Pakistan Economy - News & Updates - Archive

[Owais]

Rs 489.822 billion tax collected in July-March

ISLAMABAD (April 21 2006): The Central Board of Revenue (CBR) has collected Rs 489.822 billion in July-March (2005-2006) against the target of Rs 476.4 billion, reflecting an increase of 2.82 percent.

According to final figures issued on Thursday, the CBR has collected Rs 489.822 billion in the first three quarters of current fiscal year against Rs 401.271 billion, showing an increase of 22.1 percent.

The CBR has to collect Rs 200.178 billion in the remaining three months of current fiscal year to meet the target of Rs 690 billion. In each month, the board needs to collect Rs 66.726 billion.

Latest tax-wise details of July-March 2005-2006 reveal, direct tax collection is Rs 152.696 billion against Rs 119 billion collected in the corresponding period last fiscal, showing an increase of Rs 33.696 billion.

Indirect taxes collection stood at Rs 337.126 billion in July-March 2005-2006 against Rs 282 billion collected in the same period last year, showing an increase of Rs 55.126 billion.

Sales tax collection is Rs 202.403 billion during this period against Rs 165.379 billion collected in the same period last year, showing an increase of Rs 37.024 billion.

GST collection at the import stage is Rs 121.107 billion against Rs 105.993 billion, reflecting an increase of Rs 15.114 billion. Sales tax collection on domestic consumption is Rs 81.296 million against Rs 59.386 million, with a growth of Rs 21.91 million.

The collection of customs duty is Rs 95.077 billion in July-March 2005-2006 against Rs 80 billion collected in the same period last year, indicating a growth of Rs 15.077 billion.

The collection of federal excise duty (FED) is Rs 39.646 billion against Rs 36.33 billion, showing an improvement of Rs 3.316 billion.

According to the data, CBR paid Rs 65.416 billion as refund/rebate to exporters during the period against Rs 75.56 billion of last fiscal, showing a decrease of Rs 10.144 billion.

The board paid Rs 26.823 billion as GST refund in July-March 2005-2006, whereas the payment of sales tax refund at the import stage was Rs 84 million while domestic refund stood at Rs 26,739 million.

Customs department paid Rs 14.107 billion as rebate/duty drawback, whereas the income tax refund stood at Rs 24.252 billion.

The collection during the month is Rs 70.5 billion against Rs 60.2 billion in last March, reflecting an increase of Rs 10.3 billion.

Following is the monthly break-up of individual taxes: sales tax collection was Rs 23.88 billion against Rs 20.2 billion, showing an increase of Rs 3.68 billion; customs duty, Rs 13.569 billion against Rs 12.1 billion with a growth of Rs 1.469 billion; federal excise duty (FED), Rs 5.2 billion against Rs 4.8 billion, reflecting a decrease of Rs 0.4 billion and collection of direct taxes was Rs 27.793 billion against Rs 23.1 billion, showing an increase of Rs 4.693 billion.

During the month, the CBR paid refund/rebates of Rs 8.7 billion including Rs 3.32 billion as sales tax refund.

 

[Owais]

Duty, GST adjustment on cement demanded

KARACHI (April 21 2006): All Pakistan Cement Manufacturers Association (APCMA) was of the view instead of the allowing rebate at the import stage, the government should have made some adjustments in the excise duty and general sales tax to reduce prices and promote local companies to expand the production.

A great deal of interest has been generated in the electronic and print media regarding the ECC's decision to provide subsidy of Rs 60 per bag on imported cement regardless of its origin, allowing unlimited imports from India by sea and land routes and convert voluntary restraint on export particularly to Afghanistan into a ban till further notice, said a statement of the association received from Lahore.

These punitive measures have ostensibly been taken to bring down cement prices but are likely to have serious ill effects on the health of this industry, particularly in light of doubling of capacity from 21 million tons to 42 million tons within 18 months. APCMA's general body has reviewed these measures and has apprised the government of its serious concerns as a result of these unfortunate decisions.

