OmaR UK
May 8 2008, 07:37 AM
KARACHI, May 8 (Reuters) - Pakistan's foreign reserves fell by $355 million to $12.256 billion in the week that ended on May 3, the central bank said on Thursday.
Reserves held by the State Bank of Pakistan fell to $9.926 billion from $10.367 billion a week earlier, while those held by commercial banks rose to $2.330 billion from $2.244 billion.
Pakistan's foreign exchange reserves hit an all-time high of $16.486 billion on Oct. 31, 2007, but have fallen since then, partly because of outflows from the stock market after President Pervez Musharraf imposed emergency rule on Nov. 3.
The emergency was lifted on Dec. 15, but foreign investors remained cautious after the assassination of former prime minister Benazir Bhutto on Dec. 27.
On Thursday, the rupee <PKR=PK> closed at a record low of 67.08/20 to the dollar, breaching the previous closing low of 66.45/55 set on Wednesday. [ID:nISL11583]. (Reporting by Sahar Ahmed)
ZPak
May 8 2008, 09:17 AM
I was just watching Geo right now. THe State Bank has just come out with a statement saying that they only have 9 billion dollars left.
zionist
May 8 2008, 09:29 AM
QUOTE(ZPak @ May 8 2008, 09:17 AM)

I was just watching Geo right now. THe State Bank has just come out with a statement saying that they only have 9 billion dollars left.
Holy Molly... Ok thats it guys...I am pulling all my investments in stocks and land back, before the government goes bankrupt and freezes my assets. I will also pass the message to all my family members.
thanks for the info Zpak.
auqaab
May 8 2008, 09:32 AM
Welcome to DALDA-"DAR"-Economics aka democracy!
QUOTE(ZPak @ May 8 2008, 04:17 PM)

I was just watching Geo right now. THe State Bank has just come out with a statement saying that they only have 9 billion dollars left.
Oh man more bad news.
ofcourse
May 8 2008, 10:09 AM
That is going fast.
OmaR UK
May 8 2008, 10:24 AM
9 Billion that was quick.
ZPak
May 8 2008, 10:36 AM
Dont take my word for it, I'm still looking for the print form to come out. All I saw was the ticker on Geo TV. Ofcourse the government is going to blame it on oil prices, and frikin inflation and ofcourse on Shaukat Aziz.
Tamerlane
May 8 2008, 12:38 PM
Things are going downhill even faster than I thought they will.
speedyturtle
May 8 2008, 01:11 PM
Here is the news in print
http://thenews.jang.com.pk/updates.asp?id=45129KARACHI: The foreign exchange reserves of the country have witnessed a slide of 355.5 million dollars and now stand at 9.92 billion dollars – lower than 10 billion.
According to the figures released by the State Bank of Pakistan (SBP), the foreign exchange reserves of Pakistan fell below 10 billion dollars for the first time after 2003.
Banking experts say the decline in reserves is being seen because the SBP has supplied large quantity of dollars in the market to stabilize the value of rupee against dollar.
-------------------------------
Sorry guys but seems like democracy never works in favour of pakistan.
SPEEDY
enjoy
Tamerlane
May 8 2008, 01:57 PM
By the way, the rupee is trading at over 67/US$. If the foreign reserves are disappearing so fast because of the bank trying to prevent the rupee from falling and the rupee is STILL falling, then imagine what would have happened if the State Bank wasn't trying to protect the rupee? Maybe it would have been at 75-80 per dollar.
The fact is that Pakistan's economy still hasn't recovered from the destruction done to it by the original Bhutto (fasad ki jarr) when he nationalized and destroyed industry, banking and education in the 70's.
Ever since the businessmen of Pakistan fled and transferred their money abroad because of Bhutto, Pakistan's economy has been a next EXPORTER of money. This is called "flight of capital" that has been going on for over thirty years while Pakistan's economy thirsts for investment. And as the rupee has fallen from 9.90/dollar to 67/dollar in those thirty years people are even more eager to transfer their money abroad to protect themselves from a declining rupee.
Only in the last few years under Musharraf/Shaukat Aziz did Pakistan experience dramatic growth. The economy doubled in dollar terms and the rupee remained steady while large scale investment came INTO the country instead of going out.
Now we're back to business as usual in Pakistan - falling reserves, falling rupee, falling investment, capital flight, stagnant GDP, etc.
