கொழும்பு பங்குசந்தை சரிவில்

வீரகேசரி இணையம் 10/20/2008 12:55:10 PM - கொழும்பு பங்குசந்தை நடவடிக்கையில் வீழ்ச்சி ஏற்பட்டுள்ளதாக தெரிவிக்கப்படுகிறது.அனைத்து பங்குகள் விலைச்சுட்டெண் 30 புள்ளிகளால் வீழ்ச்சி அடைந்துள்ளது.

விரைவில் வங்குரோத்து நிலையை எட்டலாம் என கருதப்படும் பாக்கிஸ்தான் பொருளாதாரம்

GDP (PPP) $504.3 billion (PPP) (2008)

GDP growth 6.9%[1] (2008 est.)

GDP per capita $3320.12 (PPP) (2008)

GDP by sector agriculture: 19.6%, industry: 26.8%, services: 53.7% (2007)

Inflation (CPI) 12.0% (Jul-Jun 2008)[2]

Population

below poverty line 23% ((2007)) [2]

Labour force 49.18 million (2006 est.)

Unemployment 7.5% (2007 est.)

Public debt $45 billion (2007)

Revenues $27.5 billion (2006 est.)

Expenses $35 billion (2006 est.)

Main industries: textiles, chemicals, food processing, steel, transport equipment, automotives, machinery, beverages, construction, materials, clothing, paper products

Exports $20.58 billion (2007 est.) (68th[3])

Export goods textile goods (garments, bed linen, cotton cloths, and yarn), rice, leather goods, sports goods, chemicals manufactures, carpets and rugs

Main export partners United States 22.4%, UAE 8.3%,UK 6%, China 5.4%, Germany 4.7% (2006 est.)

Imports $30.99 billion f.o.b. (2007 est.)

Import goods Petroleum, Petroleum products, Machinery, Plastics, Transportation equipment, Edible oils, Paper and paperboard, Iron and steel, Tea

Main import partners China 14.7%, Saudi Arabia 10.1%, UAE 8.7%, Japan 6.5%, United States 5.3%, Germany 5%, Kuwait 4.9% (2006 est.)

http://en.wikipedia.org/wiki/Economy_of_Pakistan

ஒப்பீட்டிற்கு சிறீலங்கா பொருளாதாரம்

GDP $27.4 billion ($95.55 billion PPP) (2006)

GDP (PPP) ranking 63rd (2006)[2]

GDP growth 7.7% (2006)[3]

GDP (PPP) per capita $4,600 (2006)

GDP (PPP) per capita ranking 138th (2006)

GDP by sector agriculture (17.3%), industry (27.3%), services (55.3%) (2006)

Inflation 11.3% (2006)[3]

Pop below poverty line 22.7% (2002)[4]

Labour force 7.5 million (2006)

Labour force by occupation agriculture (34.3%), industry (25.3%), services (40.4%) (2006)

Unemployment 6.3% (2006)[3]

Public debt 89.6% of GDP (2006)

External debt $12.23 billion, (44.6% of GDP) (2006)

Revenues $5.61 billion (2006)

Expenses $8.39 billion (2006)

Economic aid $808 million (recipient)(2006)

Main industries: rubber processing, tea, coconuts, and other agricultural commodities. telecommunications, insurance, banking, clothing, cement, petroleum refining, textiles, tobacco

Exports $7.076 billion (2006)

Export - Commodities textiles and apparel, tea and spices, diamonds, emeralds, rubies, coconut products, rubber manufactures, fish

Main partners United States 31.3%, United Kingdom 12.2%, India 8.9%, Germany 4.3% (2005)

Imports $9.655 billion (2006)

Imports - Commodities textile fabrics, mineral products, petroleum, foodstuffs, machinery and transportation equipment

Main Partners India 20.7%, Singapore 8.3%, Hong Kong 7.3%, China 7.1%, [iran] 5.9%, Malaysia 4.4%, Japan 4.3% (2005)

http://en.wikipedia.org/wiki/Economy_of_Sri_Lanka

இரண்டு நாடுகளுக்குமே பொதுவான பிரச்சனை உண்டியல் (கவாலா - hawala) மூலமான அன்னியச் செலவாணி

The 'hawala' drain

Tuesday, October 21, 2008

By by Ikram Sehgal

Of all the problems besetting us today nothing is more critical than the economy, particularly the rapid evaporation of our foreign exchange reserves into thin air. We were on the verge of defaulting when 9/11 made us the temporary darling of the West. While prudent economic polices did contribute to our economic resurgence and the building up of our foreign exchange reserves, our so-called "brilliant" economic team was neither intellectually honest nor innovative, its reputation built on debt forgiveness, debt rescheduling, aids and grants and the massive infusion of foreign funding to fight the "war against terrorism."

