 basis points. “The SBP has cut the discount rate by one percentage points from the current 14 per cent,” Raza said.

The governor said GDP ratio reaches 2.1 pc. He said foreign exchange reserves improved sharply and stood at $9.1 billion.

The SBP has cut the discount rate by one percentage points from the current 14 per cent. It had cut the rate by one percentage point in April this year from 15 to 14 per cent.

The central bank also changed the interest rate mechanism to bring transparency in Repurchase Offered (repo) rate as well as reverse repo rate as recommended by the International Monetary Fund (IMF).

He said that IMF has appreciated Pakistan’s economic performance, adding that due to the inflation the export dropped by 5.9 pc.

“In recognition of the positive macroeconomic developments and to provide impetus for growth, while remaining entirely aware and not underestimating risks and challenges, the state bank has decided to cut the policy rate by 100 basis points,” Raza told a briefing.

The frequency of monetary policy announcements would be increased from four to six times a year and would be made in the last week of September, November, January, March, May and July, he said.

Masood Azhar As Terrorist, China Refuses India’s Request

NEW DELHI: China has turned down India’s request to declare Masood Azhar, chief of Pakistan-based Jaish-e-Mohammed group, a terrorist and be sanctioned by the UN Security Council’s 1267 committee.

Chinese officials told their Indian counterparts that theirs was a “technical” hold. No amount of Indian explanation that the decision was “political” succeeded in persuading the Chinese. India held its last round of talks on the subject of Azhar with the Chinese during last weekend’s boundary talks between national security adviser MK Narayanan and China’s state councilor, Dai Bingguo.

It was in mid-July that India asked China, by then the only country to put a “hold” on Azhar’s ban, about its decision to block the declaration. According to top level officials, China had reportedly said they had not seen all the information. Consequently, India sent along a lot of information that it thought would help in persuading China.

In fact, after the Xinjiang unrest in early July, India believed, China would have a greater understanding of Islamic terrorism.

But China’s decision, said officials, continues to be led by its relations with Pakistan, which has housed Masood Azhar. In December, it was only after Pakistan gave the go-ahead that China lifted its hold on Laskar-e-Taiba chief Mohammed Hafiz Saeed. Saeed was put on the “consolidated” list of the UNSC’s 1267 committee after which Pakistan put him under house arrest.

On Masood Azhar, UK had initially joined China in placing a “hold” on the three names that India had sent to the 1267 sanctions committee — the others being Azam Cheema and Abdul Rahman “Makki”. UK lifted its hold after India protested diplomatically.

Pakistan last week declared that it had banned 25 terror organizations operating on its soil, among them Jaish-e-Mohammed (which was renamed Jamaat-ul-Furqan after being banned by Pervez Musharraf in 2002) and Khuddam-ul-Islam, another India-centric group started by Azhar.