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100 basis point cut in Policy Rate to spur business activities: ICCI ISLAMABAD: Islamabad Chamber of Commerce and Industry on Monday welcomed the 100 basis point cut in policy rate to bring it down from 8pc to 7pc and termed it a positive initiative as it will decrease cost of doing business, encourage new investment and spur better economic growth in the country.President, Islamabad Chamber of Commerce and Industry(ICCI),Muzzamil Hussain Sabri said after the recent recession, many countries made drastic cuts in policy rates to restore economic activities,according to statement issued.However, credit cost for private sector in Pakistan mostly remained high due to high discount rates, which was a major constraint for growth of business activities,he added.He said cutting policy rate to 7pc will prove beneficial for the economy as it will decrease input cost of businesses and facilitate easy credit availability to private sector.He said SBP should also ensure that banks should focus on private sector lending because first requirement for ...

NA Deputy Speaker condoles death of Iqbal Meer senior official reporter, NA UDC ABBOTTABAD: Murtaza Javed Abbasi, the Deputy Speaker of National Assembly on Monday expressed his grief over the sad demises of Iqbal Meer senior official reporter and Faiz Muhammad UDC of National Assembly Secretariat Islamabad.The Deputy Speaker in his condolence message to bereaved families, expressed their heartfelt grief and sorrow over the sad demises.He prayed to Almighty Allah to rest the departed souls in eternal peace and grant courage to the bereaved families to bear the ...

Shahbaz orders judicial inquiry into Daska incident LAHORE: Punjab Chief Minister Muhammad Shahbaz Sharif, taking serious notice of tragic incident of clash between lawyers and police in Daska, has ordered judicial inquiry into the incident.The Chief Minister has directed Chief Secretary to write a letter to the Chief Justice Lahore High Court for judicial inquiry of Daska incident.Shahbaz Sharif has expressed deep sense of sorrow and grief over the death of president Daska Bar Rana Khalid Abbas and Irfan Chohan Advocate as ...

Shahbaz approves institutional reforms in Minerals Deptt LAHORE: Punjab Chief Minister, Muhammad Shahbaz Sharif Monday gave approval to institutional reforms in Minerals Department and directed to set up a steering committee for presenting recommendations for reorganization, capacity-building and reforms in the department.The Chief Minister presided over a meeting here, which decided to modernize Minerals Department.Addressing the meeting, Shahbaz Sharif said the Minerals Department could play important role in strengthening economy of the province. He directed that planning should be made to run ...

LSE gains 57.48 points LAHORE: Lahore Stock Exchange here on Monday witnessed bullish trend by gaining 57.48 points as the LSE Index-25 opened with 5493.09 points and closed at 5550.57 points. The market's overall situation, however, did not correspond to an upward trend as it remained at 755,000 shares to close against previous turnover of 884,100 shares, showing a downward slide of 129,100 shares. While, out of the total 85 active scrips 15 moved up, 8 shed values and ...

APTMA for using textile industry growth potential for jobs creation LAHORE: All Pakistan Textile Mills Association (APTMA) on Monday urged the government to utilise growth potential of textile industry for employment creation. Association's Chairman S.M. Tanveer stated here that he had put forward budget proposals which also stressed the need to operationalize closed capacity by providing guaranteed uninterrupted energy supply to export-oriented textile industry at competitive rates. Fiscal incentives including zero rating tax holiday, interest support for new investments in all textile sectors should be ...

IHC adjourns hearing against bail of Zafar Gondal ISLAMABAD: The Islamabad High Court (IHC) on Monday sought a reply from the respondents in a petition against the bail orders of former chairman Employees Old-Age Benefits Institution (EOBI), Zafar Iqbal Gondal and adjourned hearing.Chief Justice of IHC, Muhammad Anwar Kasi heard the plea filed by the Federal Investigation Agency (FIA) and EOBI seeking cancellation of bail orders of Zafar Gondal.The FIA and NAB had registered corruption cases of Rs. billions against former chairman EOBI ...


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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyMay 21, 2015
Reserves $17.75 bln