Dollar Rebounds Versus Euro on Reports Speculations

The dollar reverted its trend of already two weeks losing versus several main traded currencies, after speculations that this week’s reports will post rather pessimistic figures, raising attractiveness for the safety of the greenback.

World Stocks Plummet After Global Banks Take Action in Bid to Avoid Recession

Saviour: The Bank of England has acted as a lender of last resort to Northern Rock

Change of heart: Mervyn King

Stocks worldwide have plummeted in the wake of yesterday's unprecedented decision by leading central banks to pump billions into money markets in a bid to avoid a worldwide recession.

The Bank of England has joined the U.S. Federal Reserve, the European Central Bank and their counterparts in Canada and Switzerland to pump at least £55billion into money markets.

However this morning the FTSE 100 fell more than 70 points to 6458.7 and the markets in Japan, Hong Kong and Taiwan all suffered nervous starts to the day's trading.

Investors are worried that the shock decision by the world's banks could mean that the credit crisis is likely to get worse.

It is hoped that the loans - £ 22.7billion of which will go to the UK - will help make lending between banks easier, avoiding any repeat of the Northern Rock crisis.

The Rock ran into trouble because the current economic climate has encouraged banks to hoard their cash, rather than lend it to each other.

Northern Rock could therefore not borrow the money it needed from other banks, and was forced to go to the Bank of England as a "lender of last resort" at punitive rates.

The central banks' decision is designed to stop other lenders getting into the same situation - and to avoid panic among both consumers and the City.

It came amid signs that Gordon Brown is bracing himself for a slowdown that could dent his credentials as the architect of Labour's record of economic stability.

A Bank of England spokesman said: "This co-ordinated set of actions is a response to stresses in the inter-bank markets, which have increased in recent weeks, reflecting sentiment about the global financial sector.

"The actions demonstrate that central banks are working together to try to forestall any prospective sharp tightening in credit conditions."

A source at the Bank added that the latest move is not designed to prop up any individual lender, but is rather aimed at alleviating pressures in the overall market.

This is significant, because the Bank is worried that City observers could interpret the massive loan as a covert way of getting cash to a particular lender which has got itself in trouble.

The co-ordinated move took the City by surprise, fuelling fears that the global credit crunch is threatening the economic health of the world's major powers.

With the housing market in turmoil, it was seen as a pre-emptive strike to prevent a worldwide financial meltdown on the back of the American "sub-prime" mortgage crisis.

Bankers hope it will make mortgages easier to arrange amid signs that credit is drying up on the High Street.

Downing Street welcomed the move as an example of the kind of "global co-operation and preventative action" that Mr Brown has called for in the past.

It came only a week after the Bank of England cut interest rates by a quarter point.

The Federal Reserve also reduced U.S. rates by a quarter point - the latest in a series of aggressive cuts.

Yesterday's announcement marked the first joint international effort to support the markets since the September 11 terror attacks.

Observers said the scale and nature of the cash injection is unprecedented.

It underlines the parlous state of the global banking system, where some lenders have been brought to the brink of collapse because of the problems in America's mortgage market.

Experts estimate the record defaults on so-called sub-prime loans advanced to Americans with poor credit histories could lead to up to £200billion of losses at global banks.

Giants such as Wall Street's Citigroup and Switzerland's UBS have gone cap in hand to Asian and Middle Eastern investors asking for cash to support their businesses after racking up tens of billions in losses.

Britain has been far from immune, with the run on Northern Rock leading the Bank of England to hand over billions of pounds of taxpayers' money to keep it afloat.

The Bank will next week offer £11.35billion to selected commercial lenders with a UK presence.

A similar auction for another £11.35billion will take place in the New Year.

Banks will "bid" for the cash and will have to pay a premium rate.

Major British-based lenders will also be able to apply for help from the other central banks.

The loans will last for three months and the Bank could step in again if the cash injection fails to have the desired effect.

The banks will still have to provide collateral and meet certain conditions in order to get help, and only those judged to be in sound financial condition will be able to participate.

The Bank of England held a similar auction for three-month loans in September.

However, there were no bidders, because banks were worried that the stigma attached to the auction would reduce confidence in them so soon after the run on Northern Rock.

That auction had a punitive minimum rate set at one per cent above the Bank's base rate, whereas the new auctions do not have a minimum rate.

The Bank has been accused of being slow off the mark in dealing with the stress in financial markets, and some experts described its decision to participate in the global loan scheme as another Uturn from its hardline stance.

Governor Mervyn King has been reluctant to rescue big banks which are in trouble because of their foolish investments - but with the world markets under increasing pressure, he has been forced to act.

The British Bankers' Association welcomed the move, calling it a "constructive and imaginative initiative".

It added: "It is also importantly an international solution to an international issue."

