Forex Market:
Interbank dollar rate has shown a downward trend in the week. It started trading from 85.80 at highest and came at a low of 85.55 at the lowest in the week. This trend is majorly due to higher supply of dollar in the market and less import payments in the week.
General:
With the rising commodity prices and slow global economic growth World Bank predicts that the world may see the dark days of 2008 crisis again. The global growth is expected to be 3.3 percent this year after 3.9 percent in 2010. This year is going to be the year of deceleration. Emerging and developing countries were expected to expand 6 percent, down from the pace of 7 percent in 2010. Currently in New York oil price per barrel is $92 hich are above bank’s expectation of $85 a barrel in 2011 as compared with 79% in 2010.
The Economic Coordination Committee of Cabinet allowed Wapda to raise Rs.20bn for the Diamer Bhasha Dam Project from the open market. Money would be raised by issuing Sukuk and Term Finance Certificates which would be repaid by Wapda from its own resources and the guarantor would be the government.
The government has declared the year of 2010-11 the “Year of Exports” after witnessing a 20 percent growth in exports in the first six months, despite the failure of Finance Ministry to release funds committed in Trade Policy. In December 2010 the exports exceeded $2.12bn mark depicting an increase of 35 percent over the corresponding period of year 2009.
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