2 aliph 5
May 8 2008, 02:31 PM
Welcome to the world of DemoCRASHy by Corrupt Nawaz Sharif and 10% Asif Zardari !!
but then again, I think people of Pakistan deserve this for bringing back these losers. Afterall, they voted for them.
You get what you chose.
They cant even sustain the economy at the position they came in at, let alone take it forward !!
platinum786
May 8 2008, 02:32 PM
Don't you feel free.... or at least in free fall?
This is probably just the start of things. Like Plat said they cannot even sustain the present state let alone take things forward. Sadly the predictions that everyone talked about when these losers came to power are coming true.
AL-khalid
May 8 2008, 03:39 PM
People of Pakistan still won't learn from this, it's not democracy it's demo-crazzzzzyyyy ... plus according to my formula developing Islamic country + democrazzzy = disaster ... n this is exactly what we got now ...
instantexcess
May 8 2008, 04:23 PM
This deserves a massive
I TOLD YOU SO
what justification does Khawar, PZ, Saira, Anxious and others have for this? What are you going to blame this one?
I am slowly becoming hopeless, I expect pakistan to fall further unless someone brings back Salman Shah, Shaukat Aziz or better minds
DAR CANNOT RUN A CORNER STORE.......
FIRE HIM ... PLEASE.
Actually assassinate Nawaz, thats the only way forward for Pakistan.
I hope Musharaf Imposes emergency before we are back to the Forex reserves of $200 million dollars like Nawaz left us with, bring back Shaukat Aziz as the Cheif Financial Officer, declare himself hte Cheif Executive.
Run the damn country like corporation and cut the losses short where ever he can .. i.e. Terrorists in Balochistan & NWFP.
Mark Sien
May 8 2008, 06:58 PM
Congratulations guys...the decade isn't even over and we're on a fresh start.
Yahya
May 9 2008, 12:07 AM
QUOTE(Mark Sien @ May 9 2008, 01:58 AM)

Congratulations guys...the decade isn't even over and we're on a fresh start.
rememar mark i told you ages back about odd decades and even decades in PK history..
theory goes, 60 is a even decade economy went good, 70 is odd it went bad, 80 is even it went good, 90 is odd it went bad, 2000 is even, 2010 is odd,,,,,,,,
in even decades we have had military running the country, in odd we had power hungry mobsters...
platinum786
May 9 2008, 01:48 AM
It's hardly fair to keep saying I told you so to members on the forum.
Millions voted these people in, and look at the alternative, our President.
He in fact was the one who facilitated all this to happen.
ZPak
May 9 2008, 03:54 AM
The millions who voted are complete , fools, idiots, jahils, illiterates. THe majority of the country cant F*cking read. Democracy shouldn't be allowed in the country as of now. Where in any other part of the world would people actually vote in corrupt theives and retards. My GOD! And then people have the gall the justify this ####. WHy cant we have the Musharraf dicatatorship again. We had much more rights under him anyways.
I hope Kiyani overthrows the government soon, and at least executes the entire PPP, PML-N and MMA leadership. I'm just counting the days.
sparten
May 9 2008, 04:15 AM
Don't worry it'll be down to 9 million soon.
Best of the Best
May 9 2008, 05:25 AM
I really dont see Pakistan survivng under Nawaz and Zardari, will Pakistan even exist post 2010 one really wonders when your forex Reserves are down from 16billion to 9 billion in less then 3 months, the jack@ss Dar is cutting even defence expences, Rupie was 70 againt dollar today, petrol has been increased 3 times since these guys are in power, food is much more expensive i mean the prices have sky rocketed under them.
ZPak
May 9 2008, 06:01 AM
I'm telling you, give it a year. Kiyani's going to lose it, and we'll have another nice little dictatorship.
Dizasta
May 9 2008, 06:04 AM
And where all those who rant democracy??? Where is the economic, social and political freedom??? What happen, can't hack trying to run the country now that free media is gearing up to come get you??? Out of 160 million Pakistanis, how many do you think would survive this economic crisis?? Lately I have recieved confirmed reports about how Zardari is buying up land in Karachi and how he has put all the development works which Mustafa Kamal worked so hard for, indefinately suspended!!! This is democracy??? Is this what you wanted (all those who wanted Bhutto in power)??? The ugly truth is, that majority of those who wanted Bhutto in power or ranted about democracy, only did it because of their own vested interest, not for Pakistan, not for Pakistanis.
saleemraja
May 9 2008, 06:06 AM
How many times we have heard the same story. Not enough money, need tro borrow money, need to fill up swiss accounts.
