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News from Pakistan (20-11-2002)

  • The US Treasury Secretary has said that Pakistan has right conditions and leadership to achieve economic success at a rapid pace.

  • An anti-money laundering co-ordination unit has been set up at the Ministry of Finance to co-ordinate policy making and co-ordination. The Forum also considered initiating the process for 'Free Trade Agreement'.

  • Banks' dollar demand enabled the greenback on Tuesday to maintain its rising trend versus the dollar in the inter-bank market, gaining five paisas for buying and selling at Rs.58.52 and Rs.58.54 respectively.

  • Cotton lint prices have gone down from Rs.2175 per maund to Rs.2075 on Tuesday and more reduction is being predicted by market experts.

  • Cotton production figures have taken a surprise turn as the arrivals suddenly rose in both Sindh and Punjab provinces leaving the previous year production far behind.

  • Relaxing Sales Tax Act, 1990 to facilitate the tax-payers, the Central Board of Revenue has directed all collectors of sales tax to accept the sales tax invoices bearing same serial numbers but having different issuance date up to November 20, 2002.

  • Equities finished higher, amid ascending transaction volume, following news that Moody's raises Pakistan's foreign-debt rating to 'positive'.

  • Bulls remained in the front seat at the Islamabad Stock Exchange where equities scored handsome gains under the lead of heavyweights amid increase in index.
(Iqbal Ahmad Khan)
Director (PA/IF)
20-11-2002
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DG, BOI, Karachi.
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