Oct

18

State Bank introduces Rs 270bn bailout out plan for Pakistani banks

Filed Under Pakistan | Leave a Comment

The State Bank of Pakistan has announced a Rs 270bn bailout plan for the banks to ease the liquidity crisis being faced by banks. A few days ago Dawn had reported that banks were facing acute liquidity crisis and big banks had stopped lending to small banks which created a credit crunch. As a result of this credit crunch, small banks were finding it difficult to make big payments. Bank to bank lending has almost dried up and large banks have stopped lending to small banks.

There are rumors that some small banks may collapse because of this crisis and heavy defaults on consumer loans. Governor of State Bank has said on a number of occasions that banking system in the country was on sound footing and it was capable of absorbing shocks. Despite this there is an air of uncertainty.

The liquidity provided by State Bank will help in dispelling fears that some banks may wind up operations. I personally feel that there is very tough time ahead. The liquidity introduced by State Bank may not be able to improve the situation if the present situation continues. There is extreme pressure on rupee and people are converting rupee into dollar on an unprecedented scale.

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Oct

13

Inept democratic government making life impossible for people in Pakistan

Filed Under PML, PPP, Pakistan, news | 2 Comments

The people of Pakistan voted for a democratic government in order to find a solution to their problem. It now appears that the new democratic government does not have the ability to solve the complex financial and economic problems of the country. The law and order situation in the country is at all time low and suicide bombings have become a common phenomenon.

The currency is shedding value against dollar with each passing day. At the time of writing this post the dollar was being traded in the open market at Rs.81 against a dollar. This is despite the steps taken by the central bank to regulate the price of dollar in the country. More than six months have passed and we have not yet seen any serious and sincere effort to find a solution to the economic woes of the country. The foreign exchange reserves have depleted to an extent where they are not even sufficient for one month’s import bill.

There are rumors in the country that some banks may collapse. This has created an air of extreme uncertainty in the country and people are reluctant to keep their money in banks. It is said that one foreign bank that has investment of from a large middle east group has collapsed and the news will be made public in a few days. If this rumor is true this will have devastating effect on the banking system in the country as people will resort to large scale withdrawals.

We are not seeing any change in the economic policies of the government. The lame duck prime minister is the new Shoukat Aziz in Pakistan. In fact he is worse that Shoukat Aziz. Shoukat Aziz had at least complete control on the economic policies of the country. Gillani does not seem to have any authority at all. He is the new “yes man” in Islamabad.

So the big question is if any thing has changed at all in Islamabad?

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Oct

13

Is Sarah Palin a good choice?

Filed Under U. S. Elections, United States | Leave a Comment

Sarah Palin has been controversial soon after her nomination as the Republican vice presidential candidate. She was virtually unknown in the United States before her nomination and it is said that even John McCain did not know about Sarah before her nomination.

Sarah has been surrounded with controversy soon after her nomination. Earlier it was reported that her daughter Britol Palin was pregnant before being married. After some time another story regarding the parentage of her younger son started. It was reported in some blogs that her youngest son was actually the son of her daughter Bristol. Sarah Palin faked pregnancy in order to hide the news.

It has now been reported that she misused her authority as Governor of Alaska and exerted undue pressure upon her subordinates to get Trooper Michael Wooten fired. Michael Wooten was involved in a family dispute with the family of Sarah Palin.

I think that nomination of “gorgeous” Sarah Palin has backfired and John McCain will have no moral standing to criticize Barack Obama.

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Oct

1

Get car ac parts here

Filed Under Shopping, United States | Leave a Comment

Have you ever thought of driving in hot summer days without air condition? If your car ac is not working and needs servicing I would recommend you to visit 1airconditioning.com. This can be your complete source for car air conditioning. They have a wide selection of new and remanufactured parts at lowest prices.

The parts which are available here include A/C compressor, Condenser, Evaporator, Drier etc. I am sure that you will find this site very helpful in meeting your car ac needs at reasonable prices.

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