Daredevil
May 9 2008, 06:50 AM
Maybe what Pakistan need is a strong man like A General Suharto or Pinochet that will provide political stability and therefore economic growth.
saleemraja
May 9 2008, 06:51 AM
yeh and few hundred thousand in mass graves- no thanks
QUOTE(Daredevil @ May 9 2008, 06:50 AM)

Maybe what Pakistan need is a strong man like A General Suharto or Pinochet that will provide political stability and therefore economic growth.
Daredevil
May 9 2008, 06:58 AM
QUOTE(saleemraja @ May 9 2008, 07:51 AM)

yeh and few hundred thousand in mass graves- no thanks
You can't be a nice guy to rule Pakistan. It takes one son of a ##### who is tough as nail.
zionist
May 9 2008, 07:35 AM
Warning level raised
QUOTE(instantexcess @ May 8 2008, 11:23 PM)

bring back Shaukat Aziz as the Cheif Financial Officer, declare himself hte Cheif Executive.
Ya Allah I hope this day comes when we have such capable men in charge of Pakistan's future.
noxiouspython
May 9 2008, 09:40 AM
Aoa
You have to give it to Dar - he is good at what he does. lolz
Anyways - I think we shouldn't jump to conclusions so quickly. It's been four months and the whole thing is going down because we have a massive trade deficit... It had been there for quiet sometime, didn't just pop up from no where suddenly.
We need to look at the reasons why currency devalues, foreign reserves go down etc. Unless people think that NS and Dar have transferred the money to their accounts, I think this has to be examined more carefully. Can't just jump up and down and say OH it's their fault - it's as ludicrous as saying the current electricity crisis it the fault of NS and Zardari.
These things aren't as simple as some of us would like to believe.
Also - to mess things up this bad you have to work REALLLLY hard - and I don't think Dar has worked that hard. lol
===========================================
Now before you start saying oh this is your democracy (or any other variation of the word you've come up with), I want to clarify my position. I do know that some members wouldn't read the whole thing carefully but what the hell, it's for those who would. I support things that work; I don't think democracy is the ‘magic wand’ OR anything like that. The purpose for the whole system of government is to provide the citizens of that state with means and guidance to achieve ‘happiness’ as a whole. All these systems that we have designed are there to help us achieve that objective – none of them is perfect, different systems work better in different situations. A successful people are those who are able to match the right system with the right situation and make it work.
At the end of the day, it’s the right leaders that make the most difference – however, the lack of a proper system means that whatever the good leader builds behind would go down very quick if there is no proper system in place.
w/salaam
Mark Sien
May 9 2008, 09:50 AM
QUOTE(ZPak @ May 9 2008, 08:01 AM)

I'm telling you, give it a year. Kiyani's going to lose it, and we'll have another nice little dictatorship.
Even the U.S. knows this democracy isn't going to last for very long...they've been nice to Kiyani and are now being friendly to Mustafa Kamal. They know that this government is going to be overthrown on not so nice terms and development and social spending - if you look at Karachi and Year of the Soldier - will be big on the cards. If anything the U.S. should be on the planning stage of getting rid of the next dictatorship.
instantexcess
May 9 2008, 09:53 AM
Problem is that no one has confidence in Nawaz & Dar.
hence the reason why reserves are falling. if it were upto some of you, you'd blame Pamela Anderson's pregnancy on Musharaf & Shaukat Aziz.
and Dar supposedly dosen't return call to practically anyone.
