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Growing interregional trade by inland waterways

Waterways are considered cost effective conduits of transporting goods across the border. A country having seaport has a clear competitive advantage over others without the facility because of its ability to keep cost of logistics in overall cost of production low. Seldom landlocked countries rubbish the vital relationship with their neighbouring nations to connect to the world through this natural channel on seas. Inland waterways are yet another added advantage that can be a blessing for any nation's economy with adequate web of rivers and canals since they provide economical and eco-friendly substitutes of on-air and on-ground media of transportation.
The water-supported transportation is widely used in several developed countries which are utilizing the facility to not only carry forward the cargoes from one place to another within the national border, but also to facilitate public commuting. President Zardari says inland waterways are needed to relieve the burden of roads and railways. During a meeting to discuss the workings of the National Trade Corridor and Improvement programme, he proposed inland waterways for building trade competitiveness of the country. He timely states that Pakistan's strategic location 'at the cross-road of Central Asian Republics' holds benefits for promoting inter-regional trade, adding this asset should be fully exploited through improving infrastructure, roads and railways networks.
Pakistan's importance in world trade logistics is built up due to the country's three established sea ports-two among them are deep-sea, giving outreach to many resources-rich markets. This would further be armoured if trade passages continue to be expansionary and provide unhindered middle ways to international trade. President's emphasize on rejuvenating trade corridors is seen as exhilarating addendum to tripartite moot attended by Afghanistan, Iran, and Pakistan in which it was decided that development of infrastructure connectivity among three countries would be revitalized and enhanced.
Be that as it may, proposed improving connectivity through highways and railways networks would not reconcile in the proposal inland waterways as workable transportation route, though the meeting was told that a task force had been made in this regard. With the efforts of limiting expenditures at par with existing financial resources, government of Pakistan may have been careful in initiating capital-intensive project. It has enshrined private sector participation in national trade corridor improvement programme aimed at to revamp all trade and logistics facilities from highways and railways to customs and cargoes handling at ports. The purpose is to boost quality of goods by mitigating flaws in delivery system and reducing travelling time.
Due to the requirement of continuous funding in the improvement and institutional advisory services for resolving the technical problems, government ought not to circumvent cooperation of other stakeholders including private sector, which is the main beneficiary of appropriate logistics services. Having had longstanding infrastructure weaknesses of roads and railways systems and insufficient highways, Pakistan needs coherent policy and regular funds to shape in valuable trade corridor that opens up new ways to global trade. As far as Pakistan is concerned, additional outlays for establishing thoroughfare are tantamount to increased budget deficit. In the face of financial stiffness, government can expedite the improvement works with the external financial backup. Funding by international financial institutions is sizeable but is customary with an obligation of repayment that bulge government debt-servicing account. Therefore, government seeks private sector participation.
According to the Planning Commission, National Trade Corridor Improvement programme has become a medium term transport master plan for the country since the programme was conceived in 2005. Pakistan has been sanctioned a soft loan of $25 million for simplification and modernization of trade practices and procedures by the World Bank. While the interest rate is charged at 0.75%, under the agreement 70% of the credit is grant. The approved trade and transport facilitation project-2 will give impetus to industrialization. Planning Commission through National Trade Corridor Management Unit would monitor the implementation of the project, closing date of which is 2013.
Although, the cost of functionalizing inland waterways will take no precedence, it can become a onetime investment to bring about substitutes over high cost of transportations on roads and railways. A policy framework should be deigned to include in the trade corridor project building of inland waterways. Apart from construction of roads and railways, which have existing infrastructure, making inland waterways operational for trade logistics will demand both substantial capital and other essential ancillaries. To start up, water flows in rivers upcountry can be used for ferry services. Low riparian areas will remain out until water flows are increased sufficiently to permit traffics especially of big cruises. In unorganized manner, people in different part of the country run ferries. However, they are practicing conventional ways of earning livelihoods and far from being instrumental to transportation of industrial goods via water channels.
So far, only rural population living alongside rivers and canals are making use of fuel-saving travelling on waterways. In transportation of industrial goods from one place to another, this usage is perhaps imperceptible. Besides, government needs to carve out new waterlines in between manufacturing industries and outsourcings. Firstly, this link would scale the transportation costs down significantly. Moreover, most importantly it would ensure hassle free movement of goods. While the present map of Pakistan does not chime in with the pre-71 cobweb of waterlines in the eastern part, it is yet to realign inland waterways to accelerate trade activities. A serious effort is indispensable to shift traffic overloads from roads and railways to inland waterways in order to get economic advantages and grow interregional trade.

Orexigen Obesity Drug Trials Successful in 3 Studies

Orexigen Therapeutics Inc. said Monday that in three large late-stage studies its obesity-drug candidate Contrave met its main goals and also surpassed a Food and Drug Administration requirement for effectiveness. The San Diego-based company said it plans to seek FDA approval for Contrave in early 2010.

EMCO sells its arm to GMR Energy

Thane-headquartered EMCO Limited has informed that it has sold its wholly owned subsidiary EMCO Energy Limited to GMR Energy Limited, which is a wholly owned subsidiary of GMR Infrastructure Limited.

At present, EMCO Energy is in the process of implementing 300 MW thermal power project (Phase 1) at Warora, Maharashtra, as part of the Group's power generation strategy.

CRISIL Risk and Infrastructure Solutions Limited acted as advisors to EMCO Limited for this transaction.

The share of EMCO closed on Friday at Rs 86, while scrip of GMR Infrastructure settled the day at Rs 141 on BSE.

US Dollar on the Brink of a Trend Defining Plunge Ahead of 2Q GDP

Written by John Kicklighter, Currency Strategist
It was a tenuous week; but the dollar was able to ultimately hold its own through the close. However, just because momentum behind the earnings-driven rally in risk appetite has stalled does not mean that the world’s most liquid currency has avoided a collapse all together.




