Foreign Exchange - 2

Standard & Poor’s revised its foreign currency credit rating on Pakistan to positive from stable on December 28, citing improvements in external debt indicators. The ratings agency affirmed its current ‘B+’ foreign currency and ‘BB’ local currency long-term and its ‘B’ short-term sovereign ratings assigned to Pakistan. “Sharp declines in the government’s external debt indicators [...]

Born in Karachi, Pakistan, the 62-year-old studied business at the University of London with the intention of heading back home, but as he puts it: “The world was not so small back then, and Pakistan wasn’t as developed. I felt that if I wanted to grow personally I needed to stay in the Western world.” [...]

For years, the slightly built Khan, who worked as a cabbie in Washington, D.C., had regularly played the lottery. He sometimes slept in his cab, but Khan never gave up hope. He kept a fortune cookie prediction that read, “Among winners, you are the chosen one.” He played numbers that came to him in a [...]

According to the president of the GSM Association, Ricardo Tavares, mobile operators in Pakistan are expected to invest USD3 billion in GSM technology over the next three years. The country’s six cellcos – Paktel, Pakcom, U-Fone, Mobilink, Telenor and Warid Telecom – plan to have invested USD1.2 billion in 2005 alone, with the country’s total [...]

INVESTMENT holding company Eden Enterprises (M) Bhd plans to invest US$1 billion (US$1 = RM3.77) in the energy, housing, tourism and construction sectors in Pakistan. The proposed investment will include the development of two power plant projects that the company will jointly participate with local partners. Pakistan’s Private Power Infrastructure Board (PPIB) approved the development [...]

Overseas Pakistanis remitted over one billion dollars in the first quarter of the fiscal year 2005-06, strengthening the government’s hope of receiving over $4 billion by the end of the year. The country received $1.002 billion during July-September 2005 against $983.15 million it received during the corresponding period last year, which is 1.98 per cent [...]

Investment money has flowed in from expatriate Pakistanis around the world, local citizens seeking higher returns than fixed-income choices and speculators taking a chance on the nation’s future. Large sums of U.S. money pumped into this U.S. ally have improved its balance of payments. In response to requests from the International Monetary Fund and the [...]

Hasib Rehman, a Pakistani settled in Japan … is setting up a steel plant at the total cost of US$ 100 million which includes Japanese equity. The investment is being made in response to the recent visit by the Prime Minister to Japan where he met various investors and leaders of trade and industry to [...]

The picture of founder of Pakistan Mohammad Ali Jinnah has been printed first time distinctly and size of the picture has also been enlarged. On the back of the currency a picture of Mohenjodaro, a historical place, located in interior Sindh, has been printed. The signature of governor SBP has been printed first time in [...]

The project, Pakistan’s first, and the biggest ever sports investment in the country by a foreign company, envisages state of the art sports facilities like training and lodging academies in football, cricket, golf and tennis besides constructing stadia and courses for the various sports. Founder of cricket in the UAE and leading sports patron and [...]