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CURRENCY BUYING

SELLING

US Dollar 59.9 60
Bahrain Dinar 158 158.1
Canadian $ 50.85 50.95
Euro 70.75 70.85
Hong Kong $ 7.65 7.7
Japanese Yen 0.508 0.51
Kuwaiti Dinar 204 204.1
UK Pound 103.7 103.8
Last updated: Friday 23 Dec, 2005-12.30 P.M (PST)

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3 DAYS FORECAST
In oC

CITIES MIN MAX

HUM%

FOR.

KARACHI
Today 12 26 38 Sunny
Tomorrow 11 27 38 Sunny
Day after 11 28 38 Sunny
LAHORE
Today 1 20 87 Sunny
Tomorrow 2 20 87 Sunny
Day after 2 21 87 Sunny
ISLAMABAD
Today 0 18 59 Sunny
Tomorrow 0 18 59 Sunny
Day after 0 21 59 Sunny
HUM%: Humidity In %
FOR.: Weather Forecast
updated: Fri - Sun 23-25 Dec, 2005

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KARACHI         - 021 LAHORE          - 042 ISLAMABAD    - 051 FAISALABAD   - 041 MULTAN          - 061 PESHAWAR    - 0521 CANADA          - 1 KUWAIT           - 965 INDIA               - 91 IRAN                - 98 U.K                   - 44 U.A.E                - 971 U.S.A                - 1

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  FOR THE RECORD

By SYED ATIF ALI
Dec 05 - 11, 2005

"As an individual he (Dr Husain) enjoys the reputation of a man of highest integrity who has been instrumental in promoting a culture of merit in the banking sector and the SBP. His sense of commitment, dedication and patriotism are indeed exemplary, and he has already become the role model for young professionals of Pakistan."

(President General Pervez Musharraf said.)

"The South Asian Free Trade Area (SAFTA) Agreement has been finalized."

(India's Commerce Minister Kamal Nath said.)

The statement was issued after receiving indication from Kathmandu about the deal to create a (SAFTA) South Asian Free Trade Area, negotiations of the Committee of Experts on SAFTA which met there from 29th November-1st December 2005 to resolve the outstanding issues ... so as to complete the negotiations.

"The IPEX-2005 is a step in right direction and it would not only strengthen trade relations between the two countries but would also bring the people of two countries closer."

(The Chief Minister of Indian Punjab Captain Amrinder Singh (Retd) said.)

"These directives are valid and remain in full force and effect. All news to the contrary appearing in the national electronic and print media are baseless and SECP categorically refutes the same."

(The Securities and Exchange Commission of Pakistan (SECP) announced in a statement.)

"Pakistan believes in removal of all subsidies including on agriculture products."

(Prime Minister Shaukat Aziz said.)

Shaukat Aziz was speaking at the inaugural session of 'Industrial Conference' organized by Site Association of Industry (SAI), saying that the government was preparing the policies for the private sector to play role in power generation.

"We have resolved the tariff determination issue for the independent power producers (IPPs) once for all."

(Economic Advisor to the Finance Ministry Dr Ashfaque Hasan Khan said.)

"Uruguay round did little to reduce the overall trade distorting support and level of agricultural protection. The developed countries have maintained high subsides and continue to protect their agriculture through high tariffs; this causes inequitable distribution of increasing global trade."

(Minister for Food Sikandar Hayat Boson said.)

"Platinum has probably got the strongest fundamentals out of all four precious metals at the moment. So, yes, I expect profit-taking, bit it wouldn't go very far. It will get supported."

(Analyst at UBS Investment Bank John Reade said.)

Spot gold touched $498.75 - it's highest since December 14, 1987, when it also topped $500 - before easing back. It was last quoted at $495.50/496.30 in London. In platinum group metals, spot platinum fell to $988/993 an ounce from its highest level since March 1980 of $997.00/999.99. Silver rose to its highest since April 2004 at $8.27 but later declined to $8.18/8.20.

"Rs 2.5 billion for development of Balochistan. Out of this amount Rs 1.5 billion will be used for deferment of debt services while Rs 1 billion have been released for interim increase in subventions to meet the financial requirements of Balochistan".

(Prime Minister Shaukat Aziz said.)

President General Pervez Musharraf is to embark on official tour of Kuwait, Yemen and Saudi Arabia from December 3 to 8, during which he will also attend the Third Extraordinary OIC Summit in Makkah Al-Mukarramah.

(Foreign Office spokesperson Tasnim Aslam announced the agenda of President's three-nation tour.)

"I hope that we will emerge successful in this time-testing moment as we have all pre-requisites i.e. understanding of the problem, a workable strategy, resources, and national and international support."

(President General Pervez Musharraf said)

He further said that the Government of Pakistan has planned to spend $4 billion (Rs 250 billion) on the construction and rehabilitation activities in 9 tremor-hit districts in next two years.

"Cabinet discussed the issue of mega water reservoirs threadbare and decided to take all political parties into confidence after which final decision will be taken,"

(Federal Information Minister Sheikh Rashid has said.)

"After a strong recovery in 2004-05 by attaining an 'impressive' 7.5 percent growth rate, Pakistan's agriculture sector growth may slip down under 5 percent this fiscal year with a decline in cotton production and a similar projection for wheat crop during this season."

(An official source in the Ministry of Food said.)

"The Federal Government has appointed Tawfiq A. Husain as Acting Governor, State Bank of Pakistan with effect from 2nd December, 2005 and till the appointment of regular Governor."

(Says a notification issued by the Ministry of Finance (Internal Finance Wing), Islamabad)

"We are not engaging in a series of interest rate increases and we will continue to monitor closely all developments with respect to price stability."

(The European Central Bank President Jean-Claude Trichet said at a news conference.)

The ECB to push its official rate up from 2.25 percent currently to about 3.50 percent. Economists expected one more 0.25 percentage point rate rise by March next year, and the median expectation was for rates to hit 2.75 percent by the end of the third quarter and stay there for the rest of 2006

 
 

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