Julian Jessop, of analysts Capital Economics, said the move is welcome, but that further interest rate cuts would be needed to have a real effect.

He added: "Central banks have combined to reduce the risk that the credit crunch tips the most vulnerable economies into recession. But even if these measures are successful, the world economy is still facing a marked U.S-led slowdown in 2008.

"It does not resolve the more fundamental weaknesses in the world's major economies.

"Official interest rates will still have to be cut significantly further in the U.S. and the UK, and are likely to fall earlier than generally expected in the eurozone too."

Banks in Dubai

Bank	Address	Telephone	Fax	Website/Email
Abu Dhabi Commercial Bank	Al Reqqa Street, Dubai	04 2958888	04 2959310	www.adcb.com
Citibank (Main Branch)	Khalid Bin Al Waleed Street, Bur Dubai, Dubai	04 5074110	04 3528654	www.citibank.com/uae
Commercial Bank of Dubai	Deira, Port Saeed, P.O. Box 2668, Dubai	04 2121000	04 2121111	www.cbd.co.ae
Commercial Bank International (Main Branch)	Al Reqqa Street, Deira, Dubai	04 2275265	04 2279038	www.cbiuae.com
Emirates Bank (Main Branch)	Beniyas Road, P.O. Box 2923, Dubai	04 3160316	04 2264302	www.ebi.ae
First Gulf Bank	Al Yamamah Tower, P.O. Box. 52053, Deira, Dubai	04 2941234	04 2949595	www.fgb.ae
HSBC	HSBC Bank Building Baniyas Square, Deira, Dubai	04 2227161	04 2281714	www.uae.hsbc.com
Lloyds Bank	Al Wasl Road, Jumeirah, Dubai	04 3422000	04 3422660	www.lloydstsb.ae
Mashreq Bank (Main Branch)	Omar Ibn Al Khatab Road, Next to Al Ghurair Center, Deira, Dubai	04 2223333	04 2226061	www.mashreqbank.com
National Bank of Abu Dhabi	Bank Street, near Burjuman Centre, Dubai	04 3599111	04 3517388	www.nbad.com
National Bank of Dubai	Baniyas Road, Deira, Dubai	04 2222111	04 2283000	www.nbd.com
Royal Bank of Canada	API World Tower, Office 1002, 10th Floor, Sheikh Zayed Road, Dubai	04 3313196	04 3313960	www.rbcprivatebanking.com/dubai
Standard Chartered Bank	Al Mankhool Road, P.O. Box 999, Dubai	04 3520455	04 3527523	www.standardchartered.com/ae
Union National Bank	Al Maktoum Street (Al Maidan Tower), Dubai

Inter-American Development Bank

The Inter-American Development Bank (preferred abbreviation IDB, although sometimes found as IADB), is an international organization established and headquartered in Washington, D.C., United States, in 1959 to support Latin American and Caribbean economic and social development and regional integration by lending mainly to governments and government agencies, including State corporations. The current president of the Bank is Luis Alberto Moreno, a Colombian diplomat who was elected to succeed Enrique V. Iglesias on July 27, 2005. The IDB has four official languages: English, French, Portuguese, and Spanish. Its official names in the other three languages are as follows: French: Banque interaméricaine de développement;Portuguese: Banco Interamericano de Desenvolvimento;Spanish: Banco Interamericano de Desarrollo. In all three of the other languages, the Bank uses the acronym "BID".

Asian Development Bank

The Asian Development Bank (ADB) is a regional development bank established in 1966 to promote e conomic and social development in Asian and Pacific countries through loans and technical assistan

ce. It is a multilateral development financial institution owned by 67 members (as of 2 February 2007)[1], 48 from the region and 19 from other parts of the globe. ADB's vision is a region free of poverty. Its mission is to help its developing member countries reduce poverty and improve the quality of life of their citizens. The work of the Asian Development Bank (ADB) is aimed at improving the welfare of the people in Asia and the Pacific, particularly the 1.9 billion who live on less than $2 a day. Despite many success stories, Asia and the Pacific remains home to two thirds of the world's poor. The bank was conceived with the vision of creating a financial institution that would be "Asian in character" to foster growth and cooperation in a region that back then was one of the world's poorest. ADB raises funds through bond issues on the world's capital markets, while also utilizing its members' contributions and earnings from lending. These sources account for almost three quarters of its lending operations. Although recent economic growth in many member countries have led to a change in emphasis to some degree, throughout most of its history the bank has operated on a project basis, specifically in the areas of infrastructure investment, agricultural development and loans to basic industries in member countries. Although by definition the bank is a lender to governments and government entities, it also provides direct assistance to private enterprises and has also participated as a liquidity enhancer and best practice enabler in the private sectors of regional member countries. The primary human capital asset of the bank is its staff of professionals, encompassing academic and/or practical experts in the areas of agriculture, civil engineering, economics, environment, health, public policy and finance. Professional staff are drawn from its member countries and given various incentives to relocate to Manila. It is conceivable that once all of Asia-Pacific reaches a certain level of living standard the bank will be wound down or reconfigured to operate as a commercial enterprise.