US Dollar on the Brink of a Trend Defining Plunge Ahead of 2Q GDP

Fundamental Outlook for US Dollar: Bearish

- Fundamentals support a recovery in US and global growth, but how does risk appetite factor in?
- Bernanke sees signs of stabilization, calls focus on the deficit
- Do technicals call for a dollar collapse or recovery?

It was a tenuous week; but the dollar was able to ultimately hold its own through the close. However, just because momentum behind the earnings-driven rally in risk appetite has stalled does not mean that the world’s most liquid currency has avoided a collapse all together. Sentiment winds have died down; but they can easily jostle the safe-haven dollar should another economic catalyst surface. This makes for an uncertain future when combined with the fundamental influence that the 2Q GDP report will have on the currency. Now, not only do traders have to interpret the data, they will also have to judge whether it has a greater impact on risk appetite or growth considerations for the beleaguered dollar.

Looking ahead to next week, the most immediate threat to the greenback’s stability is the intensity and direction of risk appetite. While this currency is deeply mired in speculation surrounding the economy’s leading or lagging growth potential, interest rate expectations, and deficit projections among other influences; risk appetite has proven itself to be insuperable. With the Federal Reserve vowing to keep the benchmark lending rate at levels that insure a carry status when conditions do turn around and politicians ensuring the economy will struggle with record levels of debt for years to come, there seems little doubt that the dollar will maintain its position on the opposite of risk appetite. But, considering the stalled progress most of the dollar and yen crosses saw last week; is there a strong shift in sentiment in the works? With EURUSD and GBPUSD just off of key levels of resistance, the pressure is growing. However, the primary source of momentum this past week – the second quarter earnings season – is already on the decline. If left up to the markets alone, equities have already forged new highs for the year; but commodities, fixed income and risk-sensitive currency pairs have not pushed to comparable levels. Oddly enough, one of the most likely catalysts for risk going forward also happens to be the most attention grabbing indicator on the US docket: GDP.

According to economists forecasts, the world’s largest economy contracted at a 1.5 percent on an annualized pace through the second quarter. This would be a marked improvement from the 5.5 percent and 6.3 percent rate of the recession through the first quarter of 2009 and fourth quarter 2008 respectively. This would certainly confirm policy officials expectations for a return to positive growth by the end of this year or beginning of the next; but through the near-term it is still a call for speculation to rank the economy’s performance against that of its major counterparts. China recently reported a sharp advance to a 7.9 percent pace of expansion while the UK printed a record 5.6 percent contraction. And, then there are still those economies that have yet to report their numbers. Japan suffered a record-breaking 14.2 percent slump through the first quarter, but is expected to snap back according to BoJ and Cabinet officials. The Euro Zone awaits it August 13th release, but the Bundesbank has already stated Germany saw only a ‘slight contraction’ through the second quarter. This will increasingly become a consideration of nuance.

The other facet of the US 2Q GDP release is that it will be accepted as a gauge of global growth. This further complicates the issue. Should the reading be good, the influence on risk appetite could outweigh the implications for US returns and actually drag the dollar down; and vice versa. Another important consideration is the timing of this release. Due Friday, speculators may decide to move the dollar before the data crosses the wires. If this is the case, the GDP report could factor into long-term projections but not short-term volatility. –JK

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Short-term Technical Analysis

Cross Spot level Previous day move (in pips) Supp. Res. Daily target

USD/CHF 1.0729 0.0080 1.0715 1.0780
Daily chart 1.0655 1.0800
Short-term chart 1.0620 1.0860
Comments
As expected, yesterday proved to be a day of range trading on the dollar. The USD/CHF edged up to 1.0769 before US figures were published and then dipped back down to its support zone at 1.0634. Market activity is likely to be stable as we head into the weekend. We remain neutral on the pair and expect to be trading in a range between 1.0600 and 1.0750.

EUR/USD 1.4175 -0.0061 1.4115 1.4215
Daily chart 1.4095 1.4265
Short-term chart 1.4050 1.4290
Comments
Yesterday’s trading saw the EUR/USD seesaw between a low of 1.4120 and a high of 1.4292. The publication today of Germany’s IFO business climate index and of a revised Michigan Sentiment reading in the US is unlikely to disrupt the summer tranquillity on the markets. We will be continuing to play a range between 1.4100 and 1.4250 on the EUR/USD.

USD/JPY 94.81 0.63 94.55 95.40
Daily chart 94.10 95.70
Short-term chart 93.90 95.85
Comments
The EUR/CHF cross rose back above the 1.5200 mark yesterday, on the back of significant acquisitions by Swiss companies. Volatility was considerably higher during the session, with the trading range between a low at 1.5160 and a high at 1.5244. We are expecting to close this week in a range between 1.5175 and 1.5225. We are awaiting publication this morning of the German IFO index.

EUR/CHF 1.5208 0.0045 1.5180 1.5255
Daily chart 1.5150 1.5280
Short-term chart 1.5135 1.5325
Comments
Boosted by the uptick on equity markets, a weakened dollar and strong retail sales growth in the UK, sterling continued its advance against the greenback, breaking past the 1.6500 barrier to reach a high of 1.6585. The top of our range is still 1.6600, and another positive day for equity markets should take us there. Today sees publication of the University of Michigan consumer confidence reading for July.

GBP/USD 1.6502 0.0022 1.6455 1.6535
Daily chart 1.6430 1.6560
Short-term chart 1.6390 1.6605
Comments
Boosted by the uptick on equity markets, a weakened dollar and strong retail sales growth in the UK, sterling continued its advance against the greenback, breaking past the 1.6500 barrier to reach a high of 1.6585. The top of our range is still 1.6600, and another positive day for equity markets should take us there. Today sees publication of the University of Michigan consumer confidence reading for July.

