Banking & Finance Stay updated with Business News, Pakistan news, Current world news and latest world news with Business Recorder.. http://www.brecorder.com/pakistan/banking-a-finance.html Sun, 21 Dec 2014 01:09:24 +0000 SRA Framework 2.0 en-gb SBP accepts bids of Rs 20.3bn for purchase of Sukuk http://www.brecorder.com/pakistan/banking-a-finance/212031-sbp-accepts-bids-of-rs-203bn-for-purchase-of-sukuk.html http://www.brecorder.com/pakistan/banking-a-finance/212031-sbp-accepts-bids-of-rs-203bn-for-purchase-of-sukuk.html imageKARACHI: State Bank of Pakistan (SBP) on Thursday accepted bids of Rs 20.3 billion in its open market operation (purchase of Government of Pakistan Ijara Sukuk on Bai Mujjal basis).

SBP accepted all bids offered for 6-months and 12-months Sukuk. The deferred price accepted is Rs 112.7149 billion, said SBP statement.

Copyright APP (Associated Press of Pakistan), 2014

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imad_kueconomist@yahoo.com (Imaduddin) Banking & Finance Thu, 18 Dec 2014 16:05:15 +0000
Agricultural credit surges to Rs 167.6bn in 5 months http://www.brecorder.com/pakistan/banking-a-finance/212028-agricultural-credit-surges-to-rs-1676bn-in-5-months.html http://www.brecorder.com/pakistan/banking-a-finance/212028-agricultural-credit-surges-to-rs-1676bn-in-5-months.html imageKARACHI: During fiscal year FY15 (July- Nov. 2014), the banks have disbursed Rs 167.6 billion which is 33.5% of the overall annual target of Rs 500 billion and 42.7% higher than Rs 117.4 billion disbursed in the corresponding period last year.

The outstanding portfolio of agriculture loans has increased by Rs 36 billion -- from Rs 266.8 billion to Rs 302.8 billion by the end of November 2014 as compared to same period last year, said SBP statement here on Thursday. Amongst the major banks, Muslim Commercial Bank has achieved 52.5% of its annual target, United Bank Limited achieved 45.2%, United Bank Limited 40.9%, Allied Bank Limited 30.9% while National Bank of Pakistan could achieve only 27.7% of its individual annual target.

Under the specialized banks category, ZTBL disbursed Rs 15.7 billion or 17.5% against its target of Rs 90.0 billion while PPCBL disbursed Rs 2.1 billion i.e. 18.2% against its target of Rs 11.5 billion during the period under review. Within fifteen domestic private banks, Bank Alfalah has achieved 47.8%, Faysal Bank 47.7%, Summit Bank 44.7%, Bank of Khyber 42.6%, NIB bank 36.7%, Silk bank 34.7 %, Bank Al Habib 32.9%, Soneri Bank 25.9%, Bank of Punjab 21.5% while Askari Bank could achieve only 21% of their annual targets during Jul-Nov 2014.

However, Standard Chartered Bank has disbursed Rs 3.6 billion against its annual target of Rs 2.5 billion for 2014-15.

Under Microfinance category, seven microfinance banks as a group has disbursed Rs 7.6 billion against their annual target of Rs 28.2 billion while under Islamic mode of financing, 4 Islamic banks collectively disbursed Rs 0.7 billion against their targets of Rs 2.3 billion to agricultur borrowers.

Copyright APP (Associated Press of Pakistan), 2014

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imad_kueconomist@yahoo.com (Imaduddin) Banking & Finance Thu, 18 Dec 2014 16:02:33 +0000
Pak forex figure $ 14.04204bn http://www.brecorder.com/pakistan/banking-a-finance/212001-pak-forex-figure-$-1404204bn.html http://www.brecorder.com/pakistan/banking-a-finance/212001-pak-forex-figure-$-1404204bn.html imageKARACHI: Total liquid foreign reserves of the country stand at $14.04204 billion, said State Bank of Pakistan (SBP).

According to SBP's weekly statement here on Thursday, the foreign reserves held by State Bank on Dec. 12, amounted $9.34605 billion and the net foreign reserves held by other banks were of $4.69509 billion.

During the week ending Dec. 12, SBP's liquid foreign reserves increased by $144 million to $9.347 billion compared to $9.203 billion in the previous week.

