Auxin Alerts: (22-AUG-2013) 1. SBP accepted bids worth PkR25.4bn in the latest t-bill auction, where most of the bids were in the 3-month tenor. Cut off yields of the 3-month and 6-month tenors increased slightly while there was no activity in the 12-motnh tenor. 2. The World Bank has said it is ready to increase annual assistance to Pakistan to US$1.5bn, almost three times more than what Islamabad received in the last fiscal year, as the country promises to implement long overdue reforms. 3. Current account surplus has cocked in at US$46mn in Jul’13 vs a deficit of US$427mn in Jul’12, where a lower trade deficit (US$1.719bn) during the month and higher remittances (US$1.4bn) contributed to the surplus. 4. Ministry of Industries and Production (MoIP) has recommended to the ECC that Pakistan Steel Mills not be allowed to bleed any further. In this regard, MoIP has recommended that operations of PSM be closed from next month be closed till privatization in addition to an equity injection of PkR28.5bn in one tranche. 5. Monetary Policy Statement is set to be announced on Tuesday Aug 27’13. 6. Reportedly Ishaq Dar has said that he will be able to convince the World Bank to finance the Diamer Bhasha Dam without an NOC from India. In this regard, news sources claim that WB officials and MoF officials are silent on the issue. 7. Pakistan has submitted its letter of intent to the IMF for a US$6.6bn loan. Recall that the IMF is scheduled to meet on Sep 4’13 to approve Pakistan’s request. 8. According to the National Clearing Co. of Pak net foreign inflow on Aug21 was recorded at US$ 2.31mn. Regards, Auxin Investments.
Posted on: Thu, 22 Aug 2013 07:23:27 +0000
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