UK Retail

UK retail sales were up 1.2% between May and June and by 2.9% from one year before.

The latest US unemployment figures were stable, with first-time jobless claims up 554,000 from the previous week (compared to consensus forecasts of a 550,000 increase). The four-week average of new claims for unemployment benefits declined to 566,000 last week, its lowest level since January.

Also in the US, sales of previously owned homes rose by 3.6% in June to an annual rate of 4.89 million units. This notwithstanding, house prices were down 15.4% from one year before

Market news

Forex Update for July 13 2009 - The top video clips of the week are here

Forex reserves fall to $11.844 billion

KARACHI: The country's foreign exchange reserves declined to $11.844 billion on the week ending on July 18, 2009 as compared with $12.239 billion last week, data released by the State Bank of Pakistan showed on Thursday.

Total reserves showed a decrease of $395 million during the week. However, the State Bank's reserves witnessed a major decline of $433 million to $8.428 billion, as compared to $8.861 billion last week.

The reserves held by the banks (other than SBP) witnessed an increase of $38 million to reach $3.416 billion, as compared to $3.378 billion last week. Foreign reserves had hit a record high of $16.5 billion in October 2007 but fell steadily to $6.6 billion by November of last year, largely because of a soaring import bill.

Pakistan agreed in November to an International Monetary Fund (IMF) emergency loan package of $7.6 billion to avert a balance of payments crisis and shore up reserves. The fund recently reviewed the country's performance under the deal, and its board is set to meet next month to decide on a third loan tranche of roughly $875 million. The country has also requested about $4 billion in additional financing from the IMF as ‘insurance’ against the economic crisis. staff report

GST to be converted into VAT by July 2010: FBR

LAHORE: Chairman Federal Board of Revenue (FBR0 Suhail Ahmed has said that General Sales Tax (GST) will be converted into Value Added Tax (VAT) by July 1, 2010 with a view to bring more sectors in the tax net. He said this while talking to reporters on the occasion of his visit to Directorate of Income Tax in Lahore on Monday. Chairman FBR said the implementation of VAT will result in the additional revenue of Rs400 billion. He said the tax collection target for the current financial year is Rs380 billion and expressed confidence that it will be achieved despite economic crisis being faced by the country.

Energy Advisor presents POL price formula

ISLAMABAD: Advisor to Prime Minister for Energy Dr. Asim Hussain said Sunday that Pakistan import bill will decrease by $5 million daily as a result of Iran-Pakistan gas pipeline project. Addressing a news conference, he said the gas pipeline project can save Pakistan $1.70 billion in annual import bill. On the occasion, Dr Asim made public the formula for determination of price of petroleum products, adding the formula is aimed at conveying in transparent manner to the people the modus operandi of price specification. He said the petrol ex-refinery price is Rs36.59/lit. He said if the current trend of international crude oil prices continues then there is a good chance of local POL prices to be reduced by Rs 3 to Rs 3.50 per litre.

Oil companies to set up 200 ethanol pumps by 2010

ISLAMABAD: Oil Marketing Companies will establish 200 ethanol petrol pumps across the country by 2010 at a cost Rs4 billion. According to oil OMCs� sources, Pakistan State Oil (PSO) has practically initiated the work in this regard. PSO will set up 30 E-10 filling stations in various cities of the country. The company has started selling from one of its petrol pumps E-10 fuel which is Rs2.40 per litre cheaper than the regular fuel. In order to promote the new brand of fuel, the government has already exempted the E-10 fuel from sales tax.

British economy to shrink 4.5% in current year

LONDON: The British economy is expected to record the biggest single year contraction since 1945, the Ernst Young ITEM Club said Monday. In its latest economic outlook, the think tank is forecasting the economy to shrink 4.4% in 2009, worse than the 3.5% decline predicted in April. The group sees recovery in 2010 with a 0.5% growth. According to the ITEM Club, hopes of recovery are running ahead of reality and sees no sustainable improvement until world trade begins to pick up. The main risks remain on the downside and include the threat posed by the H1N1 swine flue virus, which could reduce a further 3% from GDP this year and 1.7% in 2010. Companies should review their plans for this kind of contingency. New home-working and video-conferencing facilities offer a way to cope with this, while retail and industrial units should check their stock levels and supply chains. Peter Spencer, chief economic adviser to the Ernst Young ITEM Club said, "Economic patient has been in trauma, but thanks to the paramedics at the Treasury and the Bank of England who pumped billions of pounds worth of medicine into the economy, the patient has been stabilized for now." But he said, "it remains unclear how quick and complete recovery will be and there is still a serious chance of a relapse." The short term outlook stays gloomy as credit remains constrained and the lack of competition in the banking sector indicates lending to consumers and corporates would continue to be expensive and restricted with no further stimulus available to work through the system. Further, the think tank forecasts no change in the 0.5% interest rate well into next year, with the significant degree of spare capacity that exists ensuring that policy would need to be tightened only very gradually after that. Company cut-backs in employment and earnings continued to put pressure on consumer recession. But, rise in unemployment was not bad as was originally feared. Still, the think tank expects unemployment around 8.8% of the labor force by next spring. Disposable incomes were under severe pressure and consumer spending would possibly weaken again over the second half of this year. Hampered by a weak housing market, consumer spending will shrink 3.2% in 2009 and a further 0.2% next year. Meanwhile, disposable income is set to rise only 1% in 2009 and again in 2010. The report said business investment would fall by 10.5% this year with an additional decline of 1% in 2010. At the same time, private housing investment would plunge 27% in 2009.

