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Money and Banking: Pakistan


Modest recovery was seen in the value of the rupee against the dollar on the money market on Thursday in the process of trading, dealers said. The rupee picked up six-paisa versus the dollar for buying and selling at Rs 104.41 and Rs 104.43 respectively, they said.

The following were the revised rates of debt securities on Thursday (October 08, 2015).

Pakistan is the only country in the region where revenue as a percentage of GDP declined during 2015, revealed the International Monetary Fund Fiscal Monitor report. Pakistan witnessed a decline in central government revenue as a percentage of Gross Domestic Product (GDP) from 15.3 percent in 2014 to 14.6 percent in 2015. In the current fiscal year, the report envisaged a rise to 15.4 percent - 0.1 percent more than what was achieved in 2014; however the budget 2015-16 projects the tax-to-GDP ratio at 15.1 percent and not 15.4 percent projected in the IMF Fiscal Monitor.
Senate Standing Committee on Finance on Thursday approved formation of a ten-member independent monetary policy committee. A meeting of the committee presided over by Saleem Mandviwala was informed by Secretary Finance Dr Waqar Masood that the powers after the approval of an amendment to SBP Act would be withdrawn from the Executive Board of Directors and delegated to the monetary policy committee.
The talks between the government and traders on withholding tax on banking transactions of non-filers remained inconclusive with the government categorically conveying to traders that the levy would not be withdrawn. Sources told Business Recorder here on Thursday that during a day-long negotiations with two different groups of traders held here on Thursday, no agreement was reached between the two sides.
Federal Minister for Finance Muhammad Ishaq Dar Thursday told the Upper House of Parliament that as per policy of State Bank of Pakistan (SBP) all commercial banks are required to open at least 20% of their new branches in rural/underserved areas. In a written reply to a question of Senator Nuzhat Sadiq, the Finance Minister said that during the last ten years branch network of banks has increased tremendously by adding 6,051 new branches out of which 1,175 branches have specifically been opened in rural and underserved areas.
After implementation of passport fee collection at all National Bank of Pakistan (NBP) branches in the Federal Capital Region Islamabad, the government is mulling over arranging collection of vehicle registration fee at all branches of NBP across the country to facilitate the people. Parliamentary Secretary Finance Rana Muhammad Afzal said the arrangement of passport fee collection at all NBP branches was initially being implemented in Islamabad and it would be expanded to over 1300 branches across the country in phases.


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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-1.988 bln
Exports $1.835 bln
Imports $3.823 bln
WeeklyOctober 08, 2015
Reserves $20.05 bln