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France seeks better offers from Alstom suitors

The French government is reportedly unhappy with the bids made for engineering firm Alstom. Media reports say Paris wants Alstom’s three suitors General Electric (GE), Siemens and Mitsubishi to improve their offers. The government of French Socialist President Francois Hollande wanted the joint bid by Siemens and Mitsubishi Heavy Industries (MHI), as well as the offer by US rival General Electric (GE) to be improved, British news agency Reuters reported Tuesday. Citing a source in Hollande's office, Reuters reported that the talks were continuing this week and that the French president would expect improved bids in the days leading up to a June 23 deadline imposed by GE for its offer. US-based engineering giant GE is offering to buy Alstom's energy division for 12.4 billion euros ($16.8 billion). GE management said it was making progress in discussions with the government on its offer, which would include Alstom's thermal and renewable power as well as its grid business. On Monday, GE's offer was topped by a rival bid jointly put forward by Germany's engineering conglomerate Siemens and Japan's Mitsubishi Heavy Industries (MHI). It values Alstom's power business at a total of 14.2 billion euros. Paris insists that any solution must protect French jobs and strategic influence over the company. Keeping a French industrial icon Following talks on Tuesday between Siemens, Mitsubishi and the French government, Siemens Chief Executive Joe Kaeser told a news conference in Paris that he saw no reason to discuss improving an offer which he described as the better one on the table. "Why would a superior offer be improved if it is superior already? There is no reason for us to discuss that question at this time," he said. Under the Siemens-MHI deal, Siemens offered to buy Alstom's gas turbines business for 3.9 billion euros in cash, and MHI to buy stakes in Alstom power assets including hydroelectric power equipment and grid, to be held in separate joint ventures. MHI would inject 3.1 billion euros in cash into Alstom and offer to take a stake of up to 10 percent in the French firm from 29 percent shareholder Bouygues. "We are keeping a proud French icon strong and making it even stronger," Kaeser said, adding that Siemens was also ready to enter into "good faith" talks with Alstom to strengthen both companies' mobility businesses. Mitsubishi Heavy's Miyanaga told the joint news briefing with Kaeser that it would create around 1,000 new jobs in France with joint research and development, marketing and manufacturing cooperation, and efforts to boost local vocational skills. An additional 1,000 apprentice training jobs in France were pledged by the Siemens CEO together with a guarantee that existing Alstom worker benefits would not be damaged by the tie-up.

The French government is reportedly unhappy with the bids made for engineering firm Alstom. Media reports say Paris wants Alstom’s three suitors General Electric (GE), Siemens and Mitsubishi to improve their offers. The government of French Socialist President Francois Hollande wanted the joint bid by Siemens and Mitsubishi Heavy Industries (MHI), as well as the offer by US rival General ... Read More »

