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Tuesday, September 29, 2009, Shawwal 09, 1430 |
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Business
News
SBP to keep
interest rates on hold
Staff Reporter
Karachi—The State Bank of Pakistan is likely to
keep interest rates on hold for the next two
months to the end of November on policymakers’
fears of rising inflation and fiscal slippages,
economists said on Monday. The State Bank is due
to announce its monetary policy for the next two
months on Tuesday. It cut the policy rate by 1
percentage point to 13 percent in August. “With
the fiscal framework unravelling, keeping rates
on hold would be the right thing to do at this
point,” said Sayem Ali, an economist at Standard
Chartered Bank. |
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full story»
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WB chief predicts
dollar losing global currency status
Washington—World Bank President Robert Zoellick
on Sunday warned that the United States should
not “take for granted” the US dollar’s role as
preeminent global reserve currency. “The United
States would be mistaken to take for granted the
dollar’s place as the world’s predominant
reserve currency, Zoellick said, in excerpts of
a speech to be delivered Monday. |
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full story»
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Food exports
witness negative growth
Islamabad—Food exports from Pakistan registered
negative growth of 31.87 percent during the
first two months of current financial year as
against the same period of the last year. Food
exports during July-August 2009-10 were recorded
at $411.252 million as against export of
$603.624 million recorded during July-August
2008-09, according to provisional figures
released by Federal Bureau of Revenue. |
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full story»
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Italy to provide
Pakistan 20m Euro TVET loan
Staff Reporter
Islamabad—Italian Government will provide a soft
loan of 20 million Euros to Pakistan for
promoting Technical and Vocational Education
Training (TVET) sector in Pakistan. This was
informed by the visiting delegation of Italy,
headed by Ms.Emma Gori which met with Chairman,
National Vocational and Technical Education
Commission (NAVTEC), Adnan A Khawja at his
office in the Prime Minister’s Secretariat, here
on Monday. Member, NAVTEC Board, Aamir Manoor,
Executive Director NAVTEC, Muhammad Athar Tahir
and Director General (Planning) of the
Commission, Muhammad Riaz were also present
during the meeting, says a statement issued here
today. |
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full story»
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Loan recipients
face slow recovery, risks
Monitoring Report
THE International Monetary Fund said that as
many as 20 countries getting loan support from
the Washington-based lender will probably face a
slow economic recovery as fiscal challenges
arise in the years ahead. The IMF, which has
rescued economies from Pakistan to Iceland since
the start of the global financial crisis, said
in a report today that, while there are signs of
stabilization in troubled countries, many loan
recipients may need assistance beyond their
current arrangements. The fund singled out
Latvia, Iceland and Ukraine as facing the
greatest difficulties. |
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full story»
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FOREX RATES |
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| USA |
83.05 |
82.85 |
| UK |
131.10 |
130.79 |
| Euro |
121.07 |
120.77 |
| Canada |
75.65 |
75.47 |
| Switzerland |
80.09 |
79.90 |
| Australia |
71.39 |
71.22 |
| Sweden |
11.84 |
11.81 |
| Japan |
0.9307 |
0.9285 |
| Norway |
14.17 |
14.14 |
| Singapore |
58.47 |
58.33 |
| Denmark |
16.27 |
16.23 |
| Saudi Arabia |
22.15 |
22.09 |
| Hong Kong |
10.72 |
10.69 |
| China |
12.16 |
12.13 |
| Kuwait |
289.73 |
289.03 |
| Malaysia |
23.88 |
23.82 |
| Newzealand |
59.26 |
59.11 |
| Qatar |
22.81 |
22.75 |
| UAE |
22.61 |
22.56 |
| KR WON |
0.0696 |
0.0694 |
| Thailand |
2.472 |
2.466 |
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©
Pakistan Observer 1998-2009,
All rights reserved |
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