Morning Buzz for March 20, 2014 – MR Securities

Karachi, March 20, 2014 (PPI-OT): Monetary figures: Money supply grows 5.68% since start of FY14
Money supply in the economy has increased by 5.68% since the start of the current fiscal year as opposed to the growth of 8.52% in the comparable period of 2012-13.

According to MR Securities,

NPF of Islamic banking hits Rs 19 billion mark
Non-Performing Financing (NPF) of Islamic Banking Industry (IBI) continued to grow reaching around Rs 19 billion at the end of last year December 31, 2013 (CY13). Sources in the banking industry told Business Recorder on Wednesday that NPF of Islamic banking is growing because of slow economic activities in the country coupled with poor law and order situation and energy crisis.

Increase micro-financing, Dar directs PPAF
Federal Minister for Finance Ishaq Dar on Wednesday directed the Pakistan Poverty Alleviation Fund (PPAF) to focus on devising microfinance structures for areas which have low or no access to small-scale financing.

MCB Bank upgrades its core technology platform
MCB switched over to the upgraded version of its core banking system within the planned timeframe, with a view to providing improved and better services to its valued customers. This platform is one of the most advanced banking solutions and the largest data migration project of its kind in the country.

MTBs auction: government borrows Rs 232 billion
The State Bank of Pakistan on Wednesday conducted the auction for the sale of Market Treasury Bills and borrowed some Rs 232 billion against the target of Rs 500 billion. In response to the State Bank tender for the sale of 3-months, 6-months and 12-months Government of Pakistan Market Treasury Bills (MTBs), overall Rs 252 billion bids with a realised amount of Rs 232.33 billion were received through Primary Dealers.

FBR considering mandatory tax payment verification
The Federal Board of Revenue (FBR) is considering mandatory verification of tax payment before the issuance of sales tax refunds against input claims, official sources said on Wednesday.

Infrastructure development: Pakistan invites Bahrain to invest in Gwadar, energy
Pakistan has offered Bahrain an opportunity to invest in Gwadar Port and its energy and mining sectors, encouraging the Gulf monarchy to take advantage of the liberalised investment regime that in return will help Islamabad attract capital to boost its flagging economy.

India trade: Parliament to hold debate only after cabinet’s nod
The federal government has decided to hold a debate on Pak-India trade liberalisation in parliament only after the cabinet gives approval and India dismantles barriers, a move aimed at avoiding wider public attention and the criticism it could provoke.

Pakistan all set to import electricity from India
As the World Bank (WB) has offered to finance the feasibility study and transmission line to import 1,200 megawatts (MW) of power from India, Pakistan has sent the draft of the initial power trade deal to its eastern neighbour despite opposition from various quarters.

Work on $4.2b Dasu Dam to kick off this year
Water and Power Development Authority (Wapda) Chairman Syed Raghib Abbas on Wednesday told the Senate Standing Committee on Water and Power that Dasu Dam would cost $4.2 billion and work on the mega project would start this year.

Looking for the green light: Japanese investment awaiting approval of second IMF review
Pakistan is not the only country that eagerly awaits the approval of the second review of the International Monetary Fund’s (IMF) Extended Fund Facility (EFF), due by its executive board till the end of March. The future of the $2.5 billion Karachi Circular Railway (KCR) project, to be funded by Japan, also depends on the IMF’s verdict on Pakistan’s economic performance.

Trade ties: Indonesia eager to enhance bilateral trade, says envoy
The Ambassador of Republic of Indonesia M Burhan Muhammad has said that Pakistan is an investmentfriendly country and has a huge market, and his country is eager to enhance bilateral trade relations.

IP gas line project: Iran sanctions main hurdle: Khaqan
Federal Minister for Petroleum and Natural Resources, Shahid Khaqan Abbasi Wednesday said Pakistan is committed to completing the Iran-Pakistan (IP) gas pipeline project, but currently international sanctions against Iran are the main hurdle.

Khyber Pakhtunkhwa launches Rs 300 million solar energy soft loan scheme
The provincial government of Khyber Pakhtunkhwa has launched Rs 300 million soft loan schemes for solar energy projects in the province. Under the scheme the provincial government through the Bank of Khyber (BOK) has offered maximum amount of Rs 30 million.

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