Oil At 3-Month High On Iraq Anxiety, Stocks Steady

LONDON: Oil prices hit a three-month peak on Thursday on worries escalating violence in Iraq may disrupt supply while European shares stabilised near 6-1/2-year highs with gains capped by global growth concerns. Investors have become increasingly anxious after militants from an al-Qaeda splinter group captured Mosul, the OPEC producer's second largest city, and appeared to be making rapid advances towards the Shi'ite-led government in Baghdad. Brent futures - an international oil benchmark sensitive to geopolitical turmoil - jumped more than $2 to $112.29 a barrel, the highest since early March. "I would entirely ascribe this move to the insurrection in the north of Iraq ... The fear is that it will cause a threat to Iraqi oil exports," Christopher Bellew, a trader at Jefferies Bache, said. "If this conflict knocked out Iraq as an exporter, that would have significant impact on prices ... How high could they go? It depends on what happens." Events in Iraq and renewed concerns about the pace of global growth made investors tread cautiously in riskier assets. European, U.S. and Asian shares retreated from multi-year and record peaks reached this week after the World Bank cut its global growth forecast. The FTSEurofirst 300 index of top European shares was slightly up on the day at 1,393.75 points, hovering just below the 1,398.65 peak hit earlier on Wednesday. U.S. stock index futures pointed to a steady to slightly higher open on Wall Street, as investors look for further impetus to keep buying. "After such a good rally, it's not the time to buy right now, it's better just to sit on your gains. The market is quite vulnerable to negative news at the moment," said Philippe de Vandiere, analyst at Altedia Investment Consulting, in Paris. "On the longer term however, earnings in Europe will start to recover in the next few months, which should lift stocks going forward." RESURGENT KIWI Among major currencies, the New Zealand dollar jumped 1.3 percent to a four-month high after the central bank raised interest rates and retained a hawkish bias, surprising some investors who had bet on a slower pace of rate hikes. The kiwi surged more than one percent to $0.8676. Other major currencies were little changed with the euro stuck near the four-month low hit after the European Central Bank cut its own rates last week. The euro traded at $1.3523, compared with a low of $1.3503 hit on Thursday. The euro has fallen almost 1 percent this week as the effects of the ECB's easing policies spread through markets but the jury remains firmly out on whether the bank has managed to turn the tide. A stronger dollar on the basis of improvement in the U.S. economy and a resulting rise in Treasury yields was many banks' base scenario for 2014 at the start of the year. "It does feel like lower yields are starting to weigh on the euro," said Paul Robson, a currency strategist at RBS in London. "I don't quite want to jump on the bandwagon yet - the reasons for the euro's strength this year have not quite gone away. Yes, it may go through $1.35, but I don't think it will go much beyond that." In fixed income, peripheral euro zone bond yields pulled away from record lows as investors made way in their portfolios to take down bond sales from Italy and Spain. Spanish 10-year bond yields were up 4 basis points at 2.67 percent as Madrid also took steps to ease its hefty upcoming debt repayments by switching expensive debt issued at the height of the sovereign debt crisis for a new 10-year bond. Equivalent Italian yields were up 2 bps at 2.81 percent as the market digested an auction of 8.5 billion euros of three-, seven-, and 30-year bonds. (Reuters)

LONDON: Oil prices hit a three-month peak on Thursday on worries escalating violence in Iraq may disrupt supply while European shares stabilised near 6-1/2-year highs with gains capped by global growth concerns. Investors have become increasingly anxious after militants from an al-Qaeda splinter group captured Mosul, the OPEC producer’s second largest city, and appeared to be making rapid advances towards ... Read More »

Bulgaria Approves 1.49 Bn-Euro Bond Issue

SOFIA: Bulgaria is to raise nearly one and a half billion euros on the bond market to repay debt and finance the budget, parliament agreed on Friday. The decision came amid political uncertainty in the country -- the poorest in the European Union. Parliament approved the issue of bonds to raise 1.49 billion euros ($2.04 billion) to refinance maturing debt and cover the budget deficit. The move comes amid concerns about political instability, since the technocrat government's two main backers -- the Socialists and minority MRF party -- have called for early elections. Earlier this month, the government hired Citigroup, HSBC Bank and JP Morgan Securities to manage the issue, which will be either euro- or dollar-denominated and could be printed in one or more packages, although the timing was still undecided. The money raised will be used by the government to repay a $1.1-billion debt issue maturing in January 2015, finance the country's 2014 public deficit of 1.8 percent of gross domestic product, and to pay debt interest. Bulgaria, which is not part of the eurozone, has one of the lowest public debt ratios in the European Union, at just 18.6 percent of gross domestic product in April, according to central bank data. Since 1997, the country has operated under a currency board arrangement which ties its lev to the euro, and tightly restricts monetary policy, notably the creation of new money. The country last tapped the international markets in July 2013 to refinance a 879-billion-euro bond issue. But public finances are an extremely sensitive issue in the country and the new bond issue prompted the conservative opposition GERB party to table a no-confidence motion in parliament against the government's fiscal policy on Thursday. It is due to be put to the vote next week but stands little chances of success. (AFP)

SOFIA: Bulgaria is to raise nearly one and a half billion euros on the bond market to repay debt and finance the budget, parliament agreed on Friday. The decision came amid political uncertainty in the country — the poorest in the European Union. Parliament approved the issue of bonds to raise 1.49 billion euros ($2.04 billion) to refinance maturing debt ... Read More »

