Morning Buzz for December 11, 2013 – MR Securities

Karachi, December 11, 2013 (PPI-OT): Exchange rate stability: Dar banking on banks

According to MR Sectaries,

Finance Minister Ishaq Dar has reportedly sought short-term support from commercial banks in terms of import bill financing to achieve exchange rate stability as improvement in foreign exchange reserves is expected from next month with materialisation of finflows in the pipeline, it was reliably learnt.

Remittances rise to $6.4 billion in five months
Overseas Pakistani workers remitted an amount of $6406.73 million in the first five months (July- November) of the current fiscal year 2013-14 (FY-14), showing a growth of 7.10 percent when compared with $5982.04 million received during the same period of last fiscal year (July-November FY-13).

IMF projects 7.09 percent inflation for FY14
The International Monetary Fund (IMF) projected 7.09 percent inflation for Pakistan on its website for the current fiscal year as compared to 7.4 percent for last fiscal year while Consumer Price Index for November was recorded at 10.9 percent.

E-banking adoption: customer security a major concern: SBP
State Bank of Pakistan, Deputy Governor, Ashraf Mahmood Wathra said on Tuesday that security was one of the biggest customer concerns when considering e-banking adoption.

NPLs fall by Rs 11.152 billion in Q1FY14
The Non-Performing Loans (NPLs) of the banking industry fell by Rs 11.152 billion during the first quarter of the current fiscal year (FY14). Bankers said that the current decline in the NPLs was a positive sign for the banking industry that had taken some serious steps to curtail the rising NPLs.

Shariah-based system: Government takes steps to spread Islamic banking
The federal government issued a notification announcing the constitution of a steering committee that would come up with recommendations in light of the work done so far by various stakeholders for promotion of Islamic banking in the country and implementing a real Shariah-based financial system.

Dar expects reserves to rise by $3 billion
The government on Tuesday tried to soothe top bankers and assured them that the thin foreign currency reserves of the country will increase by about $3 billion.

Gold prices expected to bounce back by March
Gold prices are going to start surging by March next year, All Sindh Saraf and Jewellers Association (ASSJA) President Rasheed Chand said on Tuesday.

Prime Minister’s loan scheme: anxious youths rush to SMEDA, NBP branches
The anxious youth of Khyber-Pakhtunkhwa rushed to Regional Office of Small and Medium Enterprise Development Authority (SMEDA) and National Bank of Pakistan to get facilitation and forms for scheme.

OGDC MD briefs NA body: exploration activities on six projects expedited
Oil and Gas Development Company Limited (OGDCL) on Tuesday informed the National Assembly Standing Committee on Petroleum and Natural Resources, presided over by Ijaz Virk that the company has expedited exploration activities and currently is working on six projects.

Gas supply to industries, CNG stations suspended
Punjab is facing large-scale gas supply closure to its industries and Combined Natural Gas (CNG) pumps for an indefinite period as per announcement of the Sui Northern Gas Pipelines Limited (SNGPL).

Proposed gas sale price: MPCL locks horns with ministry
Mari Petroleum Company Limited (MPCL) has reportedly locked horns with Petroleum Ministry over the proposed gas sale price to M/s Engro Fertiliser.

Revenue body provides timeframe for amnesty plan
To avail the money whitening scheme recently announced by PM Nawaz Sharif, the FBR has provided a two-and-a-half year timeframe to industrial units, which would receive benefits under this scheme.

IP gas pipeline: Islamabad, Tehran for fast-track Implementation
Pakistan and Iran have decided for fast-track implementation of the IP gas pipeline project and to formulate a roadmap to address the challenges with effective co-ordination and co-operation.

16 or 17 percent sales tax: Ogra asked to issue revised notification
The Supreme Court on Tuesday directed the concerned authorities to concentrate on minimising the sufferings of consumers’ through efforts to provide uninterrupted supply of electricity on an equitable basis.

Country possesses hydropower generation potential of 60,000MW: WAPDA
Pakistan possesses an identified hydropower potential of 60,000 MW, said WAPDA Member (Water) Hasnain Afzal, adding that every effort was being made to harness this potential.

Captive power generation: IFC, LCCI discuss regulatory, policy barriers
International Finance Corporation (IFC) and the Lahore Chamber of Commerce and Industry (LCCI) on Tuesday discussed threadbare regulatory and policy barriers to captive power generation and private-toprivate models of electricity to reduce the current power deficit.

Neelum-Jhelum Power Project: process of awarding contract challenged
Wattan Party has challenged the process of awarding contract for transmission of power for Neelum- Jhelum Hydropower Project to a Chinese company before the Supreme Court.

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