International Monetary Fund

The International Monetary Fund (IMF) is a private international organization that oversees the global financial system by following the macroeconomic policies of its member countries, in particular those with an impact on exchange rates and the balance of payments. It is an organization formed to stabilize international exchange rates and facilitate development.[2] It also offers financial and technical assistance to its members, making it an international lender of last resort. Its headquarters are located in Washington, D.C., USA.

Independent Evaluation Group

The World Bank's Independent Evaluation Group (IEG) is an independent unit within the World Bank Group. It evaluates the relevance and impact of the Bank Group's support to developing countries for reducing poverty. The goals of IEG evaluations are to provide an objective basis for assessing results, to provide accountability in the achievement of development objectives, and to help learn from experience. The Independent Evaluation Group (IEG) was preceded by the Operations Evaluation Department, the name of the entity changed after the Board of the World Bank adjusted its role to enhance the independence of the World Bank Director-General Evaluation and integrate the evaluation function among the three entities of the World Bank Group, namely the IBRD, IFC, and MIGA.

World Bank Institute

The World Bank Institute is the capacity development branch of the World Bank. It provides learning programs, policy advice and technical assistance to policy makers, government and non-government agencies and development practitioners of developing countries. Capacity for Development is defined by the WBI as "the ability of individuals, institutions, and whole societies to solve problems, make informed choices, order their priorities and plan their futures, as well as implement programs and projects, and sustain them over time"

List of World Bank Directors-General of Evaluation

• Christopher Willoughby, Unit Chief, Division Chief, DDO (1970–1976)
• Mervyn L. Weiner, First Director-General, Operations (1975–1984)
• Yves Rovani, Director-General, Operations (1986–1992)
• Robert Picciotto, Director-General, Operations (1992–2002)
• Gregory K. Ingram, Director-General, Operations (2002–2005)
• Vinod Thomas Director-General, (2005–present)

List Of Chief Economists Of Wold Banks

• Hollis Chenery (1972–1982)
• Anne Osborn Krueger (1982–1986)
• Stanley Fischer (1988–1990)
• Lawrence Summers (1991–1993)
• Michael Bruno (1993–1996)
• Joseph E. Stiglitz (1997–2000)
• Nicholas Stern (2000–2003)
• François Bourguignon (2003–2007)
• Justin Yifu Lin (June 2008– )

List Of Presidents Of Wold Bank

• Eugene Meyer (June 1946–December 1946)
• John J. McCloy (March 1947–June 1949)
• Eugene R. Black, Sr. (1949–1963)
• George D. Woods (January 1963–March 1968)
• Robert McNamara (April 1968–June 1981)
• Alden W. Clausen (July 1981–June 1986)
• Barber Conable (July 1986–August 1991)
• Lewis T. Preston (September 1991–May 1995)
• James Wolfensohn (May 1995–June 2005)
• Paul Wolfowitz (1 June 2005–June 2007)
• Robert Zoellick (1 July 2007–Present)

World Bank Group

The World Bank Group (WBG) is a family of five international organizations responsible for providing finance and advice to countries for the purposes of economic development and eliminating poverty. The Bank came into formal existence on 27 December 1945 following international ratification of the Bretton Woods agreements, which emerged from the United Nations Monetary and Financial Conference (1 July – 22 July 1944). It also provided the foundation of the Osiander-Committee in 1951, responsible for the preparation and evaluation of the World Development Report. Commencing operations on 25 June 1946, it approved its first loan on 9 May 1947 ($250M to France for postwar reconstruction, in real terms the largest loan issued by the Bank to date). Its five agencies are:

• International Bank for Reconstruction and Development (IBRD)
• International Development Association (IDA)
• International Finance Corporation (IFC)
• Multilateral Investment Guarantee Agency (MIGA)
• International Centre for Settlement of Investment Disputes (ICSID)

The term "World Bank" generally refers to the IBRD and IDA, whereas the World Bank Group is used to refer to the institutions collectively.[2] The World Bank's (i.e. the IBRD and IDA's) activities are focused on developing countries, in fields such as human development (e.g. education, health), agriculture and rural development (e.g. irrigation, rural services), environmental protection (e.g. pollution reduction, establishing and enforcing regulations), infrastructure (e.g. roads, urban regeneration, electricity), and governance (e.g. anti-corruption, legal institutions development). The IBRD and IDA provide loans at preferential rates to member countries, as well as grants to the poorest countries. Loans or grants for specific projects are often linked to wider policy changes in the sector or the economy. For example, a loan to improve coastal environmental management may be linked to development of new environmental institutions at national and local levels and the implementation of new regulations to limit pollution. The activities of the IFC and MIGA include investment in the private sector and providing insurance respectively. The World Bank Institute is the capacity development branch of the World Bank, providing learning and other capacity-building programs to member countries. Two countries, Venezuela and Ecuador, have recently withdrawn from the World Bank.