Euro Near Four Month Lows

SYDNEY/SINGAPORE: The euro languished near four-month lows on Thursday with investors firmly sidelined as they waited to see what measures the European Central Bank would implement to tackle the threat of deflation. The ECB is widely expected to cut interest rates, putting the deposit rate into negative territory for the first time. It is also seen offering longer-term loans linked to further lending, without launching large-scale asset purchases as the Bank of Japan has done. The euro held steady on the day at $1.3598, not far from a four-month trough of $1.35855 plumbed on Tuesday on trading platform EBS. It has slumped almost 3 percent from highs near $1.4000 after ECB President Mario Draghi on May 8 prepared the market for possible policy action at the June 5 review. "You're likely to see pretty large swings in the spot price today on the back of the ECB statement and also the press conference," said Callum Henderson, global head of FX research for Standard Chartered Bank in Singapore. The euro may end up rising over the next few days unless the ECB surprises the market by embarking on large-scale asset purchases, also known as quantitative easing (QE), he added. "In terms of direction, our base case is, unless you see QE, the risk is of a bounce in euro," Henderson said. The ECB will announce its rate decision at 1145 GMT (7.45 a.m. EDT) and President Mario Draghi will give a news conference at 1230 GMT (8.30 a.m. EDT). "Given market pricing and high expectations for ECB action, the risks of near-term disappointment are not inconsequential," Marvin Barth, strategist at Barclays in London wrote in a note to clients. "However, we are confident the ECB will undertake necessary policies to raise inflation from the current worrisome levels. Accordingly, we would recommend fading any post-meeting disappointment that leads the euro to rally." With the common currency on the back foot, the dollar index held near a four-month peak of 80.681 set earlier in the week. It was last at 80.649. U.S. data was mixed on Wednesday but still supported views the world's biggest economy is recovering from a weather-induced slowdown early in the year. Data from the Institute for Supply Management showed an acceleration in services sector growth, while figures from payrolls processor ADP showed companies hired far fewer workers than expected in May. That could raise the risk of a disappointment in non-farm payrolls on Friday. The yen, meanwhile, appeared to be stabilizing after falling in the past few sessions. The dollar eased 0.2 percent to about 102.57 yen, down slightly from a one-month high of 102.80 yen set on Wednesday. The dollar has gained a lift versus the yen over the past several days as the benchmark U.S. 10-year Treasury yield pulled up from an 11-month low touched last week, helping to bolster the greenback's appeal. News this week that Japan's Dai-ichi Life Insurance Co has agreed to buy U.S. peer Protective Life for $5.7 billion in the largest acquisition by a Japanese insurer, also held the attention of traders. Some traders may have bought dollars in anticipation that the deal would pressure the greenback higher, in which case they could now be looking to book profits, said a trader for a Japanese bank in Singapore. Reuters

SYDNEY/SINGAPORE: The euro languished near four-month lows on Thursday with investors firmly sidelined as they waited to see what measures the European Central Bank would implement to tackle the threat of deflation. The ECB is widely expected to cut interest rates, putting the deposit rate into negative territory for the first time. It is also seen offering longer-term loans linked ... Read More »

Asian Shares Waver, Euro Steady

TOKYO: Asian stocks erased early modest gains on Tuesday, while the euro steadied but remained vulnerable after overnight comments from the European Central Bank chief heightened expectations of easing steps in the euro zone. MSCI's broadest index of Asia-Pacific shares outside Japan dipped about 0.1 percent, after opening higher, as investors locked in profits following its rise to a one-year high on Monday. Japan's Nikkei stock average was a regional standout, adding about 0.9 percent after marking its highest intraday level since early April. "Short covering has been continuing since last week's strong China PMI data and U.S. housing data," said Norihiro Fujito, senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities. "The main buyers are short-term investors like derivatives players and hedge funds." US and UK markets were closed for holidays on Monday, giving Asian shares fewer directional cues than usual. The holidays also crimped foreign exchange volumes to less than half of their daily averages. While thin conditions sometimes amplify market moves, major currency pairs quietly stuck to recent ranges. The euro last stood at $1.3658, slightly up on the day but still not far from a three-month low of $1.3615 plumbed on Monday. Against the yen, it added about 0.2 percent to 139.26 yen. ECB chief Mario Draghi on Monday continued to hint at coming measures, saying the ECB must be "particularly watchful" for any negative price spiral in the euro zone, and that "more pre-emptive action may be warranted." Later on Tuesday, Draghi is scheduled to participate in an armchair discussion in the final day of the ECB forum underway in Portugal. Reuters reported earlier this month that the ECB is preparing a package of policy options for its June 5 meeting. It includes cuts in all its interest rates as well as targeted measures aimed at boosting lending to smaller firms. By contrast, current and former Japanese central bankers familiar with internal discussions say an informal debate is under way at the Bank of Japan on how to prepare for an eventual exit from its massive quantitative easing program. The yen was steady against the dollar, which bought 101.96 and remained not far from its 1-1/2 week high of 102.05 marked on Monday. Investors kept a wary eye on Ukraine, which launched air strikes and a paratrooper assault against pro-Russian rebels who seized an airport on Monday. The escalation in the ongoing crisis was tempered by the decisive win for billionaire Petro Poroshenko in Ukraine's weekend presidential election, which many hope will help bring some stability to the situation. In commodities trading, U.S. crude futures were slightly up at $104.38 a barrel. Spot gold was a touch lower at $1,291.06 an ounce. London copper edged to its highest in nearly three months on Tuesday as markets reopened after a holiday weekend, underpinned by buying from top consumer China and expectations of monetary easing in Europe. It was last fetching $6,935 a metric ton.Reuters

