02082016Mon
Last update: Mon, 08 Feb 2016 05pm

Money and Banking: Pakistan

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The rupee managed to recover against the dollar on the money market during the week, ended on Saturday, February 6, 2016. In the inter-bank market, the rupee picked up 38 paisas in relation to the dollar for buying and selling at Rs 104.55 and Rs 104.57.
The rupee maintained an upward trend against the dollar on the money market on Saturday in the process of trading, dealers said. The rupee picked up 30 paisas versus the dollar for buying and selling at Rs 105.90 and Rs 106.10, respectively. The rupee also gained 80 paisas against the euro for buying and selling at Rs 116.70 and Rs 117.70, they added.
Country Director, World Bank Patchamuthu Illangovan called on Finance Minister, Senator Mohammad Ishaq Dar here on Saturday and felicitated him on successful conclusion of the 10th IMF review. The Minister while sharing with Illangovan details regarding arrangements for the visit of World Bank President also discussed areas that were likely to come up for discussion during the visit.
A meeting to review government's initiatives for promoting financial inclusion in the country with Finance Minister Ishaq Dar in the chair was held here Friday during which matters relating to Benazir Income Support Program (BISP), Pakistan Poverty Alleviation Fund (PPAF), Prime Minister's Youth Loan Scheme, microfinance and expansion of electronic banking services were discussed in detail.
The live simulcast of LEAD 2016, from Nashville Tennessee, USA broadcasted exclusively by The Institute of Bankers of Pakistan (IBP) in collaboration with Knowledge Now came to its conclusion. The mega event turned out to be a huge success as anticipated with over 150 top level participants, from all across Pakistan, the event was a true reflection of matchless leadership and management. Saeed Ahmed acting Governor State Bank of Pakistan (SBP) chaired the auspicious occasion.
Meezan Bank, Pakistan's first and largest Islamic bank, has been conferred with 'Certificate of Merit' by SAFA (South Asian Federation of Accountants) Best Presented Annual Report Awards for the year 2014 at the SAFA Conference 2016 held in Lahore, Pakistan.
The first auction for Fixed Rental Government of Pakistan (GoP) Ijara Sukuk with a borrowing target of Rs 100 billion will be held on Monday (February 8). Recently, in addition to the Variable Rental Rate GoP Ijara Sukuk (VRR-GIS), the State Bank introduced three-year Fixed Rental Rate GoP Ijara Sukuk (FRR-GIS) to facilitate the rapidly growing Islamic banking industry. The rental rate of VRR-GIS was being fixed every three months on the basis of Market Treasury Bills'''' cut-off yield, while rental rate of FRR-GIS will be fixed once at the time of auction on the basis of three-year Pakistan Investment Bond.