Banks Of Pakistan

• Agricultural Development Bank of Pakistan Bank mainly serving Farmers and land owners gives loans for agriculture.
• Allied Bank of Pakistan Ltd. Pakistani bank having Braches all over Pakistan
• Al Faysal Investment Bank Ltd. Local Bank having branches in all major cities of Pakistan
• Askari Commercial Bank Ltd. Bank having branches in all major cities of Pakistan.
• Arif Habib Bank
• Barklays Bank Pakistan
• Bolan Bank Limited
• Bank of Punjab
• Citibank Pakistan Foreign bank having branches in Karachi Lahore Multan Islamabad Rawalpindi & Peshawar
• Emirates Bank International Having branches in Karachi Lahore & Islamabad
• Faysal Bank Ltd
• First Women Bank Limited
• Habib Bank of Pakistan
• Habib Bank AG Zurich
• Bank Al habib
• Institute of Bankers Pakistan
• Islamic Investment Bank Ltd. started its operation in 1990 from Peshawar and since then expanded to Karachi, Lahore and Islamabad with three more branches, Mardan, Hangu and Mingora (Swat) in NWFP.
• Meezan Bank
• Muslim Commercial Bank Ltd.Largest network of ATMs in Pakistan serving local population having branches all over Pakistan.
• National Bank of Pakistan The Official Government bank of Pakistan
• Pakistan Industrial Credit & Investment Corporation Limited (PICIC) Initially an investment bank but now serves as a consumer bank
• Soneri Bank Ltd. Having branches in Karachi Lahore Islamabad & Hunza
• State Bank of Pakistan The official Bank of Pakistan
• Standard Chartered
• Small Business Finance Corporation
• Tameer Bank a Micro finance bank

• Royal Bank of Scotland Pakistan Foreign bank having branches in Karachi, Lahore Islamabad & Peshawar. Formerly ABN Amro Bank

• United Bank Ltd. Local bank having branches all over Pakistan
• Union Bank Limited

Micro Finance Banks / Institutions

1. Khushhali Bank Limited
2. Rozgar Microfinance Bank Limited
3. Network Microfinance Bank Limited
4. Tameer Micro Finance Bank Limited
5. Pak Oman Microfinance Bank Limited
6. The First Micro Finance Bank Limited

Specialized Banks In Pakistan

1. Industrial Development Bank of Pakistan
2. The Punjab Provincial Cooperative Bank Ltd
3. SME Bank Limited
4. Zarai Taraqiati Bank Limited

Development Financial Institutions In Pakistan

1. House Building Finance Corporation
2. Pakistan Kuwait Investment Company Limited
3. Pak Brunei investment Company Limited
4. Pak Oman Investment Company Limited
5. Pak Iran Joint Investment Company
6. Saudi Pak Industrial & Agricultural Investment Company Limited
7. Pak Libya Holding Company Limited
8. China Investment Company Limited

Foreign Banks In Pakistan

1. Albaraka Islamic Bank B.S.C. (E.C.),
2. The Bank of Tokyo-Mitsubishi UFJ Limited - Pakistan Operations
3. Citibank N.A. - Pakistan Operations
4. HSBC Bank Middle East Limited – Pakistan
5. Deutsche Bank AG - Pakistan Operations
6. Barclays Bank PLC
7. Oman International Bank S.A.O.G – Pakistan Operations

Private Banks In Pakistan

1. The Royal Bank of Scotland Limited
2. JS Bank Limited
3. Allied Bank Limited
4. KASB Bank Limited
5. Arif Habib Bank Limited
6. MCB Bank Limited
7. Askari Bank Limited
8. Mybank Limited
9. Atlas Bank Limited
10. NIB Bank Limited
11. Bank Alfalah Limited
12. Saudi Pak Commercial Bank Limited
13. Bank Al Habib Limited
14. Soneri Bank Limited
15. Crescent Commercial Bank Limited
16. Standard Chartered Bank (Pakistan) Limited
17. Faysal Bank Limited
18. United Bank Limited
19. Habib Bank Limited
20. Habib Metropolitan Bank Limited

Islamic Banks In Pakistan

1. BankIslami Pakistan Limited
2. Emirates Global Islamic Bank
3. Dawood Islamic Bank Limited
4. Meezan Bank Limited
5. Dubai Islamic Bank Pakistan Limited

Public Sector Banks In Pakistan

1. First Women Bank Limited
2. The Bank of Khyber
3. National Bank of Pakistan
4. The Bank of Punjab