TOKYO: Asian stocks erased early modest gains on Tuesday, while the euro steadied but remained vulnerable after overnight comments from the European Central Bank chief heightened expectations of easing steps in the euro zone. MSCI’s broadest index of Asia-Pacific shares outside Japan dipped about 0.1 percent, after opening higher, as investors locked in profits following its rise to a one-year ... Read More »

Business Aviation Picks Up

SEATTLE : Business aircraft are taking to the skies again as many economies around the world improve, but a surplus of jets delivered just before the recession means the equivalent of 2,750 jets remain parked in hangars. An excess of jets is depressing prices for planes, particularly older ones, and clouding the outlook for manufacturers of new jets, such as Bombardier Inc, Gulfstream and Cessna. Some companies are cutting back on corporate jet travel and reducing executives' use of corporate jets for personal trips. With so many jets not being flown, businesses are finding it more difficult to justify new purchases, said Rolland Vincent, president of Rolland Vincent Associates, a jet consulting firm that works with Utica, New York-based JetNet. "It's like having a lot of cars in your driveway," Vincent said. "If you don't use them that much, you're not going to be out shopping for another one." The recovery in business flying is uneven around the world, and prone to setbacks. A global survey of private aircraft, including helicopters and charters, showed a 2 percent decline in the hours flown in the first quarter, from a year ago. Flight hours in Asia, Europe and the Middle East rose in the past year through March, but declined in the United States and Latin America, according to the survey by Jet Support Services Inc (JSSI), a Chicago-based company that supplies service and support for aircraft. The harsh U.S. winter played a big role in depressing demand for flying, while political issues in Eastern Europe and slower economic growth in Asia affected flying in those regions, JSSI said. But demand should "bounce back" in the spring, said Neil Book, chief executive of JSSI. "As the overall economy ramps up, we expect to see overall flight hours increase more quickly," he said. Indeed, the longer term trend in operations tracked by the Federal Aviation Administration shows U.S. flying steadily picking up. In the United States, which is by far the largest business-aircraft market, business jet flights rose about 3.4 percent in the 12 months through March, according to the FAA's tracking of takeoffs and landings. That's a sharp upswing from the prior 12-month period, when flights rose only about 0.3 percent. But because the industry was cranking out jets at a high rate from 2005 to 2009, the amount of flight time per plane remains well below the peak of 2007, just before the financial crisis. Some companies are throttling back on personal plane use, or shifting to less expensive options than owning, including new "club membership" plans that don't involve capital outlays that can cost hundreds of thousands or millions of dollars annually. Several S&P 500 companies said in recent filings that they have set limits on executive use of corporate jets. Many already require executives to reimburse the company for personal use of the plane beyond a set limit of hours or dollars. Danaher Corp, for example, recently curtailed personal use of the corporate jet by its chief executive and chief financial officer, but raised salaries to compensate for loss of the perk. Some companies also said they are leasing jets or using fractional ownership plans, rather than owning planes outright. Wheels Up, a plane serviced launched last August, uses a club membership instead of fractional ownership, and cuts the cost substantially. He said some of the demand comes from companies that have given up ownership of some form. "We've definitely had people joined from other ownership programs," said Rod Williams, president of Wheels Up.Reuters

SEATTLE : Business aircraft are taking to the skies again as many economies around the world improve, but a surplus of jets delivered just before the recession means the equivalent of 2,750 jets remain parked in hangars. An excess of jets is depressing prices for planes, particularly older ones, and clouding the outlook for manufacturers of new jets, such as ... Read More »