OmaR UK
May 9 2008, 10:27 AM
5 May, 2008
Dear President, I just returned from Turkey and I have to tell you that every Turk I spoke to was your admirer. It was so heart warming to hear Turkish people take so much pride in you. I did not know that you had spend your childhood there, and can speak Turkish language like a native, and that you were there for army training as well!!!!!!!!!!!! I think I have to buy your book and read it in order to get to know you. The political scene does not look very promising at the moment. I must say that Zardari has emerged as a intelligent politician and his command on Urdu surprises me. Will you still be holding your Aiwan-e-Sadar question answer sessions? I hope so. Mr President, look after yourself, we still think that you are the best. Allah aap ka Nigheybaan. Mahe Talat Mahe' Talat Abidi
View the Response
Mohammad Naseer Uddin - Marketing Consultants | 3 Apr, 2008
Subject Who said My dear President MusharrafsPopularity is 19 pcernt? Message Dear Mr. President, In our coutnry peoples who already sold themself, media now they are working paid the maoney we are with you. You are the STAR OF PAKISTAN - WE ARE PROUD OF YOUR LEADERSHIP - WE ARE PROUD OF YOUR DECISIONS - WE ARE PROUD OF YOUR MILITARY CAREER. - WE ARE DIFFERENT yes developments 100 percent, off course when developments is going electtric and gas problems etc. A real Pakistani can understand - Sir, we are with you always, whatever you did as a politicans and my vast expeerienced in POLITICS , you are the real hero. INSHALLAH UNTIL LAST OF YOUR LIFE, YOU ARE OUR LEADER, PAKSITAN NEEDED LIKE YOU. I AM COMING BACK MR. PRESIDENT INSHALLAH AFTER ELECTIONS YOU ARE THE HERO, YOU ARE THE PERSON WHO GIVE THIS BLOODY MEDIA INDEPENDENT BUT OUR MEDIA " BAKIO MAL" THEY ONLY DEPEND COMMERICAL WAY, I ALSO SLUTE TONITE PERVEZ ELAHI WHAT HE SAID , PAKISTAN NEEDS YOUR LEADERSHIP. MR. PRESIDENT, ALLAH IS WITH YOU, I AM SURE GENERAL KIYANI ALSO WITH YOU. WE NEED YOU AND GENERAL KIYANI TO BUILD UP PAKISTAN, WE DONT NEED CORRUPTED PEOPLES WHO ALWAYS VOCING 16 CRORE PAKISTANI, LETS GO AND SEE 16 CARORE HAS ONE VOICE OR DIFFERENT VOICE. ALLA SUBHNA TALLA APKI HAFAZAT KARA, WE NEED ONLY MR. PRESIDENT MSUHRAFF INSHALLAH INSHALLAH E-mail naseer_sami@hotmail.com City London Province/State London Country Afghanistan
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Dr. Hafeez Chaichee - Research Fellow (retd.) Helsinki university | 3 Apr, 2008
Subject:Every Pakistani Admires Musharraf Your Excellency!18th-Feb-election results are going to establish you for the next 5-years term.I heartily congratulate.Those pakistanis who seem to oppose you are those who are not conscious of your admirable achievements on the 4 major issues : kashmiri terrorism, socio-political reformations in Blochistan and Wazirstan, status of women,and especially the Judicial Mafia`.I hope that within the next few years they will start admiring your policies and bold actions.As regards the hostile opposition leaders,they are after the mechanism of how to get the seats in the parliament more than their rivals.To be more frank,time demands a tolerable change : many old faces have to be replaced E-mail hafeezchaichee@netti.fi Country Finland
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Sohail Nusrat Bhalli - | 1 Apr, 2008
Subject:Congratulations Message Mr. President of Pakistan, On behalf of Pakistani people living in Michigan, I would like to congratulate you and all my Pakistani friends for holding peaceful and fair elections. I am glad that under your supervision, we are once again becoming a solid and mature democratic state. I can happily inform my fellow students here that we can rise from ashes. Thanks E-mail msnbhalli@gmail.com City Detroit Province/State Michigan Country United States
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Mohammed Aftab - Medicine | 1 Apr, 2008
Subject developments under President Pervez Musharraf Message dear mr.president thanks for everything what u have done, people never realiaze,but i can see the differences, some thing still want to write regarding the problem of water in karachi, we have enough water reservior in all provinces, i hope u will still do the best for pakistan those who are against of your government,what they have given to pakistan or its nation, allah bless u and ur family E-mail maaz_aftab@hotmail.com City doha Country Qatar
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Abdullah Bin Khurram - Student | 31 Mar, 2008
