FOR THE RECORD
 

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Sep 05 - 11, 2005
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"The central bank was left with no option but to pick liquidity in three months by paying extra price. I think raising yield by 18 basis points must be discomforting for the SBP. This was the best option for it, or conducting OMO for large amount would have been like pushing it to the wall. But what is more worrying for the market is the narrowing of gap between the three tenors."

(A chief dealer of a foreign bank commented on SBP's decision of raising three-month treasury bills yield by 18 bps.)

"We have achieved the target of credibility and transparency of our privatisation process, which has boosted the investors' confidence and interest in Pakistan," says Dr Abdul Hafeez Shaikh.

(Privatisation program was reviewed in a meeting of the Privatisation Commission Board)

"It's not out of the question that $80 could be the next barrier if there's long-term damage," said Gerard Burg, minerals and energy economist at National Australia Bank.

(Oil hits record near $71 after Katrina)

"It had to perform exceptionally well to prove its worth in the banking field. The rate of its expansion was higher than the rate of induction of the competent professionals and it was a source of concern," says Dr Ishrat Hussain, Governor State Bank of Pakistan.

(Governor State Bank said that Islamic banking has a lot of potential for growth in Pakistan but highly trained professionals are needed to run the system firmly entrenched in Shariah.)

"I will try my best to do justice with every province in the award," President Gen Pervez Musharraf.

(The National Finance Commission Award would be announced by next month.)

"If the oil prices continue to increase, the government might enhance inflation target from eight per cent to nine per cent during 2005-06," an official source claimed.

(The continued increase in international oil prices might force the government to revise upward inflation target set for 2005-06.)

"This is a major catastrophe," White House press secretary Scott McClellan told reporters. He said the government was declaring the hurricane to be an "incident of national significance," a designation that triggers a national emergency plan.

(The hurricane Katrina along America's Gulf Coast has created great chaos throughout USA).

"It has been decided to keep export refinance rate of 7.5 per cent unchanged for the second consecutive month in September," State Bank of Pakistan.

(The stability in the benchmark six-month treasury bills yields in July-August has helped the central bank keep its export refinance rate unchanged during August and September.)

"The tariff for all companies of the Water and Power Development Authority is likely to be increased by an average of five per cent or more than 20 paisa per unit in the second week of September," sources claimed.

(Electricity prices will increase by 5% in September.)

"Central recording and processing centre will be located in Karachi and backup stations will be located in Quetta and Peshawar/Islamabad. Data recorded by all the broadband stations together with that of the local area seismic networks will be transmitted through VSAT to the central station in Karachi," said Director-General of PMD, Dr Qamaruzzaman Chaudhry .

(The Pakistan Meteorological Department has started to establish a seismic activity monitoring project worth Rs193 million.)

"The ongoing training camp was just a fitness training session but not a full-fledged training session as the coaches are concentrating on the physical fitness of the players while batting and bowling training will be done in the next camp," Inzamam ul Haq.

(Inzamamul Haq, the Pakistan cricket team captain, said that the conditions of fitness and discipline would be the selection criterion for every player.)

"Pakistan's foreign exchange reserves registered a major decline of $122 million to bring down the total to $12.239 billion," State Bank's official release claimed.

(Experts believe that the rising oil prices, which hit record $70 per barrel has created enormous pressure on Pakistan's oil bills and the decline in reserves reflect the situation.)

 

"State Bank of Pakistan (SBP) will be introducing a new currency note of Rs 5000 denomination by the end of 2005," official sources of SBP revealed.

(SBP will issue Rs. 5000 note soon)

"The Central Board of Revenue (CBR) had collected Rs 35.639 billion till August 29, 2005, and it is expected that the final tax collection for the month would reach the monthly target of Rs 41 billion when the final figures are available in the next 15 days."

"It will cost over $100 million, but it is not yet decided how long the contracts are for. We have also discussed joint ventures with Indian companies in Pakistan, but for this we would need government support," Jawed Mughal of Mughal Steel.

(The country's steel production units have placed orders to import $102 million equipment from India and are now due to meet authorities in Islamabad seeking the nod to set up new plants with Indian technology.)

"We expect Hubco to announce a net profit in the range of Rs 5.26 to Rs 5.32 billion or earning per share of Rs 4.55-4.60 for the year ended on June 30, 2005," said Khalid Iqbal Siddiqui, research head at Invest Capital and Securities, a local brokerage house.

(Hubco is likely to announce its net declining profit in the range of Rs 5.26 billion to Rs 5.32 billion, owing to disruption in the plants, claimed by the analysts of different brokerage houses)