Pakistan’s total foreign reticent totaled $13, 1990.1 million as of June 27, 2014. The foreign restrained at the State Bank of Pakistan were $9,033.2 million, in the time of the net foreign reserves stood at $4,956.9 million.
The central bank’s liquid forex reserves had gone down by $157 million to $9,033 million, down from $9,190 million a week to begin with. The SBP paid US$249 million using its reserves to service external debt and other payments, such as $148 million to the IMF as per agreements. The SBP reported inflows from bilateral and multilateral sources totalling $98 million over the week, reported the Business Recorder.
Retail forex broker Plus500, which got listed recently in a high value IPO, got a boost after filings showed that JP Morgan Chase’s stake in the firm surpassed the 15 percent point. Odey Asset Management has also scaled up its interest in the firm, with a shareholding of above 10 percent. This means that the two firms now hold at least 25 percent stock in the business.
On Tuesday, Plus500 has benefited from owning its stock given a “buy” rating by Liberum Capital. Liberum Capital gave a price objective of GBX 750 ($12.77) on Plus500 stock, a probable increase of 68.01 percent from the share’s earlier closing figure. Researchers at Numis Securities have also given Plus500 shores a “buy” rating this Tuesday, with a cost target of GBX 824 ($14.04) on the share.
The raring interest in Plus500, which was set up in Israel, a rearing ground for creative and thriving forex companies, suggests that good management, the right listing methodology and efficient growth are the key to success.