Subject Musharraf, ALLAH is with you and all the wise people are with you. Message Respected Mr.President, I am a big fan of yours. You did your best to save Pakistan from drowning. But unfortunately, people of Pakistan are not happy on being saved, but are criticising you and the government, for the wounds they had to face, while being saved. I know it looks so unfortunate to rule a country in which people of such narrow thinking and approach live. Mr. President, I really feel sorry on your part. Sometimes I even think, we dont deserve such a great leader like you. Let the people think whatever they want to, but, whatever happens, my support will always be with you. What a leader, and its pity, to see, what a narrow-minded nation. ALLAH is with you and all the wise people are with you. Good luck for governing Pakistan E-mail itsabk@gmail.com City Faisalabad Province/State Punjab Country Pakistan
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MUSHARRAF DOING STUPENDOUS JOB - Barrister | 21 Mar, 2008
Mr. President, You are doing a stupendous job in what is a dire internal and external forces. I am a Pakistani pushtoon and hurts me when I see the problems that is in Waziristan. But we have the utmost confidence in you ability to sort this matter our. Mr. Haq Nawaz Khan Birmingham, Engalnd United Kingdom
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PEOPLE ADMIRE PERVEZ MUSHARRAF - Advocate | 18 Mar, 2008
Respected Mr. President I would just like to express my gratitude for you hard work. I have always been an ardent supporter of the President for as long as I can remember and will remain so in the future. I am an admirer of his political strategies and what he has achieved for Pakistan, both nationally and internationally. Under his tenure, the parliament of Pakistan has enjoyed a period of stability and no doubt he has become a respected personality in world level and on a more global stage. Ms. Shazia Anjum, Advocate United Kingdom
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MUSHARRAFS FAIGHT AGAINST TERRORISM - Private Job | 18 Mar, 2008
I would like to congratulate you for fighting the terrorists. It will be hard but we will be successful, its about time a Pakistani ruler took this menace on, terrorists are destroy in Pakistan, you should not be scared of them, be brave and Inshallah we will scorouge terrorism from Pakistan, Thank you. Mr. Nasar Mahmood United Kingdom
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PAKISTANI CHRISTEN ARE PRODE OF PRESIDENT MUSHARRAF - Civil Engineer | 11 Mar, 2008
Along with my small community we kept you in our very personal prayers so that God may grant you success in election of presidency. We are proud, our God had heard our prayers by giving you success. I wish to share with you what the Almighty God has provided me holy quotation from the holy Bible. It is our prayer God may grant you all wisdoms to perform your ministries intelligently and faithfully. Our prayers are always with you. Rev. Fr. Mushtaq Andrew and Community Narowal
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GOOD LUCK PRESIDENT MUSHARRAF - Shop Owner | 11 Mar, 2008
It would really prove the good luck for Pakistan. I admire ur bold decisions about terrorism and Balochistan issue because these people were disturbing Pakistan very much. Mr. Azhar Peshawar
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Musharraf you will succeed - Student | 10 Mar, 2008
Lot of congratulations to you sir. May God succeed you in your missions. Intkhab Haider Jhang
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Bol Kay Lub Azad Hain Teray - Student | 10 Mar, 2008
No doubt you able leadership has put Pakistan on right track and economic reforms especially in communication sector have brought Pakistan par with the developed countries. Alhamodlillah. S.Ali Asghar Karachi
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PRESIDENT PERVEZ MUSHARRAF, ANTI-TERRORISTS - Employee | 8 Mar, 2008
Pervez Musharraf Honourable Sir, Your achievements are clearly visible and you are one those who are rare in the world who are only worried about the nation and there aims and objectives are purely for the country. God is with you and Inshallah success is your destiny. Muhammad Noman Saigal Karachi
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PERVEZ MUSHARRAF AND INTERNATIONAL MARKET - Private Job | 6 Mar, 2008
Dear Mr. President You deserve for this. You had done a tremendous efforts to make Pakistan better in international market. I live in Dubai, UAE and I know what you have done for the nation of Pakistan and I salute you for all you efforts and your work. Its my deepest wish to work with you as a Minister of xyz. But I know Iam not a politician. But if you have any post for me please let me know Sir, I pray for your prosperous long life. Mr. Haseeb ur Rehman Dubai
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PRESIDENT PERVEZ MUSHARRAF AND PAKISTAN - Landlord | 6 Mar, 2008
