Market summary – RSL Securities

Karachi, December 11, 2013 (PPI-OT): Daily News Summary

Federal Minister for Finance, Ishaq Dar has expressed the hope that the situation of foreign inflows will further improve and those who speculate on Pakistani currency would only end as loosers.

According to RSL Securities Limited has a clear roadmap to build foreign exchange reserves up to $20 billion in the next 3 years.

Overseas Pakistani workers remitted an amount of $6.407 billion in the first five months (July– November) of the current fiscal year 2013-14, showing a growth of 7.10 percent when compared with $5.982 billion received during the same period of last fiscal year (July- November FY13).

The government of Sindh has been assured on Tuesday that Federal government would extend all possible assistance in the construction of a 600 MW Thermal Power Plant at the mouth of a coal mine in Thar. Syed Murad Ali Shah, advisor to the Chief Minister Sindh on Finance called on Finance Minister Senator Ishaq Dar in his office on Tuesday. The Finance Minister said that the government is focusing to increase generation of power and make a quantum addition in generation capacity of the country. In this connection the huge Thar Coal reserves will help us in relying on the production of electricity through indigenous resources and thus save valuable foreign exchange.

The Securities and Exchange Commission of Pakistan (SECP) after due consultation with the stakeholders has approved the issue of Commercial Papers’ Regulations, 2013. The draft regulations were earlier published in the official gazette vide notification No SRO 71 (I) /2013 dated February 4, 2013, to seek public comments.

The Ministry of Finance here on Tuesday notified a 10-member committee to formulate recommendations for promotion of Islamic banking in the country and the committee has been tasked to submit its recommendations by December 31, 2014. Minister for Finance, Revenue, Economic Affairs, Statistics and Privatisation Ishaq Dar has notified the constitution of a 10-member Steering Committee for the promotion of Islamic banking with actuary/banker Saeed Ahmad as its chairman and religious scholar Maulana Mufti Muneeb-ur-Rehman, religious scholar Muhammad Imran Usmani, Finance Secretary Dr Waqar Masood Khan, banker Munir Kamal, banker Afaq Khan, banker Irfan Siddiqui, banker Atif Bajwa, industrialist Mian Muhammad Idrees and State Bank of Pakistan (SBP) Islamic Banking Department director as its members.