Re: Foreign banks eye big slice of Pakistan market.
Forex reserves cross $15b mark
Updated at 0455 PST
KARACHI: The country’s foreign exchange reserves have crossed the historic level of $15 billion, said Governor State Bank of Pakistan, Dr Shamshad Akhtar in a press statement on Saturday.
She said that the achievement of this record level of foreign exchange reserves has been made possible by the healthy growth in external flows during this fiscal year including foreign direct investment, home remittances, portfolio investment and the proceeds of the recent successful launch of Pakistan Euro Bonds in the international financial markets. The growth in foreign inflows reflects the confidence of foreign investors in the economy of Pakistan, the governor added.
According to the break up, Pakistan’s foreign exchange reserves rose by $1.2428 billion to reach the landmark level of $15.0301 billion for the week ending June 9, 2007, as the country received $750 million for the bonds the government recently issued.
Reserves held by the State Bank of Pakistan increased by $1.0621 billion to $12,649.8 million, while those held by commercial banks increased by $180.7 million to $2,380.3million during the current week.
During the current fiscal year 2006-07 Pakistan’s gross foreign exchange reserves rose by $1,893.2million over the 30th June 2006 closing of $13,136.9 million, the Governor’s statement said.
Re: Foreign banks eye big slice of Pakistan market.
Pakistan to raise $650 mln through UBL sale
Pakistan will raise $650.3 million through the sale of a 25 percent stake in United Bank Ltd. (UBL), the country’s third largest bank, through an issue of global depositary receipts, a minister said on Saturday. The GDRs, to be listed on the London Stock Exchange, will be offered at a price of $12.85 each, with each GDR representing four shares, Privatisation Minister Zahid Hamid told a news conference.
Re: Foreign banks eye big slice of Pakistan market.
PP,
Whilst over population is a problem, it works both ways. More people = bigger market for firms= investment (they will target those who are viable consumers) = economic growth.
Re: Foreign banks eye big slice of Pakistan market.
Whilst over population is a problem, it works both ways. More people = bigger market for firms= investment (they will target those who are viable consumers) = economic growth.
The issue is income distribution.
The good thing about Pakistanis compared to some other countries is that when Pakistanis get some money they mostly like to spend it, rather than keeping it for another day.
This is, and will continue to have, a positive trickle down affect.