During the week, SBP received $73 million from multilateral, bilateral and other sources.

Copyright APP (Associated Press of Pakistan), 2014

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imad_kueconomist@yahoo.com (Imaduddin) Banking & Finance Thu, 18 Dec 2014 14:50:43 +0000
SBP accepts bids of Rs 24.5bn for outright purchase of Sukkuk http://www.brecorder.com/pakistan/banking-a-finance/211712-sbp-accepts-bids-of-rs-245bn-for-outright-purchase-of-sukkuk.html http://www.brecorder.com/pakistan/banking-a-finance/211712-sbp-accepts-bids-of-rs-245bn-for-outright-purchase-of-sukkuk.html imageKARACHI: State Bank of Pakistan (SBP) on Wednesday accepted bids of Rs 24.5 billion during its open market operation for the outright purchase of Government of Pakistan Ijara Sukkuk on Bai Muajjal basis.

The amount offered for 6-months and 12-months Sukuk were of Rs 33.5 billion, said SBP statement.

Copyright APP (Associated Press of Pakistan), 2014

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imad_kueconomist@yahoo.com (Imaduddin) Banking & Finance Wed, 17 Dec 2014 16:33:57 +0000
PED release Rs25.15mn for district http://www.brecorder.com/pakistan/banking-a-finance/211559-ped-release-rs2515mn-for-district.html http://www.brecorder.com/pakistan/banking-a-finance/211559-ped-release-rs2515mn-for-district.html imageBAHAWALPUR: Punjab Education Department (PED) has released supplementary grant of Rs 25.15 million for District Education Department Bahawalpur for non-salary budget.

According to official sources, grant of Rs 591.6 million has been released to 18 districts of the province including Rahim Yar Khan.

The grant will be utilized for expenditures other than salary.

Copyright APP (Associated Press of Pakistan), 2014

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parvezjabri@yahoo.com (Parvez Jabri) Banking & Finance Wed, 17 Dec 2014 08:06:04 +0000
Sindh Revenue Board seeks proposals to formulate budgetary measures http://www.brecorder.com/pakistan/banking-a-finance/210998-sindh-revenue-board-seeks-proposals-to-formulate-budgetary-measures.html http://www.brecorder.com/pakistan/banking-a-finance/210998-sindh-revenue-board-seeks-proposals-to-formulate-budgetary-measures.html imageKARACHI: Sindh Revenue Board (SRB) has invited proposals from concerned tax payers alongwith tax bars, chambers of commerce and industries, cotton exchanges, business councils, institute of chartered accountants etc in relation to Sindh Sales Tax on Services Act 2011.

SRB sources on Monday said under Circular No.SRB-3-4/2015/54966, dated 12/12/2014 the board proposes to formulate budgetary measures (for the Sindh Budget 2015-2016) in relation to taxation and procedural provision of Sindh Sales Tax on Services Act 2011.

The proposed reforms are also intended to encompass the Sindh Sales Tax on Service Rules, 2011 ("the 2011 Rules"), the Sindh Sales Tax Special Procedures (Withholding) Rule,2014 ("the 2014 Withholding Rules") and the notifications issued under the said 2011-Act.

The officials said that since it was SRB policy to consult all stakeholder, tax payers, chambers associations and groups before finalizing the budgets proposals therefore all relevant stakeholder have been approached to forward their respective recommendations.

Chambers of commerce and industries, tax payers in their individual capacities, cost and management accountants, chartered accountants, tax bars and so-forth have been asked to furnish their proposals, if any, by December 26.

Copyright AFP (Agence France-Presse), 2014

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parvezjabri@yahoo.com (Parvez Jabri) Banking & Finance Mon, 15 Dec 2014 09:56:34 +0000
'SBP to launch awareness sessions about economic issues' http://www.brecorder.com/pakistan/banking-a-finance/210681-sbp-to-launch-awareness-sessions-about-economic-issues.html http://www.brecorder.com/pakistan/banking-a-finance/210681-sbp-to-launch-awareness-sessions-about-economic-issues.html imageFAISALABAD: State Bank of Pakistan (SBP) Chief Manager Aamir Aziz Bhatti said the SBP will launch a comprehensive awareness sessions on economic and financial issues.

Addressing the executive committee members of FCCI, he underlined the importance of role of business, trade and industry in the national development and said that banks were making serious efforts to facilitate the trade and industry.

