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SBP injects Rs20.95bn into market KARACHI: State Bank of Pakistan (SBP) here on Thursday injected Rs 20.95 billion into financial market for four days through its open market operation (OMO).The rate of return accepted is 6.5 per cent per annum, SBP statement said.Copyright APP (Associated Press of Pakistan), 2015

Three nabbed on charges of Rs.120 mln corruption: NAB ISLAMABAD: The National Accountability Bureau (NAB), Karachi has arrested three persons for their alleged involvement in corruption worth Rs.120 million.The accused including former Tehsil Municipal Officer (TMO), Rehmatullah Memon, TMO (Current), Zahoor Ahmed Shahani, Engineer of Town Municipal Authority Sehwan, Idrees Memon and others committed corruption through withdrawal of illegal cheques and issued huge amounts to fake contractors and parties.The accused falsified accounts, made fake purchases, paid salaries to ghost employees and no work was ...

Chairman NAB seeks report on alleged corruption in AIOU ISLAMABAD: Chairman, National Accountability Bureau (NAB), Qamar Zaman Chaudhry on Thursday took serious notice of alleged corruption of Rs. 2.5 billion in Allama Iqbal Open University (AIOU), Islamabad.As reported in the media, former Vice Chancellor (VC) of AIOU Islamabad, Nazeer Ahmad, former Registrar Muhammad Bashir, Head of Physics Department, Dr. Zafar Ilyas and Dr. A. Naeem of Social Sciences Department were found involved in alleged corruption.The accused persons made money from development work, transport, recruitment ...

Six references filed in Rs.22bn Modarba scam: DG NAB ISLAMABAD: National Accountability Bureau (NAB) has filed six references in Rs. 22 billion Modarba and Musharka scam and recovered Rs.1.73 billion besides properties and vehicles.The Bureau has also arrested 32 accused persons so far in the scam, Director General NAB, Zahir Shah said this while addressing a seminar on Budgetary Allocation and Role of Anti- Corruption Agencies here.He said the Bureau under leadership of its Chairman, Qamar Zaman Chaudhry has chalked out a comprehensive strategy ...

One arrested in pension scam: NAB ISLAMABAD: National Accountability Bureau (NAB), Khyber Pakhtunkhwa (KPK) on Thursday arrested Habib-ur-Rehman (absconder), a private person in pension scam of Education Department.The accused person allegedly posed himself as fictitious teacher with assumed name of Muhammad Farooq and provided his photographs and signed/affixed his thumb impression on pension payment order and looted millions of rupees from national exchequer in league with others.During course of inquiry, it was revealed that accused with the help of forged and ...

Pesco to waive off late payment surcharge of defaulters if pay arrears by June 30 PESHAWAR: The Pesco will waive off late payment surcharge if the defaulted Federal, Provincial Govts Departments, autonomous and Local Bodies paid their arrears and outstanding dues by June 30, said a release of the Pesco here Thursday.An Incentive Package has been approved by the Board of Directors Pesco to waive off Late Payment Surcharge levied in the electricity bills of Federal and Provincial Govt departments including Autonomous and Local bodies for not paying the bills ...

Ishaq Dar meets delegation of Pakistan Business Council ISLAMABAD: Federal Minister for Finance Senator Mohammad Ishaq Dar met a delegation of the Pakistan Business Council (PBC) here at the Ministry of Finance on Wednesday.The delegation discussed with the Finance Minister different proposals for the facilitation of the business and industrial community, a statement issued by the Ministry of Finance said.The Minister said that the business community would be duly facilitated and filers and non-filers will be differently treated.The delegation appreciated the effort of ...


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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 $-1.894 bln
Exports $1.953 bln
Imports $3.847 bln
WeeklyJune 25, 2015
Reserves $17.457 bln