01242017Tue
Last update: Tue, 24 Jan 2017 03am

Banking & Finance

Pakistan - Banking & Finance

CDNS achieves Rs116 billion by January, 20 ISLAMABAD: The Central Directorate of National Savings (CDNS) has achieved Rs 116 billion savings till third week of third quarter of current fiscal year, from July 01 to January 20, 2016-17.The target for the year 2016-17 was set at Rs 228 billion, while the directorate was able to achieve the target of Rs 218 billion for the previous fiscal year,an official of CDNS told APP here on Monday.He said that CDNS has launched first phase of modernization plan in collaboration with National Institutional Facilitation Technologies (NIFT) to facilitate its customers.After signing a Memorandum of Understanding (MoU) with NIFT, now senior citizens and pensioners would get the amount credited in their accounts from National Bank of Pakistan (NBP).Under the plan, the CDNS would give this facility on Savings Accounts, Bahbood Savings Certificates and Pensioners' Benefit Account.In second phase of institutional reforms, same facility would be given on the remaining schemes.The directorate ...

Pakistan - Banking & Finance

Reserves increase by $51mn to US$23.191 billion KARACHI: The total Liquid Foreign Reserves held by the country stood at US $23,191.5 million on January 13, 2017 with an increase of 51 million dollars, said a State Bank of Pakistan statement here on Thursday. It said that the Foreign Reserves held by the State Bank of Pakistan stood at US $18,361.0 million, while the net foreign reserves held by commercial banks stood at US $4,830.5 million. The total Liquid Foreign Reserves were US ...

Pakistan - Banking & Finance

FBR seeks budget estimates from field offices ISLAMABAD: The Federal Board of Revenue (FBR) has directed all its field offices to submit their estimates for upcoming budget (2017-18) as well as for Medium-Term Budget (2017-20).The Chief Commissioners of Large Taxpayer Units (LTUs), Chief Collectors, Customs Collectors and Director Generals and Directors have been directed to also submit the revised estimates for the ongoing financial year 2016-17, official sources said.The concerned quarters have been advised to submit these budget estimates latest by January ...

Pakistan - Banking & Finance

Mastercard-NADRA collaboration: CNICs to be used for transactions KARACHI: Mastercard, a leading technology company in the global payments industry on Wednesday announced a strategic collaboration with Pakistan's NADRA technologies to optimize National ID cards with electronic payments functionality.The move would allow Pakistani citizens to carry out financial transactions and receive government disbursements by utilizing the unique 13-digit identification number of their identity card, says statement released here. The citizens would also be able to use their computerized national identity cards (CNIC) to send ...

Pakistan - Banking & Finance

SBP to withdraw 10pc surrendering condition to enhance dollar supply RIZWAN BHATTIKARACHI: In order to enhance the dollar supply in open currency market, the State Bank of Pakistan (SBP) on Tuesday gave the assurance that it would withdraw condition of 10 percent dollar surrendering by the Exchange Companies in the interbank market.The SBP convened a meeting of Exchange Companies to discuss the various issues particularly exchange rate. The meeting was chaired by Ashraf Mahmood Wathra Governor State Bank of Pakistan and attended by Saeed Ahmed ...

Pakistan - Banking & Finance

SBP Governor urges forex companies to help strengthen rupee against dollar KARACHI: State Bank of Pakistan Governor Ashraf Mahmood Wathra has urged foreign exchange companies to play their role in strengthening rupee against US dollar in the open market. The SBP Governor, in a meeting with the representatives of the Forex Association of Pakistan (FAP) here on Tuesday, expressed concern over the increase in US dollar exchange rate to 108.60 in the open market, which is nearly four rupees higher than the inter-bank rate. He stressed ...

Pakistan - Banking & Finance

JCR-VIS reaffirms fund stability rating of HBL Income Fund KARACHI: JCR-VIS Credit Rating Company Limited has reaffirmed the Fund Stability Rating (FSR) of HBL Income Fund at 'A(f)' (Single A (f)).The previous rating actions was announced on January 14, 2016, said press release on Wednesday.The assigned rating incorporates low credit risk on the back of conservative asset allocation; on average, over 90% of the investments were parked in 'AA-' and above rated securities.Rating draws comfort from revision in operational investment policy which has been ...