He said the private sector was an engine of the economic growth and the country could earn foreign exchange and taxes in addition to generating new jobs by developing SMEs on modern lines.

Regarding alternate energy sources, Aamir Bhatti said the State Bank of Pakistan had allocated sufficient funds for it with only 11.5 percent mark up. He said industrialists should utilize this facility to fulfill their energy related needs.

He said out of 180 million populations only 3.6 million people had bank accounts and out of these some has two to three accounts. Thus the overall ratio of account holders is only 10 percent he said and added that this ratio should be increased for the promotion of the business sector on healthy lines.

He said he had already issued instructions to share information with the FFCI and other trade bodies that were received form Karachi office.

Copyright APP (Associated Press of Pakistan), 2014

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imad_kueconomist@yahoo.com (Imaduddin) Banking & Finance Sat, 13 Dec 2014 14:41:50 +0000
15pc rise in workers remittances : SBP http://www.brecorder.com/pakistan/banking-a-finance/210285-15pc-rise-in-workers-remittancessbp.html http://www.brecorder.com/pakistan/banking-a-finance/210285-15pc-rise-in-workers-remittancessbp.html imageKARACHI: Workers' remittances rose over 15 per cent to dollars 7.3 billion in first five months of FY15, said State Bank of Pakistan (SBP).

According to SBP's statement here on Thursday, overseas Pakistani workers remitted dollars 7.39804 billion in first five months of FY15 ; showing an impressive growth of 15.5 percent compared with dollars 6.40705 billion received during the same period of FY14.

During November 2014, the inflow of workers' remittances amounted to $ 1.32006 billion, which is 4.5% lower than October 2014 but 16.8% higher than November 2013.

The country-wise details for the month of November 2014 show that inflows from Saudi Arabia, United Arab Emirates (UAE), United States of America (USA), United Kingdom, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and European Union countries amounted to $ 429.1 million, $271.2 million, $ 178.8 million, $156.7 million, $150.5 million and $24.3 million respectively compared with the inflow of $334.1 million, $236.3 million, $174.4 million, $155.1 million, $128.2 million and $29.8 million respectively in November 2013.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during November 2014 amounted to $110.2 million together as against $71.76 million received in November 2013.

Copyright APP (Associated Press of Pakistan), 2014

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imad_kueconomist@yahoo.com (Imaduddin) Banking & Finance Thu, 11 Dec 2014 15:35:10 +0000
Pak forex figure $ 13.92204bn http://www.brecorder.com/pakistan/banking-a-finance/210260-pak-forex-figure-$-1392204bn.html http://www.brecorder.com/pakistan/banking-a-finance/210260-pak-forex-figure-$-1392204bn.html imageKARACHI: Total liquid foreign reserves of the country stand at dollars 13. 92204 billion, said State Bank of Pakistan (SBP).

According to SBP weekly statement here on Thursday, the foreign reserves held by State Bank on Dec. 5, amounted dollars 9.20301 billion and the net foreign reserves held by other banks figured dollars 4.71903 billion.

During the week ending Dec. 05, 2014, SBP's liquid foreign reserves increased by dollars 981 million to $ 9.203 billion compared to $ 8.222 billion in the previous week.

Over the week, SBP received $ 1 billion against issuance of Pakistan Sukuk Bonds and $ 41 million from multilateral, bilateral and other sources.

During the week SBP made payments of $ 83 million on account of external debt servicing and other official payments.

Copyright APP (Associated Press of Pakistan), 2014

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imad_kueconomist@yahoo.com (Imaduddin) Banking & Finance Thu, 11 Dec 2014 13:44:20 +0000
SBP injects Rs393.775bn into market http://www.brecorder.com/pakistan/banking-a-finance/209003-sbp-injects-rs393775bn-into-market.html http://www.brecorder.com/pakistan/banking-a-finance/209003-sbp-injects-rs393775bn-into-market.html imageKARACHI: State Bank of Pakistan (SBP) on Friday injected Rs. 393.775 billion into the market for seven days during its open market operation (OMO).

The rate of return is 9.31pc.

The bids offered were of Rs. 398.775 billion, said a SBP statement.

Copyright APP (Associated Press of Pakistan), 2014

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s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui) Banking & Finance Fri, 05 Dec 2014 12:30:02 +0000