Forex Market Updates
Pakistan’s total liquid foreign exchange reserves increased to an all-time high $17.3 billion level on the constant inflows of remittance, State Bank of Pakistan (SBP) latest statistic said on Thursday. On January 22, the foreign reserves held by central bank amounted to $ 3.7391 billion whereas net reserves deposited by banks other than SBP stood at $ 3.561 billion. Last week, the total foreign exchange reserves stood at $17.2816 billion.
General Updates
UBL is Pakistan’s second largest private bank. In 2002, a consortium consisting of Bestway Group and Abu Dhabi Group acquired 51 percent of UBL shares together with management rights and control of bank through Government of Pakistan’s privatization process. Consortium currently owns 61.37 percent of bank with Bestway Group at 31.07 percent and Abu Dhabi Group at 30.30 percent. After this investment, management rights and control of bank will continue to remain within the same consortium. No changes are
being made in senior management or in board of directors.
Qubee, a 100 percent shareholder subsidiary of Augere, has planned to expand its advanced Internet technology to reach millions of customers in several new cities with the handsome investment of $150 million by end 2011.
Refineries have increased prices of lube base oil by 15 percent in the past four months. The new increase would result into Rs 8-10 per litre price hike of all lubricants. He said since December, this is third time that base oil prices have been increased without any justification or taking lubricants manufacturers into confidence. It is said that the Refineries have created artificial shortage of base oil in the local market, which is causing price increase.
Money Market Updates
The spread of the banking sector has slightly declined by one basis point (bps) to 7.46 percent in the outgoing calendar year 2010 as compared to 7.47 percent in 2009. The average lending rate for the year 2010 stood at 13.39 percent as against 13.98 percent in 2009; while average deposit rate stood at 5.93 percent as compared with 6.51 percent in 2009. In December, spread on outstanding loans averaged 7.61 percent year-on-year, up 26 bps from last year. The lending rate was up 3 bps on yearly basis, while deposits rate was
down 23 bps to 5.91 percent. On a monthly basis, spread rose seven bps from 7.54 percent in November 2010. Up-tick in spread, especially in the later part of the year, is likely to aid Net Interest Margins (NIM) of banks
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