It may be recalled it was APCMA that had recommended to government in September 2005 to allow duty free import of cement. However, hardly any imports have taken place for reasons that cement prices internationally are at all time high owing to a building boom in neighbouring countries and the Gulf. Costs have also increased rapidly in the area of energy, transportation and interest rates.

However, it has come as a rude shock that instead of providing protection to the domestic industry, the government has decided to provide subsidy of Rs 60 per bag, equivalent to US $1 per bag.

The benefit of this will directly go to Indian manufacturers to the detriment of the Pakistani cement industry. If at all the government is desirous that cement should be available to the general public at lower prices, the correct measure should have been adjustment in excise duty and GST which amounts to Rs 80 per bag and not providing subsidy to our competitors. To the best of our knowledge this has happened for the first time in Pakistan's economic history.

Furthermore, the decision to tax exports by withdrawal of zero rating and conversion of voluntary restraint on exports by APCMA into a ban is unfortunate, as it will result in hard won markets being lost.

We have therefore, recommended to government to agree to limited exports and not to tax exports which will prove to be a very short term measure since we have to take care of a huge exportable surplus which is likely to arise by the end of 2006.

APCMA will continue to make efforts to make more and more supplies available to the local market with a view to bringing down prices of cement which is a phenomenon totally and completely related to demand-supply imbalance and not to any other reason.

It is hoped that the government will reconsider favourably and do away with the punitive decisions taken by the ECC.

 

[Neo]

ISLAMABAD (updated on: April 21, 2006, 22:09 PST): Underlining the vital link between energy security and growth momentum, Prime Minister Shaukat Aziz has said that government is looking for power generation from diverse sources including renewable energy and planning to produce 500 to 600 MW from wind energy by 2007.

The Prime Minister was talking to a delegation of companies involved in production of wind power.

The delegation included Brian Fitzpatrick of AXOR, Canada and Rafic Dawood, Chairman Wind Power, a Pakistani company.

The Prime Minister said the energy needs of the country were growing by 8 to 12 percent annually, adding that energy security was critical to maintain growth and competitiveness in the rapidly globalise world.

The government is looking at diversified sources to bridge the impending gap between supply and demand, he added.

The Prime Minister said the government's strategic direction for development of energy sector includes; enhancing exploitation of hydropower, energy generation through the use of gas and furnace oil, alternate energy resources (solar, wind and biomas) and nuclear energy resources.

Pakistan, the Prime Minister said, has vast scope of generating energy from wind because of its geographical location.

Many parts of the country especially in Sindh lend themselves to obtaining energy from wind, he added.

The Prime Minister said that government was working to expedite development of alternate sources of energy to meet the growing demand of power on fast pace as well as to produce cheaper and environment friendly energy in the country.

He said that government has prioritised electrification of remote villages through wind and solar generating projects to provide cheaper electricity to the people of these areas and 500 to 600 MW wind power will be installed by 2007.

The delegation informed the Prime Minister that a consortium involving MS/AXOR of Canada and First Dawood Group would establish a 50 MW wind power project at Gharo, Sindh to meet the urgent needs for the power section in Pakistan. The project will be functional by summer, 2007.

Brian Fiztpatrick appreciated the investment friendly policies of the government and the co-operation extended by it in the implementation of the project.

 

[Neo]