Shaikh Nayhan Bin Mubarak Al Nayhan sponsored a study in 2004 to ascertain why Pakistan was lagging behind in home remittances. When Shaukat Aziz was personally approached by Bashir Tahir, the CEO of Dhabi Group, the prime minister gave wholehearted support to the study. In actual practice, neither he nor his administration extended anything more than mere lip-service. The study group headed by Pervaiz Shahid carried out physical research on the ground in Pakistan, Sri Lanka, Bangladesh and the Philippines. It would have been ideal to include India, but that country was deliberately left out.

In contrast to the studied (and motivated) indifference in Pakistan, the Philippines government gave wholehearted support. 3.2 million Filipinos were registered as employed abroad in 2003, 82 percent of them women. A very efficient department has representative centres in all small cities and towns in the many Islands of the Philippines. Not only giving good information about possible employment abroad, these centres requisition the services of these employed abroad when visiting home on leave to give information about conditions in the the country where they were working. The Philippine Central Bank invested money in a particular software meant to disburse money instantly to the many branches of many banks on one software platform. This software was given free to the banks so as to commonality. The minimum hardware requirement to support the software was laid down. The banks remained open 24 hours seven days a week. If anyone remitted money anywhere in the world before midnight Philippine time, it was instantly transmitted to the account of the recipient next day. Obviously this built up trust in the home banking system for Filipinos abroad and they did not go outside the banking system. The results were tremendous. $8.6 billion were remitted through banking channels home in 2003, approximately $2,700 per expatriate Filipino per year.

The department concerned with coordinating emigrants in Sri Lanka was not as efficient as that in the Philippines, but good enough for the 900,000 Sri Lankan workers employed abroad to remit $1.25 billion annually, with each Sri Lankan having sent approximately $1,400 in 2003. The banking system is used more than hawala, and a negligible amount of money is transacted outside banking channels.

Bangladesh in 2003 had 2.3 million people sending $800 million annually, about $350 per head. Like in Pakistan, Bangladesh has a very active hawala trade outside the system. Pakistan was easily the worst. In 2003, with 3.5 million Pakistanis abroad sending only $900 million per annum, or approximately $260 per head. This is one-tenth of what was being sent by expatriate Filipino and one-fifth of that being remitted by the average Sri Lankan. According to available information, non-resident Indian was sending $4,000 per head in 2003.

Bangladesh has shown considerable improvement, with 2.5 million sending around $9 billion in 2007 ($3600 per head), double the amount sent by the 3.7 million Pakistanis sending $6.1 billion ($1650 per head) in 2007.

Hawala is OK as long as there is inflow, unfortunately there is greater outflow from Pakistan. The hawala mafia has great influence in the Establishment, and for obvious reasons. There is so much money to go around, and the corrupt have to send their ill-gotten gains abroad, for purchase of assets and property outside Pakistan. The hawala system is estimated at around $14-15 billion, which means about 8-9 percent "service charges" or "commission" of Rs5-6 for every dollar. The hawala facilitators earn about $1.2 billion, and the country loses $15 billion annually, or $45-50 million every working day.

Pervez Musharraf did not do what he, and before him Zia-ul-Haq, could have easily done through authoritarian rule: eliminate the hawala trade as Indira Gandhi did as a civilian dictator when she imposed emergency rule in India in 1975. To eliminate the hawala trade, Mrs Gandhi jailed all hawala traders, seized all their propertes and bank accounts and the funds en route. Today the Indian expatriate on an average sends $4,000 per head annually, all through the banking system. Given the 8-9 million non-resident Indians abroad, this comes to a cool $30-35 billion annually.

This country's exchange value has already dropped about 40 percent in the last couple of months. Before it goes into a free fall somebody must do something to prevent the outflow. We do not have any time left, it has to be done, and now! If 3.7 million Pakistanis were to send $4,000-4,500 each annually (about $350 per month) it would amount to about $15-20 billion annually. When foreign exchange dealers are put out of business permanently, there will be no outflow of the $15-20 billion going out presently.

If Asif Zardari really means "Pakistani Khapay," he must mandate Shaukat Tareen to stop this illegal outflow by any means possible, and as soon as possible.

