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News from Pakistan (1-1-2003)

  • Equities marched upward and the KSE-100 index for the first time crossed the 2700 mark while volume made another record when 689 million shares changed hands on Tuesday, led by Hubco, ICI and FFC Jordan.

  • The State Bank of Pakistan has announced that third-currency exposures would also be available for importers, allowing forward cover for any duration, and included sight exports bills for discounting against the forward contract.

  • Pakistan took its seat as the non-permanent member of the United Nations Security Council on 1st January 2003 for two years.

  • The State Bank announced that the rate of remuneration on 20 percent Special Cash Reserve Account (US Dollar), maintained by banks and non-banking financial institutions with the State Bank for the month of January, 2003, will be 0.88 percent per annum.

  • The Government of France has in principle agreed to fund Capital Development Authority for the construction of 4th Sewerage Treatment Plant in the Federal capital.

  • The Chinese Software Industry Association has inked a Memorandum of Understanding with Kalsoft Private Limited for the development of management Information System.

  • The Oil Companies Advisory Committee raised prices of oil products in the range of 3.97 percent to 8.37 percent in line with higher global crude oil prices on concerns of a possible US attack on Iraq.

  • Chairman, Site Association of Industry urged Governor of Sindh to talk to Prime Minister of Pakistan to pursue him to make efforts to reduce input cost by reducing power, gas, local telephone call rates and rationalizing the present tax structure.

  • The Secretary General, Islamic Chambers of Commerce and Industry has pointed out that due to lack of investment in advertising and marketing Pakistan abroad, its tourist products and potential remain unknown to the tourist generating countries, particularly the member countries of the Organization of Islamic Conference.

(Iqbal Ahmad Khan)
Director (PA/IF)
1-1-2003

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