21 April 2006


ISLAMABAD — The Asian Development Bank (ADB) will offer close to $4 billion, an all time high development assistance to Pakistan in 2006-08.
However, informed sources said the bank has urged the government to promote good governance with a view to effectively meet the challenge of poverty, unemployment and mobilising the much needed additional resources in the country.
It wanted the government to ensure an efficient judicial system, improve law and order situation and allocate more funds for education, health and poverty alleviation.
Sources said that the ADB is concerned over the wide spread poverty and made it its central objective which has been operationalised through promoting sustainable pro-poor growth.
Although prospects for achieving a rapid economic growth auger well in the medium term, there are some risks to achieving the poverty targets. The bank is of the view that worsening of income distribution could retard the poverty-reducing impact of high growth.
Sources said that the ADB has expressed its willingness to assist the government in improving the country's weak and old infrastructure in order to help attract sizable local and foreign investment.
The bank, which provided $15.8 billion as part of the project assistance during 1968 to 2005, sources said, has agreed to make further investment in sectors like energy, agriculture, transport & communication, social sector, governance, finance & trade and rural development.
The government has been advised to put certain effective dent on poverty by drastically improving its public and private sector education. The bank argues that given the poor quality of public sector education, regulatory checks are ill-designed and ineffectively enforced upon by the public and private institutions.
According to a new study got conducted by the ADB, the poor infrastructure particularly in the power sector has increased the cost of growth for firms of all sizes. Poor provision entails high cost, poor quality of service, lack of reliability and corruption in obtaining supplies.
"This reflects the failure of state-owned utility providers to deliver, and is reflected in high levels of line theft and opaque, politically negotiated power tariff rates that significantly distort the growth
potential of Small and Medium Enterprises (SMEs)."
The bank believes that infrastructure constraints could be eased through privatisation, unbundling and competition. The success of this policy depends on the government's ability to establish strong, independent and suitably equipped sector-specific regulators. This will require significant investments in capacity building. "These regulators will then be responsible for the creation, enforcement, and maintenance of a transparent, predicable and fair regulatory structure," the study said.
The bank asserts that the poor performance of the financial and leasing sectors has raised the cost of credit and lease finance for Pakistani firms.
The study also said that the labour regulations are not effectively enforced. Similarly, Pakistan's tax administration and regulatory procedure impose a significant burden on investors.​

 

[Neo]

ENGR. MAZHAR ALI

About two-third of Pakistan's population lives in the rural areas. The people are heavily dependent upon agriculture as a means of livelihood. Agriculture is the backbone of Pakistan's economy and contributes 24% to the GDP, absorbs about half of the labour force and is the base of about three fourth of our exports. Irrigated agriculture consumes about 96% of available water while municipal and industrial use accounts for 4%. Direct rainfall contributes less than 15 per cent of crop water requirements. The Indus Basin Irrigation System, is the major source and user of river waters. About 103 Million Acre Feet (MAF), out of 157 MAF of surface water of our rivers, is being diverted annually for irrigation.

With growing population, Pakistan is heading towards a situation of increasing water shortage. Per capita surface water availability, which was 5650 cubic meters in 1951, has reduced to 1200 cubic meter in 2006. The minimum per capita index of water requirement to avoid being a "water short country" is 1,000 cubic meters. By the year 2012, Pakistan would reach this stage if major steps are not urgently taken for improvement.

Lieftinck Report of 1967 was the first comprehensive Plan for Development of Water and Power Resources of Pakistan and assessment of the agriculture and power needs for economic and social development. WAPDA in its document of Water Resources and Hydropower Development vision 2025, gave an account of existing surface storages, the potential on-line and off-channel storage sites available for future development, and the need and urgency of their development. Due to excessive sediment inflows in the river water, all the three existing storages (Tarbela, Mangla, and Chashma) are rapidly losing their capacities and this loss is one MAF in six years. By the year 2010 these storages would have lost 34% (5.9 MAF) of their capacity, equal to loss of one mega Storage Dam.

The annual river water diversions for canal uses of all the four provinces have varied from 77 to 108 MAF, while an annual average of 35 MAF of river water escapes unutilised to the sea below Kotri. This escape level exceeds 90 MAF in wet years. This surplus water in the river system is available only for about 70-100 day period of summer high river flows. To conserve this excellent potential, construction of additional storage reservoirs is essential to make it useable for hydropower generation and sustainable irrigated agriculture. National demand for electricity is growing rapidly. Presently the hydel-thermal mix in the country is 28:72, which is almost the reverse of an ideal hydel - thermal mix of 70:30. Therefore, a sizeable injection of cheap hydropower through multipurpose storages is essential to keep the cost of electricity within affordable limits.