Oil prices up in Asian markets

SINGAPORE: Oil prices rose in Asian trade today, lifted by positive US housing construction data that suggested the crisis-hit housing market was over the worst, analysts said. New Yorks main futures contract, light sweet crude for delivery in August, gained 21 cents to USD 63.77 a barrel. Brent North Sea crude for September delivery climbed 27 cents to USD 65.65. Data released Friday by the US Commerce Department showed construction starts on privately owned homes rose 3.6 per cent in June to a seasonally adjusted rate of 582,000, the fastest pace since November. The jump in housing starts was much stronger than the 530,000 pace expected by most analysts and followed a revised 562,000 starts in May, up 30,000 from the initial estimate. "Oil prices drew support from the US housing starts data," the Commonwealth Bank of Australia said in a report.

Pakistan Open Market Forex Rate

Currency	Symbol	Buying	Selling	Charts
Australian Dollar	AUD	65.45	66.6
Bahrain Dinar	BHD	216.1	219
Canadian Dollar	CAD	73.4	74.6
China Yuan	CNY	12	13.5
Danish Krone	DKK	15.4	15.8
Euro	EUR	115.2	117.2
Hong Kong Dollar	HKD	10.48	10.68
Indian Rupee	INR	1.7	1.8
Japanese Yen	JPY	0.86	0.87
Kuwaiti Dinar	KWD	281.6	284
Malaysian Ringgit	MYR	23	24.5
NewZealand $	NZD	52.6	53.6
Norwegians Krone	NOK	12.7	13
Omani Riyal	OMR	211.75	214
Qatari Riyal	QAR	22.4	22.6
Saudi Riyal	SAR	21.7	21.9
Singapore Dollar	SGD	56.15	57.35
Swedish Korona	SEK	10.4	10.8
Swiss Franc	CHF	75.8	76.8
Thai Bhat	THB	2.2	2.4
U.A.E Dirham	AED	22.23	22.5
UK Pound Sterling	GBP	133.2	135.2
US Dollar	USD	82.2	82.6

CHANDA MONEY CHANGERS

Head Office
Address:	1-A,G.Floor,Hari Odhani St.,Opp.Nigar Cinema,Pan Mandi karachi, Sindh 74000
Telephone:	(92 21) 2729626 (92 21) 2726986
Fax:	(92 21) 2726983

CHANDA E.C (B) PVT. LTD

Head Office
Address:	5-6,Ground Fl.,New Ruby Centre,Boulton Market,M.A.Jinnah Road karachi, Sindh 74000
Telephone:	(92 21) 2471667 (92 21) 2471666

Chanda & Co

Head Office
Address:	No. 1-A. G/Flr. Farida Chand Mzl Godhra Gali Nigar Cinema karachi, Sindh 74000
Telephone:	+92-21-2774417

CASH CORNER CURRENCY EXCHANGE

Head Office
Address:	Shop No.25,Mall Plaza rawalpindi,
Telephone:	(92 51) 5523339 (92-51) 5513850

CASH CORNER CURRENCY EXCHANGE

Head Office
Address:	Showroom No.13 Amber Tower Blk-6 PECHS karachi, Sindh 74000
Telephone:	+92-21-4324078

CASH CORNER CURRENCY EXCHANGE

Head Office
Address:	Shop No.25,Mall Plaza rawalpindi,
Telephone:	(92 51) 5523339 (92-51) 5513850

Big Board Advisory Service

Head Office
Address:	M-9/10 AL-KAMRAN CNTR 2ND MEZ FLR P/NO 7-A BLK 6 PECHS karachi, Sindh 74000
Telephone:	+92-21-4380831

Bank of Punjab

Head Office
Address:	Business & Finance Centre I.I.Chundrigar Rd. karachi, Sindh 74000
Telephone:	+92-21-2412113 +92-42-9200421
Branch Office
Address:	Business & Finance Centre I.I.Chundrigar Rd. karachi, Sindh 74000
Telephone:	+92-21-2412113 2412114 2412115 2412116 PABX: +92-21-2401870 2401871 2401872 2401873 UAN: +92-21-111200100
Fax:	+92-21-2472991
Branch Office
Address:	INTERNATIONAL DIVISION:Business & Finance Centre I.I.Chundrigar Rd. karachi, Sindh 74000
Telephone:	+92-21-2415865 UAN: +92-21-111200100 PABX: +92-21-2401870 2401871 2401872 2401873
Fax:	+92-21-2415862
Branch Office
Address:	1st Floor, Marine Faisal Bldg. Nr. Hotel Faran. karachi, Sindh 74000
Telephone:	Phone: +92-21-4545222 4545262 PABX: +92-21-4542066 4542077 4542088
Fax:	+92-21-4542044
Branch Office
Address:	I.I.CHUNDRIGAR ROAD: Business & Finance Centre I.I.Chundrigar Rd. karachi, sindh 74000
Telephone:	+92-21-2415861 UAN +92-21-111200100 PABX +92-21-2401870 2401871 2401872 2401873
Fax:	+92-21-2415863
Branch Office
Address:	MALIR HALT BRANCH: Shmasi Cooperative Housing Society, Malir Halt. karachi, sindh 74000
Telephone:	+92-21-9248940 +92-21-9248942
Fax:	+92-21-9248941
Regional Office
Address:	REGIONAL OFFICE:Business & Finance Centre I.I.Chundrigar Rd. karachi, Sindh 74000
Telephone:	+92-21-2415864 2472945 UAN: +92-21-111200100 PABX: +92-21-2401870 2401871 2401872 2401873
Fax:	+92-21-2415862

Aylia Financial Service

Address:	Office# 4, Ground Floor, City Arcade, I-8 Markaz, Islamabad islamabad, punjab
Telephone:	+92-51-4862518

ASMA MONEY EXCHANGER'S

Head Office
Address:	Shop #2,Sadiq Plaza,69-The Mall lahore, punjab
Telephone:	(92 42) 6367737 (92 42) 6310442
Fax:	(92 42) 6365804

