47. Pakistan Economic Survey 2011-12 - Consultancy Services in ...

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Pakistan Economic Survey 2011-12providing payment services. It also allocatessociety’s savings to its most productive use byacquiring and processing the information aboutenterprises and finds possible investment projects.Finally, it helps diversify and reduce liquidity andinter-temporal risk. A stable financial system isessential for an efficient, deep and liquid market.crisis led to the closing of many credit lines anderosion various of financial mechanisms.Pakistan’s financial markets witnessed a slowdownin deposit mobilization and profitability in thesector. Conversely, the financial sector remainedgenerally immune to the contagion of the unstablefinancial sector.The strains on the financial sector and the creditcrunch in the aftermath of the global financialTable 5.6: Summary of OMO'sRs. billionInjectionsAbsorptions2010-11 2011-12 2010- 11 2011-12July 75.05 408.45 20.50 -August 165.05 640.35 - -September 196.55 1025.10 54.40 -October 36.85 1058.65 171.50 -November 67.55 1381.45 102.50 -December 34.10 1418.90 128.55 24.00January 106.85 969.15 11.50 -February 119.40 1244.40 51.20 -March 230.85 1210.90 - 3.00Total 1,032.25 9357.35 540.15 27.00Source: State Bank of PakistanDuring the first half of fiscal year 2011-12 relianceon the banking system to fund the government’sfinances created further challenges to striking abalance between cautious liquidity operations andpayment system stability. Furthermore, the excessvolatility in short term interest rates increased thechallenges of monetary management, mainly dueto a sharper deterioration in the external currentaccount deficit, a declining trend of foreigninflows, and a higher currency to deposit ratio.However, other market interest rates, such asKIBOR and the weighted average lending rate(WALR), have largely followed the policy ratereductions. The average spread between the policyrate and the 6 month KIBOR has narrowed to 12bps after the cumulative 200 bps reduction in thepolicy rate.Table 5.7: Market Treasury Bills AuctionsRs. MillionJUL-JUNJul-MarchFY2010-11 Offered Accepted W.A.Rate*Offered AcceptedW.AFY1FY11 FY12 FY11 FY12 FY11Rate*23-Months 2,837,276 1,668,408 12.8 2,479,501 671,490 1,484,235 363,478 12.8 12.56-Months 2,226,878 1,614,552 13.0 1,101,412 1,501,433 809,208 883,012 13.0 12.712-Months 908,194 599,015 13.2 437,602 2,086,003 234,144 1,239,758 13.2 12.8Total 5,972,348 3,881,975 4,018,515 4,258,926 2,527,587 2,486,247Source: State Bank of PakistanAverage of maximum and minimum rates72
Money and CreditThe SBPaccepted Rs. 2486.2 billion from theprimary market of T-bills duringJuly 20111 -March 2012 as compared to Rs. 2527.6 billionduring thesame periodof fiscal year 2010-11. Themarket offered a total amount of Rs. 4259 billionduring thefirst nine months of current fiscal year2011-12.In an anticipation of a further cut inthe policy ratein October 2011 and onwards investment in longertenure papers increased. During the first ninemonths of 2011-12 months T-bills, accounted for49.9 percent of the total accepted amount followedby 35.5 percent in 6 months T-billsFigure-5.6: Contribution of T-billsPercent58.760.0040.0020.00FY 1132.0 35.514.69.349.90.003-Months 6-Months 12-MonthsFY1214.514.013.513.012.512.011.511.0Fig-5.7: WeightedAverage Interest Rates6-Months12-MonthsJun-08Aug-08Oct-08Dec-08Feb-09Apr-09Jun-09Aug-09Oct-09Dec-09Feb-10Apr-10Jun-10Aug-10Oct-10Dec-10Feb-11Apr-11Jun-11Aug-11Oct-11Dec-11Feb-12Apr-12Table 5.8: Pakistan Investment Bonds AuctionsOffered Accepted *W.A RatePIBsJul-JunFY 2010-113 Years5 Years10 Years15 Years20 Years30 YearsTotalSource:SBP81,96033,306176,8402,9667,87512,413315,36049,71216,668101,355460875225169,29514.013.314.114.114.214.2* : Average of Minimumm and Maximumm ratesOfferedAcceptedJul-MarchFY 11 FY12 FY 11 FY 1242,227 74,171 18,684 50,60718,662 57,277 6,674 41,938111,246 108,032 57,537 64,3702,031 2,446 BR 2,2626,500 200 525 011,113 210 BR 0191,779 242,336 83,420 159,177Rs. Million*W.A RateFY 11FY 1214.0 12.813.3 12.614.1 12.8Nil 13.514.2 0.0Nil 0.0During 2011-12, the SBP rose upto Rs. 159.2billion from the primary market of PakistanInvestment Bonds (PIBs) as compared to Rs. 83.4billion inthe same period last year. The marketoffereda total amount of Rs. 242.3 billion in thefirst nine months ofthe fiscal year 2011-12 againstRs. 191.8 billion in 2010-11.73
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SOCIAL INDICATORS2001-02 2002-03 20
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Special SectionPakistan: Flood Impa
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Pakistan: Flood Impact AssessmentHe
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district roads (including farm-to-m
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Pakistan: Flood Impact AssessmentAf
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System. The main canals are the Pat
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Chapter 2AgricultureThe agriculture
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Agricultureagriculture. Livestock c
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AgricultureTable 2.6: Area, Product
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Agricultureb) Minor Cropsi) Oilseed
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During July-March, 2011-12 about 36
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It is expected about Rs. 30.00 bill
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AgricultureBox-1Credit Disbursement
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AgricultureTable:2.20 Estimated Liv
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AgriculturePoultry Development poli
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AgricultureIn this connection, two
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Page 150 and 151: Chapter 7InflationThe global econom
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Trade and PaymentsAmendments in Exp
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Chapter 11Health and NutritionAcces
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Health and NutritionHealth Expendit
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achieved in the case of BHUs and 95
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Health and Nutritionglobal initiati
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Health and Nutritiontook necessary
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Chapter 12Population Labour Force a
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Age Composition of PopulationThe ag
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Population, Labour Force and Employ
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Table-12.16: Unemployed - Pakistan
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Chapter 14EnergyEnergy is considere
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EnergyStock Issue• Recovery of re
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Energy14.1 Energy ConsumptionPakist
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Energyto 21.4 percent last year. Th
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Energy14.2-d CoalPakistan has huge
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tariff increases of 6%, 12% and 6%
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Energy14.3-b Petroleum ProductsPetr
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Energybecome a popular domestic fue
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EnergyAlso Laraib Energy Limited (
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EnergyTable 14.14: Oil and Gas Disc
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Energy14.5 Performance of Power Sec
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Energytrend of hydro-thermal energy
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Energy14.5-c Private Power and Infr
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Energy Proposal for undertaking a f
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Chapter 15Social Safety NetsBackgro
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Social Safety NetsBox-1Poverty Alle
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Social Safety NetsTable 15.4: Perce
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Social Safety Netsenterprise develo
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Social Safety Netsdignity of househ
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period of last year. Furthermore, i
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Social Safety Netsand ensure growth
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