The writer is a defence and political analyst. Email: isehgal@pathfinder9.com

http://www.thenews.com.pk/print1.asp?id=142168

Edited October 21, 200817 yr by kurukaalapoovan

Danger Signs: Sri Lanka central bank reserve outflow continues; bill stock spikes to Rs40bn

Oct 19, 2008 (LBO) – The treasury bills portfolio of Sri Lanka's central bank topped 40 billion rupees (370 million US dollars) by mid-October, according to the latest official data, indicating a continuing drain of foreign reserves.

The central bank has been defending a US dollar peg at 108 rupees and injecting money into the domestic banking system to make up for liquidity that is disappearing from the banking system when dollars are sold.

In September alone the central bank lost 202 million dollars defending a US dollar peg.

Sri Lanka's central bank has set quantity targets for the monetary base or reserve as a method of bringing down inflation.

Domestic Asset Increases

The monetary base, which is a liability of the central bank, is made up of money in circulation and deposits of commercial banks in the central bank, called statutory reserves.

The monetary base is driven by foreign currency purchases or domestic asset acquisitions - usually treasury bills of the government of Sri Lanka – on the asset side of the central bank balance sheet.

On October 17 the central bank's Treasury bill stock was 37 billion rupees, down from 40 billion rupee a day earlier, despite a statutory reserve ratio cut releasing 7.5 billion rupees in cash into the system.

In the context of targeting a reserve money, the central bank makes up for any losses in foreign assets (foreign reserves) lost by foreign currency interventions by buying up domestic assets (treasury bills).

Economic analysts have pointed out that the practice, known as 'sterilized intervention' is a recipe for worsening a currency crisis, and was the primary driver behind the East Asian currency crisis.

The worst such recent crisis was in 1999/2000 but Sri Lanka's central bank has also created minor currency crises in 2004, 2006 and 2007, after fiscal policy deteriorated rapidly following a change in economic direction in 2004.

Foreign Asset Decreases

The latest numbers which showed that by October 15 the central bank had lost a further 150 million dollars in foreign reserves, either in peg defence or reserve appropriations.

Unlike in the past, Sri Lanka is now vulnerable because the government is exposed to foreign short term debt, with government rupee securities being sold to foreign buyers since 2006.

Dealers say foreign bill and bond buyers have been pulling out money in the wake of the international turmoil as predicted by independent analysts earlier.

Over the past four weeks, the Treasury bill stock held by foreign players had fallen to about 14 billion rupees from about 17 billion and the bond portfolio to 48.5 billion from about 53 billion, debt market players say.

By holding the peg, the central bank effectively underwrites the foreign currency risks of speculative bond buyers at the expense of the national economy and by injecting fresh liquidity the monetary authority also 'accommodates' resource outflows.

The current bout of 'sterilized intervention' can undermine the central bank's own program of controlling inflation.

Analysts have warned that maintaining a peg and targeting reserve money at the same time was incompatible, and would either lead to a currency crisis as now or unnecessarily high inflation and excess foreign reserve accumulation at other times when net flows were positive.

Sri Lanka's central bank has a weak record of monetary management.

Analysts say its level of competence in managing price stability is amply indicated by the country's inflation index, which has topped 20 percent in the past two years.

Sri Lanka has experienced high inflation and its currency has been in free fall for much of the existence of the central bank since it was created in 1950 by abolishing a currency board that had kept the country stable and inflation low under colonial rule.

There have been growing calls to abolish the central bank or bring in legislated inflation targeting to protect the poor and the national economy.

http://www.lankabusinessonline.com/fullsto...p?nid=322193467

மெலமைன் மூலம் சீனா மீது அமெரிக்கா தாக்குதல் நடத்தியது போல கீழ்வருவனவற்றின் மீது தாக்குதல் நடத்த வேண்டும்!

Main industries:

1) rubber processing,

2) tea,

3) coconuts, and other agricultural commodities.

4) telecommunications,

5) insurance,

6) banking,

7) clothing,

8) cement,

9) petroleum refining,

10) textiles,

11) tobacco

Exports $7.076 billion (2006)

Export -

1) Commodities textiles and apparel,

2) tea and spices,

3) diamonds,

4) emeralds,

5) rubies,

6) coconut products,

7) rubber manufactures,

8) fish

Main partners United States 31.3%, United Kingdom 12.2%, India 8.9%, Germany 4.3% (2005)