ALLIED GROUP OF BUSINESS

Head Office
Address:	Office# 105, Ist Floor, Dossul Arcade, Jinnah Avenue, Blue Area, Islamabad islamabad, punjab
Telephone:	+92-51-2277283

ALI INTERNATIONAL

Head Office
Address:	7-8,1st Floor,Ruby Centre,Opp:City Post Office,Talpur Rd,Boulton Market karachi, Sindh 74000
Telephone:	(92 21) 2426841 (92 21) 2422089
Fax:	(92 21) 2419583

ALI HAIDER MONEY EXCHANGE

Head Office
Address:	1,Ground Floor,Sadiq Plaza,Near Masjid-e-Shohda,The Mall lahore, punjab
Telephone:	(92 42) 6278885 (92 42) 6278847
Fax:	(92 42) 6362833

AL-RAHIM INTERNATIONAL

Head Office
Address:	3 Al-Rahim Towers,I.I. Chundrigar Road karachi, Sindh 74000
Telephone:	(92 21) 2440546 (92 21) 2440545
Fax:	(92 21) 2440549

AL-MUZHER MONEY CHANGER

Head Office
Address:	4-Montgomery Road lahore, punjab
Telephone:	(92 42) 6363631 (92 42) 6303378

AL-ABBAS ENTERPRISES

Head Office
Address:	Shop #14,Mall Plaza,Near GPO Cantt. rawalpindi,
Telephone:	(92 51) 5528383 (92-51) 5524505

AJMAIR INTERNATIONAL

Head Office
Address:	Shop #5,SNC Plaza,Blue Area,Behind Usmania Restaurant islamabad, punjab
Telephone:	(92 51) 2275179 (92-51) 2274424

ABID CURRENCY

Head Office
Address:	Shop # 7,Time Center,Opp.Bilour Plaza,Saddar Peshawar, N.W.F.P
Telephone:	(92 91) 5270370
Fax:	(92 91) 5275923

AHMAD MONEY CHANGER

Head Office
Address:	B-1,Raheem Complex,Main Market,Gulberg-II Lahore, punjab
Telephone:	(92 42) 5713421 (92 42) 5713728

AAKRA MONEY EXCHANGE

Head Office
Address:	Shop No.32-33,Aakra Centre,Near Jahangir Park,Saddar karachi, Sindh 74000
Telephone:	(92 21) 2231777 (92-21) 2231666
Fax:	(92 21) 2231999

AA EXCHANGE COMPANY (PVT) LTD

Head Office
Address:	Office# 1-2, Mezzanine Floor, Block 46, Madni Plaza, Jinnah Avenue, Blue Area, Islamabad islamabad, punjab
Telephone:	+92-51-2271700

A.R.K. EXCHANGE

Head Office
Address:	5-Amber Pride,Main Shahrah-e-Faisal karachi, Sindh 74000
Telephone:	(92 21) 4529942 (92-21) 4549750
Fax:	(92 21) 452994

A Khanani and Kalia Money Exchange

Company Details
Since a last decade, Khanani & Kalia International (Pvt) Ltd. has been known by its customers for its best quality services at the national level. But now Khanani & Kalia has come up with a broader horizon as it now intends to cater clients on the global level with enhanced range of services backed by sophisticated IT tools and software technology. KKI as in its past and will always strive to bring a much-deserved change with its revolutionary and competent services and marketing techniques that will play a major role in the business of Foreign Exchange catering to the customers on both national and international platforms.
Islamabad Office
Address:	Unit # 1, Chowdry Plaza, Blue Area, Opp. Nafdeck Cinema . Islamabad, Punjab 74400
Telephone:	+92-51-111-554-554
Fax:	+92-51-2274457

ZARCO EXCHANGE COMPANY (PVT) LTD.