Dear Mr. President Dont let anyone destruct you from your job of strengthening Pakistan. We are now on the right lines in Waziristan. Please see the task finished to the end, once for all, like in Baluchistan. Malik Mubashir A. Majoka Sargodha
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PRESIDENTS PROSPERTY UNDER PERVEZ MUSHARRAF - Private Business | 5 Mar, 2008
On behalf of our members and the Pakistani community in Rochdale. I sincerely hope that, Pakistan, under your brave leadership, will be prosperous, more independent more powerful and more progressive. Mr. Ghulam Rasul Shahzad Rochdale, Lancashire United Kingdom
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MUSHARRAF DO MORE AGAINST TERRORISM - House Hold | 4 Mar, 2008
Dear President, Sir, I hope you will do more efforts to make Pakistan a successful and full of full of facilitate country. And please sir please try make easy the life of common mind and woman in this country. My name is Zubaida Begum I am one of the regular member of your website and I feel so happy when I write something in your site and send it to you sir we are with you but please sir try your best to do something for helpless and poor people and I hope you will do it and please sir. Ms. Zubaida Begum Nowshera
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COURAGEOUS FOR MUSHARRAF - Worker | 4 Mar, 2008
Dear President May Allah gives you more courage and bravery and protection against your enemies. Im a 70 year old UAE National resident of Abu Dhabi. I always tried to meet you during your meetings with Pakistan Business Communities as Im a member of Pakistan Business Council. Unfortunately due to old age and disability Iam unable to walk but I am very fond of you and would like to see you whenever you are visiting Abu Dhabi. Hadi Abdullah Al Saadi Abu Dhabi
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PAKISTANIS PRAY FOR PRESIDENT MUSHARRAF - House Wife | 1 Mar, 2008
May God keep you on our Pakistan and bless you with all the strength, wisdom and guidance to run this country even more better manner as you already doing are doing the best. You are my personal Ideal Leader and a Tower of Light for Pakistan. Ms. Shabana Jabeen London United Kingdom
OmaR UK
May 9 2008, 11:05 AM
Pakistani stocks down 160 points on forex volatility
Karachi - Pakistan's stocks further plunged by another 160 points Friday on the country's continued grim economic outlook and volatile foreign currency market, analysts said.
At one point the key KSE-100 Index was down by 300 points but recovered in the second half by around 150 points to close at 14,288.67 points against 14,388.52 points on Thursday. The Karachi bourse lost 66 points on Thursday.
Dealers say the volatility in the rupee which has fallen by more than 3.6 per cent to an all-time record of 70 against the US dollar was the main concern of panic selling.
'The volatility in the currency market was the key factor in the market,' said Ateeq Ahmed, senior analyst at Capital One Equities.
Dealers say lack of foreign investors due to Pakistan's weak economic fundamentals is casting a shadow over the market and that the overall outlook remains dismal for next week.
zionist
May 9 2008, 11:46 AM
Sufi
May 9 2008, 12:03 PM
A falling Rupee coupled with inflation and dwindling forex can spell disaster.... We need to increase public sector investement, a budget deficit will improve the economy by increasing demand, this might however decrease forex reserves if the spending contributes to the trade deficit, but if spent right the Govt can sustain growth, which could stabalize the rupee, and restrict inflation.
platinum786
May 9 2008, 12:54 PM
QUOTE(saleemraja @ May 9 2008, 01:51 PM)

yeh and few hundred thousand in mass graves- no thanks
graves are optional, we need the few hundred thousand dead first please.
speedyturtle
May 9 2008, 01:44 PM
QUOTE(platinum786 @ May 9 2008, 07:54 PM)

graves are optional, we need the few hundred thousand dead first please.
Just kill all the politicians and we would survive everything
SPEEDY
enjoy
England
May 9 2008, 02:02 PM
looks like the new government is already filling its pockets.....and why do they have meetings in Dubai and London when they can in Islamabad for a fraction of the price...???????!!!!!!!!!!!!!!!!!!!
Saira
May 9 2008, 02:19 PM
QUOTE(OmaR UK @ May 8 2008, 08:37 AM)

KARACHI, May 8 (Reuters) - Pakistan's foreign reserves fell by $355 million to $12.256 billion in the week that ended on May 3, the central bank said on Thursday.
Reserves held by the State Bank of Pakistan fell to $9.926 billion from $10.367 billion a week earlier, while those held by commercial banks rose to $2.330 billion from $2.244 billion.