We are already experiencing increasing shortage of irrigation supplies and their damaging effect on agricultural production. This has been in spite of the support from stored supplies of the two storages at Mangla and Tarbela. It is alarming that these replacement storages have already lost 25% of their original 15 MAF capacity and the capacity loss is steadily increasing.
Our existing live storage capacity is hardly 12 MAF or less than 10% of average annual river flows, while the world's average storage capacity for appropriate control is 40%. Our grossly inadequate regulatory storage capacity does not enable us to make optimum use of river resources. Even a modest target level of 30% would indicate the need of 30 MAF new storages. Series of storage dams at all feasible sites in the future, on-line as well as off-channel, are going to be our compelling requirement from considerations of water needs, food security as well as hydropower and flood control. We need urgently not one, but at least two or three major dams. The minimum need is to start construction work on at least two large dams. The two options available are Kalabagh and Basha. Together they have an aggregate capacity of about 12 MAF and are complimentary to each other providing our bare minimum pressing needs. It is not realistic to presume that Pakistan has the option to construct only one of these two dams.

WAPDA and World Bank were responsible for planning, investigation and detailed engineering studies of the multi-purpose Kalabagh Storage Dam on the Indus located about 110 miles below Tarbela. World Bank was the executing agency while Pakistan was the cooperating agency? Services of competent local and foreign consultants and experts have been used over half a century. This project of a reduced capacity of 6.1 MAF capacity and 3600 MW hydropower generation has been studied and subjected to the most rigorous scrutiny for technical standards and economic viability, and found excellent on both counts.

 

[Neo]

Kalabagh Dam is the lower most available dam site on the lndus. This site has annual Indus river flow of 90 MAF, compared to 60 MAF at Tarbela, 50 MAF at Basha, and 25 MAF at Skardu. Additional water availability is from monsoon rains in the catchment area below Tarbela, and from the flows of major tributaries of Kabul, Soan and Haro. Kalabagh site is the only site to regulate and utilise the additional 30 MAF Indus river potential from summer rains.
This site is the only site enabling gravity irrigation of about 5 lac acres, through a right bank outlet, of D l Khan and Bannu areas in NWFP which presently are at low poverty levels. Kalabagh is also the only site, which would enable the integration of the lndus-Jhelum-Chenab Rivers into one single river basin for optimum use through a left bank outlet and extending life of Mangla Dam as a replacement storage.

The Kalabagh Dam project was envisaged with storage level of 925ft and with 7.1 MAF live storage. WAPDA foreign consultants made a single dimensional computer model analysis which estimated about 25ft increase in peak flood heights at Nowshera over the years due to siltation of river bed above Kalabagh dam. The three-dimensional hydraulic model by Irrigation Research Institute at Nandipur, however, did not support these results.

This Nandipur hydraulic model closely reproduced the flood levels in various river reaches recorded in 1929 and in other floods. The model test runs confirmed its reliability. The ten mile long Attock gorge has very steep slopes and let alone any silting of river bed, even a big size stone can not stand the fast river currents. The siltation of Indus riverbed over the years above Kalabagh could not travel up this gorge even after 100 years as all silt would be washed down. Kabul River joins the Indus above this gorge at Khairabad and its flood levels, which influence Nowshera flooding, experienced no rise whatsoever due to any siltation of the Indus river bed above Kalabagh.
This physical model at Nandipur was a marvel and while in operation it was visited by the top authorities. It came out that the consultant's computer model had been designed by some novice who ignored the fast river flow through the steep Attock gorge. Instead, average Indus River slope from Kalabagh to Khairabad had erroneously been adopted. The fantastic projections made by foreign consultants of progressively rising flood levels along Kabul River at Nowshera had led to the proposal of protecting dykes and marking of flood levels on roof tops. The computer model was later modified and flood levels were reduced to correspond to Nandipur hydraulic model levels. Erroneous estimates of siltation impact were modified and all dykes were eliminated. However, the errors by WAPDA and the consultants had done the damage.

