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News from Pakistan (19-11-2002)

  • Moody's Investors Service, a credit rating agency, has raised outlook to 'Positive' from 'Stable' on Pakistan's B3 country ceiling for long-term foreign currency debt on stronger foreign currency reserves and ability to meet external liabilities.

  • The rupee on Monday rose to 26 month high at Rs 57.90 for a dollar in the kerb market.

  • Pakistani companies cut prices of high sulphur fuel oil as much as 8.4 percent to help boost industrial production after decline in crude oil prices.

  • The Securities and Exchange Commission of Pakistan has said that the regulatory transfer of non bank financial institutions will take place on December 1, 2002.

  • The Central Board of Revenue has declined to give complete duty sweep to Pakistan-Afghanistan-Turkmenistan gas pipeline project and asked the policy makers to arrange a meeting with Asian Development Bank experts for point-to-point discussion.

  • US Treasury Secretary has said that co-operation with Pakistan would continue in long term and the issue of assets or money transfer to terrorist organizations would be taken up at length with the Pakistani government.

  • The dollar demand on Monday picked up seven paisa against the rupee in the inter bank market as investors built fresh positions on hopes more liquidity would flow into the market after the central bank cut its key discount rate.

  • The government has allowed the public sector entities to invest surplus funds in the non government securities, Term Finance Certificates and shares, up to 20 percent of total funds under management.

  • The award of five percent quota carried forward against next year's ceiling by European Union in Category 20 has prevented chances of embargo on shipments in the said category.
(Iqbal Ahmad Khan)
Director (PA/IF)
19-11-2002
-This has been sent on e-mail to OPs/HICs/CCs.
-DG, BOI, Karachi.
-System analyst to place it on website.

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