Pakistan's foreign exchange reserves hit an all-time high of $16.486 billion on Oct. 31, 2007, but have fallen since then, partly because of outflows from the stock market after President Pervez Musharraf imposed emergency rule on Nov. 3.
The emergency was lifted on Dec. 15, but foreign investors remained cautious after the assassination of former prime minister Benazir Bhutto on Dec. 27.
On Thursday, the rupee <PKR=PK> closed at a record low of 67.08/20 to the dollar, breaching the previous closing low of 66.45/55 set on Wednesday. [ID:nISL11583]. (Reporting by Sahar Ahmed)
My my did not realize that there was a full party going on here. I am sure that NS/AZ will probably fill their pockets but at least wait until that happens. Just a suggestion since it will lend more credibility to the, "I told you so" .They fell by
4 Billion in 5 months under Musharraf and all was good. Yet they lose $355 million in a month and everybody is up in arms refusing to take note of the
trend over the last 6 months,
5 of which were under Musharraf !. I dont think I will convince alot of people here after looking at the posts but oh well. Happy, "I told ya so ! "
pakistanzindabaad
May 9 2008, 02:46 PM
Saira,
Actually i believe the figure is 6 bill...
They do put the spin back in spin doctoring dont they?? :D
Amazing...
Yahya
May 9 2008, 03:04 PM
Vote for Yahya
list of promises:
1: QA session with ALL prominent Pakistans involved in curroption which will be on live TV. with a panel of 50 experts to say truth or lie with lie detectors hooked up, after the 20 min QA session, personaly decapitation of their heads by the President yahya
2: freeze of ALL assetts of ALL members of parliment, change of consitituion to you have to give up ALL your money and live like a monk for rest of your life to qualify as MNA...
3: replacing double system of mosques and democracy to one system....which will be mosques tightly regulated mosques....Imams will be incharge...but will happen after internation islamic university is opened in Islamabad with capacity for 1000,000 students a year...
4: abolish Supreme court, invalidate ALL law systems and replace with a new systems,. those with licences to practice law previusly will not be qualified for new licence....
5: open air nueclear explosion.....neeed a big big hole for the bodies...
6: liberation of kashmir within 3 years...
7: invasion of midle east in 8 years...to bring stability internationally, get rid of terrorists and control the oil prices...(all you have to do is get rid of israel, one stone 3 birds...)
8: freze ALL assetts belonging to people who got those assets via curroptions...cases such as when NS sold sugar mill for 1Rs....etc...
9: compensation of ALL loss of assetss of everybody which occured in nationalisation of 1970s......to be paid freezing ALL assetts of PPP, her MNAs, high command....and also by auction of all bhutto tribe wemon in the dubai prostitute market, and lease out all male bhutto tribesmen to internationaly renowned companies...
vote for change
vote for Yahya
instantexcess
May 9 2008, 04:55 PM
btw, DAR is in London, after the footage i saw on ARY, so clearly Pakistan's finances are not his priority...
QUOTE(instantexcess @ May 9 2008, 11:55 PM)

btw, DAR is in London, after the footage i saw on ARY, so clearly Pakistan's finances are not his priority...
Yeh probably flat hunting as his buddy Nawaz has got some plush apartments in Knightsbridge here in London...Hey do you think the foreign reserves are down because Dar wanted to lay down a deposit for a few properties here?
Saira
May 9 2008, 05:54 PM
QUOTE(pakistanzindabaad @ May 9 2008, 03:46 PM)

Saira,
Actually i believe the figure is 6 bill...
They do put the spin back in spin doctoring dont they?? :D
Amazing...
Is it just me PZ or does the conversation suddenly veer off topic whenever a valid counter point is raised ?
platinum786
May 9 2008, 06:09 PM
Listen with the credit crunch and the imposition of emergency, everyone felt a squeeze, however if you take the KSE as a key economic indicator it never stuttered, even during the emergency rule fiasco. Right now it's shedding weight like it's on slimfast. There was a blip, every major event causes one, but it recovered.
As for the forex; In January they were $15 billion, by the 20th of March they have falled to 13.8 billion.
http://in.reuters.com/article/companyNews/...L28845120080111http://in.reuters.com/article/asiaCompanyA...L30822020080320Since then it's fallen quicker to $9 billion. We've lost $4 billion in two months, as opposed to $2 billion in 4 months!You'd have to be pretty uninformed to deny a problem existed previously to the new government coming in, we've had an energy issue and a food issue, these guys have now created a forex issue too and let the other two issues get worse. This is unacceptable mis-management.