It also came out clearly that even with 925ft storage level, there was no adverse effect on Nowshera flooding. But in an effort of appeasement, WAPDA decided without valid technical basis to reduce the storage level by 10ft, to 915ft. As could be anticipated, the political reaction in NWFP was adverse and there was loss of credibility by WAPDA. It was stressed that WAPDA had earlier been strongly defending 925ft level, but now by agreeing to reduce to 915ft, they had accepted NWFP view point and apprehensions, leading to the demand to reduce storage levels further.

Basha Dam is located on the Indus, 200 mile upstream of Tarbela Dam. Its catchment area is beyond the monsoon range. Indus annual flow available at this point is 50 MAF almost entirely from glacier-melt. The Project feasibility study is currently under review. The site of the dam, its height and capacity, location and size of power house, upgrading, and relocation of KKH, the High Voltage Transmission line etc. are undergoing critical appraisal.
The complex and extensive site investigations, technical design and model studies are time consuming. Basha, a concrete gravity dam, located in a highly seismic area and subject to severe land slides and many other logistic problems have to be refined to the level of a bankable project and with high safety standards. Basha Dam Project is a feasible project, but it requires far more intensive and extensive investigations and studies requiring a period of five to six years to make it conform to recognised international standards. There is no scope for optimism, and rigorous safety standards and risk coverage have to be followed.

The issue of need of constructing more river storage dams and prioritisations of new dams was considered in depth by the Technical Committee on Water Resources. Seven out of eight members from all the four provinces observed that Pakistan has only a few good river storage sites and every site would need optimum exploitation. It was our economic and social compulsion to productively use every drop of our fresh water river flows.

The dam construction activity over the future years has to be continuous, carefully planned and implemented, with a minimum target for new dam capacity of 20 - 25 MAF by the year 2020. Pakistan's requirements dictate that both Kalabagh and Basha dams be launched together. By the time Kalabagh Dam construction is completed by 2012, hopefully Basha Dam investigations and studies would have been satisfactorily completed. The KKH approach road from Abbottabad to Basha would also have been upgraded for movement of heavy construction machinery to enable completion of Basha Dam by 2020. Simultaneous start of activities for both the dam projects would be a big breakthrough to enable rapid development of water and hydropower resources of the country.

 

[Neo]

21 April 2006

ISLAMABAD - The Canadian government has written off a 392-million-dollar loan owed by Pakistan after years of negotiations with the Paris Club, a media report said on Friday.

Under the debt write-off reached Tuesday, Pakistan must use the money that would have gone to pay back the loan for training teaching staff at educational institutions across the country, the English-language Dawn newspaper reported.

Pakistan initiated a dialogue with the Paris Club, of which Canada is a member, a few years ago for rescheduling debt and a debt swap with the aim of reducting Pakistan’s external-debt burden.

Over the past six months, Pakistan has succeeded in reducing its external debt burden by about 652 million dollars.

The Italian government was also expected to write off 200 million dollars in Pakistani debt against spending by Pakistan on Afghan refugees and reconstruction of areas ravaged by the October’s deadly earthquake there.

The newspaper also quoted officials in the finance ministry as saying that negotiations have been completed with Germany to get waiver of a 362-million-dollar loan against expenditures for quake reconstruction.

The magnitude-7.6 quake killed 75,000 people in North-Western Frontier Province and Pakistan-administered Kashmir.

 

[SMC]

Good job man keep up the good work

 

[SMC]

City govt, banks make huge profits: Taiser Town scheme


By Shahid Iqbal
KARACHI, April 21: The Taiser Town scheme proved a windfall for the banks, which are charging up to Rs200 for making a pay order, and the city government which increased the application form price by four times after the overwhelming public response to the first scheme.

