Money & Banking

BMA signs trust deed for BECF.

KARACHI (June 22, 2009): BMA Funds signed the Trust Deed for their soon to be launched "BMA Empress Cash Fund" (BECF) at a ceremony held at BMA Funds headquarters in Karachi.

85 percent decline in CFS investment. KARACHI (June 22, 2009): Investment under Continuous Funding System (CFS) at Karachi share market declined by 85 percent on Friday to a nominal level of Rs 10 million. The CFS rate also decreased by 20pps, falling to 30 percent on the end of the week from 50 percent recorded on the same day a week earlier.

THE RUPEE: all-round slide on money market. KARACHI (June 21, 2009): All-round declines were seen on the currency market on Saturday as importers' rush for dollar buying increased to meet the payment requirements, dealers said. The importers were busy in dollar buying to clear the bills before the end of the out-going financial year, they said. On the interbank market the rupee lost 25 paisa against dollar in a single day fall for buying and selling at 81.35 and 81.40, they said.

EFU funds rates. KARACHI (June 21, 2009): EFU Life Assurance Ltd announced that the Offer and Bid prices for the following funds effective from Monday June 22, 2009.

Revised Rates of Debt Securities. KARACHI (June 21, 2009): The following were the revised rates of debt securities on Saturday (June 20, 2009).

SBP asks banks for new limits under EFS. KARACHI (June 21, 2009): The State Bank of Pakistan, while asking the banks for new limits under Export Finance Scheme (EFS) for the next fiscal year, has extended the present limits of EFS for one month. Banks have been advised by the central bank to submit, by June 25, 2009, their requests for new limits for 2009-10.

Banks asked for 2009-10 limit requirements under LTFF. KARACHI (June 21, 2009): The State Bank of Pakistan on Saturday announced to continue the existing limit of Long-Term Financing Facility (LTFF) Scheme. In a communication addressed to all banks, it said that LTFF limits, sanctioned in favour of banks for the year 2008-09, are due to expire on June 30, 2009.

THE RUPEE: dollar low marginally.

KARACHI (June 20, 2009): The rupee managed to recover slightly against the dollar on the interbank market on Friday as it gained three paisa in relation to dollar for buying and selling at 81.10 and 81.15, dealers said. According to some marketmen there is higher demand for dollars by the importers, but supply factor did not allow the rupee to bow down in terms of the greenback.