Company Details
The ZARCO Exchange Company is a respected financial institution that provides dependable Exchange and Transfer services to satisfied customers throughout Pakistan. Our company has the country�s largest network of Online Branches, Franchises and Payout locations and is reputed for its ability to provide unparallel financial services including: Money Transfers Currency Exchange Bank Drafts Traveler Cheques Cash Passport Cash Cards Postal Notes and Coins The ZARCO Exchange Company (Pvt) Ltd. has its corporate head office at 32-A Lawrence road, Lahore Pakistan. All transactions and payments processed by ZARCO comply with the applicable regulations, in accordance with the international rules and codes of the applicable legal bodies. The Exchange is regulated under the Legal framework set out by the Central Bank of Pakistan and has been designated by SBP as the country�s premier �Role Model Company.� We are the first company to have a live OFAC Scanning mechanism. Our main objective is to provide customers with seamless, cost-effective service and the best financial services in Pakistan and beyond. Our efforts are strongly supported by the Government of Pakistan. ENCASHMENT CERTIFICATE AGAINST INWARD REMITTANCES ZARCO is authorized by the Central Bank of Pakistan wiz: State Bank of Pakistan, Karachi to issue Encashment Certificates as under: "Certificate of Encashment of Foreign Currency� is issued to the beneficiaries for the Remittances received from abroad and to be paid in Pak Rupees. Moreover, it is advised that there is no restriction from State Bank for issuance of �Certificate of Encashment of Foreign Currency� against these remittances. ZARCO Exchange is Licensed and Regulated by the State Bank of Pakistan under Exchange companies ordinance 2002. ZARCO Exchange is one of the leading company providing services worldwide in collaboration with renowned and trustful Money transfer companies.
Head Office
Address:	32-A Lawrence road, Lahore, Punjab
Telephone:	0800-12345, 0800-67890 +92-42 6301253, 6301977
Fax:	+92-42 6368796, 6362217
Branch Office
Address:	Shop # 2, Dossul Arcade Jinnah Avenue, Blue Area Islamabad, punjab
Telephone:	+92-51-2826570 +92-51-2870123 +92-51-2874523
Fax:	+92-51-2880299
Branch Office
Address:	CAVELARY GROUND BRANCH: 15-C Main Boulevard, Cavelary Ground Lahore Cantt. lahore, punjab
Telephone:	PABX +92-42-6671176
Fax:	+92-42-6683478
Branch Office
Address:	SADIQ PLAZA BRANCH: Sadiq Plaza Suit# 9/B Basement, The Mall lahore, punjab
Telephone:	+92-42-6280112
Branch Office
Address:	L.G.F 35, Century Tower, Kalma Chowk lahore, punjab
Telephone:	+92-42-5889435
Branch Office
Address:	Main Bazar, Islam Pura lahore, punjab
Telephone:	+92-42-7247251
Branch Office
Address:	13-FI. FLO, King Arcade, F-7 Markaz, Jinnah Super Market Islamabad, punjab
Telephone:	+92-51-2651350 +92-51-2651351
Branch Office
Address:	Melody-Office# 01, Blk-16, Civic Centre, Melody Market Islamabad, punjab
Telephone:	+92-51-2822270 +92-51-2822552
Branch Office
Address:	S-1, Park View Appartment, Block 10-A, Gulshan-e-Iqbal, Main NIPA Chowrangi, Behind Chase Departmental Store karachi, sindh 74000
Telephone:	+92-21-4992303
Branch Office
Address:	Sh# 28-A, Block 4-D, Empire Estate Building, G/Flr, Gulstan-e-Johar karachi, sindh 74000
Telephone:	+92-21-4018556 +92-214018557
Branch Office
Address:	h#8, Mezz Flr, Al-Habib Arcade, Block-7, Clifton karachi, sindh 74000
Telephone:	+92-21-5363841 +92-21-5363842
Branch Office
Address:	Sh# F-27, Opp. Session Court, Fatima Jinnah Road, Cantonment Hyderabad, sindh 74000
Telephone:	+92-22-2783939
Branch Office
Address:	Genearal Bus Stand Chwok Faisalabad, punjab
Telephone:	+92-41-9210244
Branch Office
Address:	Sh# 1-2, 1st Flr, Hussain Market, Opp. Bus Stand, Karkhana Bazar Peshawar,
Telephone:	+92-91-5836354
Branch Office
Address:	1-Famous Plaza, Block-11, DG KHAN Dera Ghazi Khan, punjab
Telephone:	+92-64-2460674
Branch Office
Address:	Nursery Chowk, Near Bilal Masjid, 1st Floor, Settelite Town Gujranwala, punjab
Telephone:	+92-55-3732620
Branch Office
Address:	Sheezan Hotel, Katchary Chowk Multan, punjab
Telephone:	+92-61-9201079
Branch Office
Address:	GULBERG BRANCH: 5-G, Al-Latif Centre, 88/D-1, Main Bouleward, Gulberg lahore, punjab
Telephone:	+92-42-5781330, +92-42-5781331 +92-42-5781332
Branch Office
Address:	19, First Floor, Defence Commercial Plaza, Y-Block, Phase-III, DHA lahore, punjab
Telephone:	+92-42-5734140
Branch Office
Address:	Shop-18, Block #10, Sector Basment-1, Umer Center, Akbar Chowk lahore, punjab
Telephone:	+92-42-5124210
Branch Office
Address:	Shop No.14 Plot No. 11, Old Duty Free Shop, Jinnah Avenue, Blue Area Islamabad, punjab
Telephone:	+92-51-2876249 +92-51-2876250 +92-51-2876251
Branch Office
Address:	Sh# 1, Mustafa Mension Plaza, (Mobile Center Plaza), Double Road, F-10 Markaz Islamabad, punjab
Telephone:	+92-51-2809651
Branch Office
Address:	Show Room# 01,14 A-1, Sareena Pride, Block-6 PECHS, Shahrah-e-Faisal karachi, sindh 74000
Telephone:	+92-21-4386710 +92-21-4386765
Branch Office
Address:	Sh# G-10, International Trade Center, Opp. Pizza Hut, I.I Chundrigar Road karachi, sindh 74000
Telephone:	+92-21-2470996 +92-21-2470997
Branch Office
Address:	Sh# 1, Wood Street Building, Talpur Road, Opp. National Bank Of Pakistan karachi, sindh 74000
Telephone:	+92-21-2474938
Branch Office
Address:	7/9 Mezz. Flr, Sakhi Wahab Complex, Cantonment Hyderabad, sindh 74000
Telephone:	+92-22-2784090 +92-22-2784730
Branch Office
Address:	05 Regency Arcade, Opp. PIA Main Office, The Mall Faisalabad, punjab
Telephone:	+92-41-2628091 +92-41-2628092 +92-41-2628093
Branch Office
Address:	Main Satyana Road, Nr. Utility Store Faisalabad, punjab
Telephone:	+92-41-9220288
Branch Office
Address:	Saddar Road, Nr Nirala Sweet, Peshawar Cantt Peshawar,
Telephone:	+92-91-5284689
Branch Office
Address:	Opposite Darzian Wali Kothi, College Road, Gujranwala, punjab
Telephone:	+92-55-4239539
Branch Office
Address:	Off # 5, Izhaar Plaza, Opp. Main GPO, Hassan Pervana Road Multan, punjab
Telephone:	+92-61-4587850

Khanani & Kalia International (Pvt.) Ltd.

