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Some updates on economy

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    Some updates on economy


    KARACHI, July 26 (Reuters) - Pakistan's central bank said on Thursday total liquid foreign exchange reserves were $3.231 billion as of July 21, up by some $100 million from the previous week's figure of $3.131 billion.
    The State Bank of Pakistan (SBP) said it directly held $1.699 billion, while other commercial banks held $1.532 billion.
    The SBP in April changed its method of calculating foreign reserves and now monitors total liquid foreign reserves by also including previously undisclosed foreign exchange deposits held by other banks.
    (C) Reuters Limited 2001.

    Chinese firm to invest $ 100m in Pak

    ISLAMABAD, July 26 (PNS): The Haier Group of China has decided to launch a venture in Pakistan with the investment of 100 million US dollars in collaboration with a traders of the United Arab Emirates to manufacture home electronic appliance which will be exported to UAE, an official in the Board of Investment (BoI) said on Wednesday.

    The products will include air-conditioners, refrigerators, deep-freezers, washing machines and TV sets, etc. from the next calendar year, said Suleman Shah Mian, executive director general of BoI.

    Haier Group has recently acquired a vast tract of land covering 66 acres on the Raiwind Road, an industrial area near Lahore, capital of Punjab province where the construction work was going on at a fast pace.

    Suleman said the construction work will be completed by December 2001, adding "the Haier Group will make an initial investment of 35 million U.S. dollars, but it will increase the quantum of investment to 100 million U.S. dollars at a later stage. " He asserted that Haier's joint venture with Tupa Traders would not only help enhancing Pakistan's exports from next year, but also restore the confidence of foreign investors. End.

    Right step in the right direction,...God bless Pakistan.....
    °º¤ø,¸¸,ø¤º°`° ¤ø,¸°º¤ø,¸¸,ø¤ ºÂ°`°º¤ø,¸,¸¸,ø¤º °`°º¤ø,¸,¸¸,ø¤º° ºÂ¤Ã¸

    A Faith that cannot survive collision with the truth is not worth many regrets.