Saira
May 9 2008, 07:30 PM
QUOTE(platinum786 @ May 9 2008, 07:09 PM)

Listen with the credit crunch and the imposition of emergency, everyone felt a squeeze, however if you take the KSE as a key economic indicator it never stuttered, even during the emergency rule fiasco. Right now it's shedding weight like it's on slimfast. There was a blip, every major event causes one, but it recovered.
KSE is an indicator of how AKD, Jehangir Siddiqui, Arif Habib and Co do gambling. The market does not follow any fundamentals or technicals and mostly responds to mere speculation or deliberate shorting of positions. I was associated with BMA Capital when the OGDC offering was going on and believe me its nothing but speculation.
QUOTE
As for the forex; In January they were $15 billion, by the 20th of March they have falled to 13.8 billion.
http://in.reuters.com/article/companyNews/...L28845120080111http://in.reuters.com/article/asiaCompanyA...L30822020080320Since then it's fallen quicker to $9 billion. We've lost $4 billion in two months, as opposed to $2 billion in 4 months!You'd have to be pretty uninformed to deny a problem existed previously to the new government coming in, we've had an energy issue and a food issue, these guys have now created a forex issue too and let the other two issues get worse. This is unacceptable mis-management.
You are measuring by comparing two different units. The
Cumulatative reserves NOT the State Bank Reserves were as follows:-
Nov 2008:- 16.486 Billion
Jan 2008:- 15.5 Billion
March 16:- 13.845 Billion
March 31:- ?????
May 3rd:- 12.256 Billion
This 9 Billion thing in the heading is misleading since it quotes the amount held by State Bank while comparing it with the Cumulative amounts of previous months.
Here are the State Bank Reserves
Oct/Nov 2008:- Dont know, the sources you provided did not mention it
Jan 2008:- 13.28 Billion
March 16:- 11.734 Billion
March 31:- ?????
May 3rd:- 9.926 Billion
Tamerlane
May 9 2008, 07:54 PM
QUOTE(Yahya @ May 9 2008, 04:04 PM)

Vote for Yahya
list of promises:
1: QA session with ALL prominent Pakistans involved in curroption which will be on live TV. with a panel of 50 experts to say truth or lie with lie detectors hooked up, after the 20 min QA session, personaly decapitation of their heads by the President yahya
2: freeze of ALL assetts of ALL members of parliment, change of consitituion to you have to give up ALL your money and live like a monk for rest of your life to qualify as MNA...
3: replacing double system of mosques and democracy to one system....which will be mosques tightly regulated mosques....Imams will be incharge...but will happen after internation islamic university is opened in Islamabad with capacity for 1000,000 students a year...
4: abolish Supreme court, invalidate ALL law systems and replace with a new systems,. those with licences to practice law previusly will not be qualified for new licence....
5: open air nueclear explosion.....neeed a big big hole for the bodies...
6: liberation of kashmir within 3 years...
7: invasion of midle east in 8 years...to bring stability internationally, get rid of terrorists and control the oil prices...(all you have to do is get rid of israel, one stone 3 birds...)
8: freze ALL assetts belonging to people who got those assets via curroptions...cases such as when NS sold sugar mill for 1Rs....etc...
9: compensation of ALL loss of assetss of everybody which occured in nationalisation of 1970s......to be paid freezing ALL assetts of PPP, her MNAs, high command....and also by auction of all bhutto tribe wemon in the dubai prostitute market, and lease out all male bhutto tribesmen to internationaly renowned companies...
vote for change
vote for Yahya
Throw in a Nuclear tipped ICBM launch and I'll vote for President Yahya.
Mark Sien
May 9 2008, 08:50 PM
WTF!?
There was absolutely no need for that. She might have very different views, but she is a Pakistani - that I can vouch for, if nothing else.
So watch your language next time...you might be incredibly angry for the loss of your sacrifices, but guess what, you're not the only one. Instant lost a lot of hard earned money; the criminals against my family are in power; for many others the core of their problems have returned, etc. The story is all the same.
Saira is a Pakistani and a patriotic one despite her different views. If you have an issue with her, take it to a good discussion or argument...no need to fling sh!t at her.