Thousands of applicants make long queues daily in front of the Allied Bank, authorised to receive applications for 120 sq yard plots in Taiser Town scheme launched by the city government for lower income people, who would collectively lose millions without an inch of a land.

According to the applicants banks have been charging different rates for making a pay order. The minimum fee charged was Rs50 for the account holders of a bank, while most of the banks charged Rs200 per pay order.

The overwhelming response to the first scheme of 80 sq yards plots had attracted about 400,000 applications for about 34,000 plots. The price of the application form was Rs100 only.

However, the city government decided to charge Rs500 per form for the second scheme of 120 sq yards plots which is non refundable. If the same number of applications were received for the second scheme, the city government would digest some Rs200 million alone as form price.

“I believe more applications are coming for the second phase of the scheme,” said a bank manager. The final date for submission of forms has been extended by 10 days up to April 30.

The application form for the second scheme is not different from the previous one and the cost of the single-page form must not be more than 50 paisa, while thousands of applicants are downloading the form through the internet thus causing no cost to the government.

For the early scheme of 80 sq. yards of land, four hundred thousands people applied and an amount of R2 billion was deposited with the Allied Bank of Pakistan. However, balloting for the scheme was delayed and the refund of money to the unsuccessful applicants, after balloting in January 2006, is still continuing.

Compared to the previous scheme of 80 sq. yards, more money is expected to come to the banks for the second scheme. Seeing the high response to the scheme, the city government also increased the land price by hundred per cent.

The government charged Rs500 per square yard for the previous scheme, while in the second phase just after six months the land price has been fixed at Rs1,000 per sq. yard. The total cost of the 120 yard plot is Rs120,000.

The scheme has been started to provide houses to the low income people and it is a big relief for them as the land prices have gone beyond the reach of the middle and lower middle class.

Since no criteria was established for filing application for the plots scheme and no restriction was put on the rich people to keep them away from the scheme meant for the low income group, thousands of forms had been submitted by those who do not fall in the category.

A banker said that the Allied Bank would enjoy the benefit of the existing huge liquidity which would come with the application forms and remain there till balloting and even after that.

If the response remains the same as it was in the previous scheme, about Rs6 billion would come into the bank.

“It is not clear how much money of the previous scheme has gone out of the ABL, but people are still coming to withdraw their money after three months,” said the bank manager.

The previous scheme was announced in September 2005, and balloting took place in January 2006, which means that the money deposited with the ABL, remained with the bank even after six months.

 

[SMC]

Pakistan, US close to signing BIT


By Anwar Iqbal
WASHINGTON, April 21: Senior US and Pakistani officials said on Friday that the two countries were close to signing a bilateral investment treaty (BIT) and perhaps even a free trade agreement.

Pakistan and the US are expected to hold talks next week on some of the technical and legal issues still delaying the BIT, they said.

“We will be signing the BIT very soon and we may sing the FTA by 2007,” said Salman Shah, adviser to the prime minister on finance. Dr Shah is in Washington to attend the annual spring meetings of the World Bank.

“We are still close to signing the BIT,” said US Assistant Secretary of State for South and Central Asian Affairs Richard Boucher. “We still think it can be done and it is on our agenda.”

Before leaving for Pakistan in early March, President George W. Bush also had said that the two countries were close to signing a BIT, indicating that it might be finalised during his visit. But later US and Pakistani diplomats said last minute snags delayed the signing.

Asked to explain what caused the delay, Dr Shah said the US administration was seeking some safeguards for investors which Pakistan believed it could not offer to all investors. “We want an arrangement that can be made with other countries as well,” he said. “The wording has to be right and I believe we will soon be able to resolve these legal issues.”

Mr Boucher said the discussions on the treaty were now focused on “a couple of final issues” as “we could not find the right agreement on very technical matters important to both.”

But he said he believed these snags could be removed and the treaty could be signed soon.

A bilateral investment treaty is an agreement establishing the terms and conditions for private investment by nationals and companies of one state in the state of the other.

The FTA promotes trade between nations without protective restrictions.