Company Details
Khanani and Kalia International (KKI) is a leading and trusted name in the business sector of Pakistan. Khanani and Kalia (KKI) being the pioneer of foreign currency business in Pakistan, nation as well as worldwide Khanani & Kalia International is a renowned name. Khanani & Kalia International is the first company which was awarded with the official license by State Bank of Pakistan to pursue as Money Changers. Now as per decision of State Bank of Pakistan, Khanani & Kalia International is among the early birds to receive the license of Exchange Business and hence, in 2003 it has been transformed as Exchange Company. It is an honor and pride for us that Khanani & Kalia International is the first ISO 9001 Certified Exchange Company in Pakistan. Its main and foremost objective is to facilitate and serve customers, with their best services throughout the country and at international levels as well. To fulfill the objectives, KKI has spread its network all over Pakistan. Khanani & Kalia International has its international correspondents over 22 countries in the world. Khanani & Kalia International facilitates people through the safest and securest means of transaction of money. We were and are playing our major role in increasing the Foreign exchange reserves, playing an effective role in combating against the money laundering along with the State Bank of Pakistan. One of the secrets of remarkable success that Khanani & Kalia International has earned in the last decade lies in excellent customer relations. The company has always strived hard to provide best quality of services and products to our customers and by the Grace of Allah we have succeeded in it, which is truly reflective by the customer base that Khanani & Kalia International holds today. Khanani & Kalia International believes IT is an innovative technique and a way to progress and prosperity and this is the reason KKI has a well established IT department. The use of IT leads to the new horizon of working, impacts the future growth and advancement of the organization, insures the maximum security of transaction and company provides the best possible services. KKI being innovative and unique in techniques of marketing, introduced the online services through its official websites; www.forexpk.com, www.kkionline.com. Forex mainly focuses at the market affairs and emphasize on the latest activities of money market and also other aspects of business, not only of Pakistan but the major markets of world as well. Forex is one of the most authentic source of currency market affairs and is among the pioneer of many online currency related services in Pakistan, like real time currency rates and currency rate archive, reviews and previews, Pakistan stock to world stock, local news to global news, online international currency trading facilities, analysis and a lot more. On the other hand, www.kkionline.com contains all the corporate information necessary for the visitors. This site has all the information about KKI and its products, thus enables the visitors to perfectly know about the company. KKI is unique not only for the IT system but also for appointing new and fresh blood as employees in the company. We believe in modernization and new horizons, this is the reason there is an access of younger generation in our organization. Young blood has a vision to touch the sky and with their ideas and collaboration KKI has been improving day by day and one day Inshallah we will touch the sky. Since KKI has been transformed to an international company, therefore, the management aims to adopt all the working procedures of the company systematically as per prevailing laws, SBP rules & regulations and present business environment. In this regard the Human Resource Department of KKI is actively performing and trying its best to get the proper systems implemented in all the departments of the organization. KKI is on its way to progress and is extending its network and in this regard new branches are inaugurated at Sialkot and Gujranwala. This is not the limit, we are still expanding our network to provide best services and one day we will be at every city of Pakistan (Inshallah).
Head Office
Address:	Suite # 1101-1105, 11th Floor, Block-A, Saima Trade Tower I. I. Chundrigar Road. Karachi, Sindh 74000
Telephone:	+92-21-111-554-003 +92-21-2217001-10 Telex 27489KKI.PK
Fax:	+92-21-2218094 +92-21-2218087
Clifton
Address:	Shop# 1, Ground Floor, Marine Pride, Block-7. karachi, Sindh 74000
Telephone:	UAN +92-21-111-587-587
Fax:	+92-21-5875538
Franchise Al Madina Enterprises
Address:	Badami Bagh Center, Shop No. 6, Badami Bagh lahore, punjab
Telephone:	042-7707479 042-7707498
Fax:	042-7722965
Franchise Al-Majeed Money Exchange
Address:	Shop No. 1, Firdous Market, Behind First Women Bank, Canal Bank, Shahi Road. Rahim Yaar Khan,
Telephone:	068-5883577 068-5878634
Fax:	068-5880425
Franchise Currency Master Int'l (MULTAN CANTT)
Address:	Mall Plaza, Shop No. 100.Shangrilla Chowk, Quaid-e-Azam Road, Multan Cantt. Multan, punjab
Telephone:	061-4783800 ,061-4783700
Fax:	0673-772205
Franchise Currency Master International BUREWALA
Address:	Al - Aziz Super Market, Shop No. 118 - 119, College Road Multan, punjab
Telephone:	0673-771205 0673-772105
Fax:	0673-772205
