Pak Foreign exchange reserves stand at $17.47b
According to the State Bank of Pakistan, the reserves showed a decreased of $52.5 million as compared to the last week. Reserves held by the SBP fell to $14.02 billion from $14.11 billion a week ago, while those held by commercial banks rose to $3.45 billion from $3.41 billion.
Pakistan foreign reserves have surged by $4.51 during the fiscal year 2011.
Karachi: Foreign exchange reserves reduced by 72.1 million dollars
According to the figures issued by State Bank of Pakistan, the foreign exchange reserves fell to 17.31 billion dollars in the first week of February. During this period, the reserves held by the State Bank of Pakistan fell to $13.76 billion from $13.85 billion, while those held by commercial banks rose to $3.54 billion from $3.53 billion.
SBP issues report of 1st quarter performance
The State Bank of Pakistan has issued its report on the financial performance of the country in the first quarter of 2010-2011.
According to the report, it is expected that performance of agri sector would be improved in the coming months. It is said in the report that inflation remained higher than expected during the first six months of the financial year and this will continue in the coming months thats why SBP has estimated inflation at 15-16 percent in 2011.
Foreign Exchange Reserves Down by $24mn
Pak foreign exchange reserves witnessed record decrease of $2.4 crore this week.
According to State Bank of Pakistan (SBP) data, the foreign reserves reached 16.49 billion dollars after a nominal decrease. The SBP reserves recorded at Rs 12.63 crore while, reserves of commercial banks reached at 3.76 billion dollars.
SBP sells T-bills of Rs 8bn
State Bank of Pakistan has sold T-bills of worth Rs 8 billion through repo sales to inject liquidity in the money market.
The Central Bank sold T-bills for 7 days through repo sales on 12.32 percent annual interest rate. Money Market dealers made offers worth 8.50 billion rupees for T-bills buying.
Foreign exchange reserves down by $350.38 million
Foreign Exchange Reserves of Pakistan have come down by $350.38 million, trendpk.Com reported on Thursday.
According to the statistics of State Bank of Pakistan the total foreign exchange reserves of the country remained $16.39 billion on 4th December, 2010. The reserves of the central bank decreased by $320 million to reach $12.65 billion while that of commercial banks came down by $ 30.37 million to reach the level of $ 3.73 billion. According to the spokesman of the Stare Bank of Pakistan the decrease in the foreign exchange reserves happened due to payment of debts.
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.
SBP announces monetary policy for coming 2 months
State Bank of Pakistan (SBP) has announced the monetary policy for the coming two months, News Trends reported on Monday.
Inflation has been declared as the biggest problem of Pakistan whereas the basic interest rate has been increased from 13.5 percent to 14 percent.
The new monitory policy was announced during a meeting presided over by the president of State Bank Shahid Kardar in Lahore. According to the bank sources the interest rate has been increased in order to control inflation and to control the budget deficit due to increased number of loans taken by the government. The bank also decided that the provinces would not be given loans exceeding their revived limitations in future.
According to the monetary policy inflation since the month of January this year has been 12.5 percent greater than its rate during the same period last year. Serious concerns were also shown during the meeting over the increased number of loans taken by the government.
State Bank increases discount rate by 14 percent
November 29, 2010 by Trend PK
Filed under World News
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
SBP injects 9 billion in money market
The State Bank of Pakistan (SBP) has injected 9.70 billion rupees in the money market to fill the investment gap, Dunya News reported on Friday.
The central bank provided the money by purchasing treasury papers through open market operations. 12.27% annual interest rate would be charged by the bank on the money provided.
On the other hand money market dealers had offered treasury papers worth 20.40 billion rupees for the open market operations.