 

[SMC]

Egypt to cooperate in farm sector
ISLAMABAD, April 21: Pakistan and Egypt have agreed to enhance mutual cooperation in crops productivity, livestock, horticulture, trade and exchange of expertise. During a meeting of Agriculture Minister Sikandar Hayat Khan Bosan with his Egyptian counterpart Amin Abaza, both the countries also signed an action plan to implement a memorandum of understanding for mutual exchange and sharing of positive experiences in realm of agriculture sectors.

During the meeting held in Cairo, Mr Bosan said Pakistan was interested in high-yielding, drought and virus-resistant crops of rice, wheat and sugarcane and cultivation of high sugar content plant, says a press release.

The meeting also decided that both the countries would exchange post-harvest technology in horticulture and frozen semen in livestock. The meeting decided that exchange of visits of professionals would be facilitated at al levels. Eventually, Pakistan will utilize the five scholarships provided annually by the Egyptian International Centre of Agriculture within specified areas of cooperation.

The action plan also accorded preference to encourage trade of agricultural products and commodities of mutual interests and needs.

Pakistani delegation also visited agriculture research stations, Agricultural Genetics and Engineering Research Institute, field crops and cotton research institutes and various horticulture farms in Cairo. The delegation was also briefed by the Horticulture Export Improvement Association.—APP

 

[SMC]

Mobilink service
KARACHI, April 21: Mobilink, the leading cellular company, is expanding its network to cover more cities and towns. Its network services are now available in over 750 cities, towns and villages, says a press release.

 

[SMC]

DIB profits up by 127pc


By Our Staff Reporter
KARACHI, April 21: Dubai Islamic Bank (DIB) has announced a record 127 per cent increase in its first quarter profit of 2006 to UAE dirham 695 million compared to 305 million in the corresponding period of 2005.

Net profit attributed to shareholders also rose to 332 million dirham, a 118 per cent increase as compared to 162 million dirham in the first quarter of 2005. The bank’s total assets grew by a record 109 per cent to 63.4 million dirham at the end of the 1st quarter of 2006 as compared to 30.3 million dirham at the end of Q1 2005.

Customer deposits also showed a growth of 37 per cent to reach 36.3 billion dirham at the end of the 1st quarter of 2006.

 

[Bull]

DIB profits up by 127pc


By Our Staff Reporter
KARACHI, April 21: Dubai Islamic Bank (DIB) has announced a record 127 per cent increase in its first quarter profit of 2006 to UAE dirham 695 million compared to 305 million in the corresponding period of 2005.

Net profit attributed to shareholders also rose to 332 million dirham, a 118 per cent increase as compared to 162 million dirham in the first quarter of 2005. The bank’s total assets grew by a record 109 per cent to 63.4 million dirham at the end of the 1st quarter of 2006 as compared to 30.3 million dirham at the end of Q1 2005.

Customer deposits also showed a growth of 37 per cent to reach 36.3 billion dirham at the end of the 1st quarter of 2006.

Ahsaaaan whats DIB got to do with pakistan.....i think u r confused...or pasted the wrong article.

 

[Owais]

THE RUPEE: marginal fall in open market
RECORDER REPORT KARACHI (April 22 2006): Stable trend was witnessed in the interbank market on Friday as the rupee maintained its overnight level for buying and selling at 60.00 60.02, respectively. Balanced demand and supply did not allow any unusual increase in the dollars' demand, dealers said.

Some money experts, however, said that the rupee may face slight erosion on strong buying by the corporate sector in the coming days.

The dollar showed firmness versus the major currencies in the international market following the upbeat US economic data, dealers said.

OPEN MARKET RATES: The rupee continued its weakness, losing three paisa versus the dollar for buying and selling at 60.15 and 60.20, dealers said.

The rupee followed the same trend in relation to the euro, falling 10 paisa for buying and selling at Rs 73.60 and Rs 73.70, moneychangers said.
================================Buying Rs 60.15Selling Rs 60.20================================