Franchise M/S Tatara Trading House
Address:	Rabani Plaza chowk yadgar. Peshawar,
Telephone:	+92-91-2592801-4
Fax:	+92-91-2592808
Franchise Al-Rehman Enterprises
Address:	Plot No. 328, Shop No. 6, Opp : Markazi Jamia Masjid, Main Bazar. Dadyal,
Telephone:	+92-058630-42870
Fax:	+92-058630-43491
Franchise Al-Saudi Money Changer
Address:	Shop No.03, Near Liaquat Chowk, Furniture Bazar. sahiwal, punjab
Telephone:	0404-220535
Fax:	0404-229245-6
Franchise Amjad & Company
Address:	Shop # 10, Block No. 3,Sarafa Bazar. Sarghoda, punjab
Telephone:	0483-724027 0483-722846
Fax:	0483-727554
Franchise Amjad Enterprises
Address:	Shop No. 189 / 1, Main Saddar Bazar, Near Lala Sweet Shop Toba Tak Singh. ,
Telephone:	0462-517925
Fax:	0462-510070 0462-510595
Franchise Balgaam
Address:	Shop No. 5-6, Ismail Center, Main Bahadurabad karachi, Sindh 74000
Telephone:	+92-21-4942198 +92-21-4933057 +92-21-4947473
Fax:	+92-21-4932976
Franchise Currency Master International
Address:	Block 11, Sarafa Bazar, Near Committe Gulai, Quaid-E-Azam Road, D. G. Khan Multan, punjab
Telephone:	+92-064 -2461177
Fax:	+92-064-2471131
Franchise Currency Master International D. G. KHAN
Address:	Block II- Sarafa Bazar, Near Committee Gullai, Quaid-e-Azam Road. Multan, punjab
Telephone:	0642-471131
Fax:	0642-471131
Franchise Deen Corporation
Address:	Deen Centre, Shaheed Chowk Kotli Azad Kashmir,
Telephone:	058660-42154 058660-43544
Fax:	058660-44864
Franchise Dollar Link Currency Exchange
Address:	Main Building Bano Bazar sialkot, punjab
Telephone:	+92-524-582100 +92-524-582200 +92-524-592200
Fax:	+92-524-582500
Franchise Farooq Enterprises
Address:	Shop No. 6, Near Mingora Bus Stand, Mingora. Sawat, punjab
Telephone:	+92-946-721611 +92-946-727673
Fax:	+92-946-722163
Franchise Frontier Money Changer
Address:	Shop No. 89, New Laari Adda, Sabzi Mandi. Manshera,
Telephone:	0997-304777 0997-304999
Fax:	0997-307377
Franchise H. Khairullah & H. A. Sattar Enterprises
Address:	Dr. Bano Road Quetta,
Telephone:	+92-081-2843050 +92-081-2836556 +92-081-2839099 +92-081-2821492
Fax:	+92-081-2843986
Franchise Jawad Jee Money Changer
Address:	Mall Plaza, Shop No. 18,Rawalpindi Cantt. rawalpindi,
Telephone:	+92-51-5529687 +92-51-5562018 +92-51-5584926
Fax:	+92-51-5512192
Franchise Khan Money Changer
Address:	Aziz Plaza, Shop # 32, Circular Road Bahawalpur, punjab
Telephone:	+92-62-2877162-3 +92-62-2888042
Fax:	+92-62-2877102
Franchise M/S Butt Brothers Corporation
Address:	Sardar City Center, Shop No. 9, 11 & 13, Lower Ground Floor, Behar Bazar, G.T. Road. Lala Musa,
Telephone:	0537-519558 0537-519557
Fax:	0537-519556
Franchise Mazhar Javed
Address:	Naya Bazar, Sangam Plaza. Kharian,
Telephone:	053-7610682 053-7533141
Fax:	053-7610682
Franchise Polani Enterprises
Address:	Office # 126, 1st Floor, SP Chamber, Near Metro Chowrangi B-9, SITE Area karachi, Sindh 74000
Telephone:	+92-21-2550881- 3 +92-21-2550880 +92-21-2550555 Direct +92-21-2550786 0300-2019146 0321-8298878
Fax:	+92-21-2550885
Franchise Qazi Money Changer
Address:	Shop # 1, 8/30, Opp. Waheed Shah Market, Shara-e-Iqbal. Quetta,
Telephone:	+92-812-821047-48
Fax:	+92-812-840728
Franchise Saad Enterprises
Address:	G.T. Road, Near Al Bilal Restaurant, Dina. Jhelum,
Telephone:	0544-630640 0544-630690 0544-634055
Fax:	0544-635877
Franchise Sabka Enterprises
Address:	Commercial Plot No. 11, Block 16, KDA Scheme # 24, Gulshan-e-Iqbal. karachi, Sindh 74000
Telephone:	+92-21-4813211 - 5
Fax:	+92-21-4813220
Franchise Sohail Impex
Address:	Ishaq Plaza, Chowk Shaheddan Mirpur Azad Kashmir,
Telephone:	058610-35283 058610-45399
Fax:	45399
Franchise U. S. West Coast Int'l
Address:	Shop No. 14 - 15, Gol Bazar, Near HBL, Chinab Nagar. (Chiniot - Jhung) Rabwah,
Telephone:	047-6213702 047-6214161
Fax:	047-6215719
Hamza Traders
Address:	Adeel Market, Shop No. 1, Near Civil Hospital, Hospital Road Chakwal,
Telephone:	+92-0543-552026 +92-0543-553742
Fax:	+92-0543-553670
I.I Chundrigar Road
Address:	Bombay Hotel Building, Near Shaheen Complex karachi, Sindh 74000
Telephone:	UAN +92-21-111-263-263
Fax:	+92-21-2631021
Islamabad
Address:	Unit # 1, Chowdry Plaza, Blue Area, Opp. Nafdeck Cinema islamabad, punjab
Telephone:	+92-51-111-554-554
Fax:	+92-51-2274457
Kothalia Mansion
Address:	Near Patiala Ground, 2nd Mcleod Road lahore, punjab
Telephone:	+92-42-111-554-554
Fax:	+92-42-7222197
M/S G.M. Business Concern
Address:	Hindlana Plaza, Shop # 10, Ground Floor, Ward # 5. Mandibahuddin,
Telephone:	0546-502230 0546-500230
Fax:	0546-509430
New Ruby Cente
Address:	Shop No 1 & 2, New Ruby Center, Opp. City Post office, Talpur Road, Boulton Market karachi, Sindh 74000
Telephone:	+92-21-2416681
Fax:	+92-21-2416682
Ruby Center
Address:	214 - 215, 2nd Floor, Ruby Centre, Opp. City Post Office, Talpur Road, Boulton Market karachi, Sindh 74000
Telephone:	UAN +92-21-111-554-554
Fax:	+92-21-2428864
Shahra-e-Faisal
Address:	Amber Pride, Shahrah-e-Faisal, P.E.C.H.S., Near Standard Chartered Bank karachi, Sindh 74000
Telephone:	+92-21-4549510-2
Fax:	+92-21-4549511
Tahawer Plaza
Address:	129-E-1, Main Boulevard Gulberg 3. lahore, punjab
Telephone:	+92-42-5784635-40
Fax:	+92-42-5757066
Trade Tower
Address:	Suite # 5 & 6 Central Hotel Building, Near Metropole Hotel Abdullah Haroon Road karachi, Sindh 74000
Telephone:	UAN +92-21-111-876-876
Fax:	+92-21-5650340