Asia Shares Hit 1-Year High

TOKYO: Japanese stocks led a surge in Asian equities to a one-year high on Thursday, after an upbeat reading on China's factory sector burnished risk appetite and blunted some of the more pessimistic views on the world's second-biggest economy. Spreadbetters expect the momentum to carry over to Europe, with Britain's FTSE seen opening up as much as 0.2 percent, Germany's DAX 0.3 percent and France's CAC 0.2 percent higher. Equities were already on the front foot after minutes of the U.S. Federal Reserve's last meeting reassured investors that policy makers will continue to support the economy, depressing the safe-haven yen. That set up the riskier asset markets for a decent uptick when a private survey showed China's factory sector turned in its best performance in five months in May. MSCI's broadest index of Asia-Pacific shares outside Japan rose as much as 1.1 percent to 488.20, its best level since May last year. It was last up 1 percent. The Shanghai Composite Index climbed 0.5 percent. "The data is better than the market had expected," said Zhang Qi, a Shanghai-based analyst with Haitong Securities. "But whether the upward trend can continue depends on whether capital would constantly go to some blue chips." News suggesting a government-controlled insurer is poised to ramp up investment in domestic equities was the icing on the cake for bullish Japan shares, with the Nikkei surging 2.2 percent. The Australian dollar, which is sensitive to developments in the economy of its major trading partner China, rose 0.1 percent to $0.9260, pulling away from Wednesday's three-week low of $0.9208. The price of copper, considered a barometer of global economic health, also edged up on China relief. London copper edged up from a nine-day low hit the session before, also underpinned by signals U.S. rate hikes were not likely in the near-term. Three-month copper on the London Metal Exchange edged up 0.5 percent to $6,868 a ton. Medium and long-dated U.S. Treasury yields had climbed overnight, reflecting discussions by the Fed for the eventual tightening of policy though the start of that cycle was seen as being some way off. The closely-watched minutes of the Fed's April Open Market Committee meeting released on Wednesday showed that policy makers had begun to lay the groundwork for an eventual exit from their easy stance, but that the discussions were "prudent planning" and not a sign rate hikes would come any time soon. "There was a lot of rejoicing at the Fed minutes; a one line synopsis of the release would read - the Fed continues to champion accommodation for the foreseeable future," Evan Lucas, market strategist at IG in Melbourne, said in a note to clients. The uptick in risk appetite weighed on the yen and underpinned the dollar somewhat. The greenback rose 0.4 percent to 101.73 yen, extending its rebound from a 3-1/2 month low of 100.805 yen touched on Wednesday when Bank of Japan Governor Haruhiko Kuroda reiterated his optimistic view on the Japanese economy and provided no hints of further monetary easing in the near term. The dollar also advanced against the euro, which has been hurt by growing expectations the European Central Bank will ease monetary policy in June and potentially destabilizing European Parliament elections later this week. The euro stood at $1.3675 after hitting a three-month trough of $1.3634 on Wednesday. Traders are now looking at the euro zone purchasing managers surveys due later in the day for some immediate catalysts. Brent crude steadied near a 2-1/2 month high above $110 a barrel, supported by a large draw in U.S. crude stocks and as the China factory survey suggested better demand from the world's No.2 oil consumer.Reuters

TOKYO: Japanese stocks led a surge in Asian equities to a one-year high on Thursday, after an upbeat reading on China’s factory sector burnished risk appetite and blunted some of the more pessimistic views on the world’s second-biggest economy. Spreadbetters expect the momentum to carry over to Europe, with Britain’s FTSE seen opening up as much as 0.2 percent, Germany’s ... Read More »

Crude prices ease in Asian trade

SINGAPORE: Oil prices eased in Asian trade Thursday following a rally in the previous session, analysts said. The US benchmark, West Texas Intermediate for June delivery, was down 27 cents at $102.10 a barrel in afternoon trade while Brent North Sea crude for June dropped 11 cents to $110.08. Prices climbed in US trade Wednesday after a Department of Energy report showed a drawdown at the Cushing, Oklahoma, terminal that fuelled hopes demand had picked up in the world's biggest oil consuming nation. However, Michael McCarthy, chief market strategist at CMC Markets, in Sydney told AFP: "There are concerns that the spike is due to changes in the distribution structure rather than an increase in demand." He said the drop at Cushing was due to better distribution through the southern leg of the Keystone XL pipeline, which transports oil to Gulf Coast refineries in Texas. The overall US crude oil stockpiles data -- which includes those outside Cushing -- showed supplies rising 900,000 barrels in the week ending May 9. However, the fall in prices has been tempered by the ongoing crisis in Ukraine, with Russian Foreign Minister Sergei Lavrov saying on Wednesday that the former Soviet state was on the brink of civil war. Ukraine is a major conduit for Russian oil and gas exports to Western Europe, and analysts fear that an escalation of the conflict could disrupt supplies and send prices soaring. AFP

SINGAPORE: Oil prices eased in Asian trade Thursday following a rally in the previous session, analysts said. The US benchmark, West Texas Intermediate for June delivery, was down 27 cents at $102.10 a barrel in afternoon trade while Brent North Sea crude for June dropped 11 cents to $110.08. Prices climbed in US trade Wednesday after a Department of Energy ... Read More »

Asia shares rally

HONG KONG: Asian markets rallied on Tuesday, taking their lead from a record close on Wall Street, while Japan's Nikkei was boosted by a pick-up in the dollar against the yen. Oil prices were mixed after rising on Monday in response to a vote for independence from Ukraine in the country's east that has fuelled fears of a civil war. Tokyo jumped 1.66 percent, Hong Kong added 0.48 percent, Sydney gained 0.82 percent, Shanghai was 0.26 percent higher and Seoul was up 0.80 percent. Eyes are also on the release of key data out of China on investment, retail sales and industrial output. In New York the Dow and S&P 500 hit all-time highs and the Nasdaq enjoyed a boost as dealers raced back into technology shares after a recent sell-off that has seen some household names such as Twitter and Netflix tumble. Analysts said there was no clear reason for the buying but suggested there was a sense that some stocks had been oversold as investors worried the sector was overvalued. The Dow rose 0.68 percent, the S&P 500 gained 0.97 percent and the Nasdaq added 1.77 percent. The upbeat sentiment filtered through to currency markets, where investors sought out higher yielding, riskier assets, pushing the yen -- considered a safe bet -- lower. In early trade the dollar bought 102.19 yen, compared with 102.09 yen in New York Monday. The euro bought $1.3761 and 140.64 yen, compared with $1.3758 and 140.50 yen. The single currency has been under pressure since last week when European Central Bank chief Mario Draghi said he was ready to ease monetary policy soon as the currency bloc suffers from continuing weak inflation. Analysts said the comments would likely force the ECB to act at next month's policy meeting or risk losing its credibility with the markets. Oil prices were mixed following Monday's gains, after pro-Russian separatists claimed a victory in weekend referendums in Donetsk and Lugansk. Kiev denounced the balloting as a "criminal farce", while the United States and European Union called the votes illegal. However, the elections have fanned fears of a violent breakup of Ukraine and the possibility of a civil war on Europe's eastern edge. Ukraine is a major conduit for Russian oil and gas exports to Europe, and any escalation of the conflict could disrupt supplies and send prices soaring, analysts say. The US benchmark, West Texas Intermediate for delivery in June, eased nine cents to $100.50 a barrel, while Brent North Sea crude for June gained eight cents to trade at $108.49 a barrel. Gold fetched $1,295.66 an ounce at 0230 GMT compared with $1,294.30 late Monday.AFP

HONG KONG: Asian markets rallied on Tuesday, taking their lead from a record close on Wall Street, while Japan’s Nikkei was boosted by a pick-up in the dollar against the yen. Oil prices were mixed after rising on Monday in response to a vote for independence from Ukraine in the country’s east that has fuelled fears of a civil war. ... Read More »

Pakistan forex reserves stand at $11,753.8mn

According to State Bank of Pakistan (SBP) the liquid foreign reserves in its vaults are worth $7,010.0 million, whereas commercial banks have $4,743.8 million. During the week ending April 18, SBP's liquid foreign exchange reserves increased by $2,026 million to $7,010 million compared to $4,984 million in the previous week. The central bank held reserves got a boost after Pakistan received $2 billion from --the issuance of-- Sovereign Bonds in International Capital Market and $139 million from the Islamic Development Bank respectively. On account of external debt servicing and other official payments, SBP made payments worth $96 million from its reserves during the week under review

According to State Bank of Pakistan (SBP) the liquid foreign reserves in its vaults are worth $7,010.0 million, whereas commercial banks have $4,743.8 million. During the week ending April 18, SBP’s liquid foreign exchange reserves increased by $2,026 million to $7,010 million compared to $4,984 million in the previous week. The central bank held reserves got a boost after Pakistan ... Read More »

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