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 Wed, 17 Sep 2014 03:31:48 +0000 SRA Framework 2.0 en-gb Currency note bearing any slogan, ceases to be legal tender SBP http://www.brecorder.com/pakistan/banking-a-finance/195104-currency-note-bearing-any-slogan-ceases-to-be-legal-tender-sbp.html http://www.brecorder.com/pakistan/banking-a-finance/195104-currency-note-bearing-any-slogan-ceases-to-be-legal-tender-sbp.html imageISLAMABAD: The State Bank of Pakistan wishes has clarified in the interest of general public and banks that any note which bears written, stamped, embossed or inscribed any slogan/statement or messages of political, religious or commercial nature ceases to be legal tender and looses its exchange value.

"Any such act will result into the financial loss to the holder of such notes", says a statement issued by the SBP .

The Central Bank reminded the general public that banknote is critical for sovereignty of our country and it is our responsibility to handle and use the same with due care.

Copyright APP (Associated Press of Pakistan), 2014

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imad_kueconomist@yahoo.com (Imaduddin) Banking & Finance Mon, 15 Sep 2014 13:05:37 +0000
SBP reminds public to exchange of decimal Coins of Paisa 1,2,5,10,25 & 50 http://www.brecorder.com/pakistan/banking-a-finance/195103-sbp-reminds-public-to-exchange-of-decimal-coins-of-paisa-1251025-.html?-50= http://www.brecorder.com/pakistan/banking-a-finance/195103-sbp-reminds-public-to-exchange-of-decimal-coins-of-paisa-1251025-.html?-50= imageISLAMABAD: State Bank of Pakistan (SBP) has reminded the general public to exchange the decimal coins of Paisa 1,2,5,10,25 and 50 from the field offices of SBP BSC and commercial / microfinance banks branches by last working day of September 30, 2014

For awareness of general public, SBP has advised the Commercial /Microfinance Banks to display posters/banners at visible places of their branches for exchange of decimal coins.

It may be recalled that the federal government has already notified that coins of Paisa 1,2,5,10,25 & 50 will cease to be legal tender on October 1, 2014.

However, it can be exchanged from the field offices of SBP BSC and branches of banks till September 30, 2014.

Copyright AFP (Agence France-Presse), 2014

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imad_kueconomist@yahoo.com (Imaduddin) Banking & Finance Mon, 15 Sep 2014 13:03:57 +0000
15pc increase in BOK's half year profit after tax http://www.brecorder.com/pakistan/banking-a-finance/194744-15pc-increase-in-boks-half-year-profit-after-tax.html http://www.brecorder.com/pakistan/banking-a-finance/194744-15pc-increase-in-boks-half-year-profit-after-tax.html imagePESHAWAR: The Bank of Khyber (BOK) has shown remarkable results for the half year ended June 30, 2014, said a spokesman for the bank here Saturday.

The Bank managed to post a pre-tax profit of Rs. 969 million against Rs. 823 million of the corresponding period of 2013 showing an increase of 18%. Profit After Tax (PAT) stood at Rs. 634 million thus showing an increase of 15% over the corresponding period.

The deposits grow by 9% from Rs.77,218 million as of 31.12.2013 to Rs. 84,349 million as of June 30, 2014 .Investments have shown healthy rise of 13% from Rs. 53,363 million to Rs. 60,493 million as of June 30, 2014.

As on June 30, 2014, the Bank's paid-up capital stood at Rs. 10.00 billion. The Minimum Capital Requirement (MCR) of the State Bank of Pakistan has been fully met by the year ended December 31, 2013 and the Bank is now fully compliant with the MCR requirements.

The Bank is operating with 101 branches, 2 sub-branches and 2 booths throughout the country out of which 44 branches are functioning as dedicated Islamic Banking Branches. The Bank is in the process to open 16 new branches by the year end 2014 for which the Central Bank has already gave its consent.

Copyright APP (Associated Press of Pakistan), 2014

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imad_kueconomist@yahoo.com (Imaduddin) Banking & Finance Sat, 13 Sep 2014 15:53:19 +0000
Country's total liquid foreign reserves stand at 13,414.8 million http://www.brecorder.com/pakistan/banking-a-finance/194399-countrys-total-liquid-foreign-reserves-stand-at-134148-million.html http://www.brecorder.com/pakistan/banking-a-finance/194399-countrys-total-liquid-foreign-reserves-stand-at-134148-million.html imageKARACHI: The total liquid foreign reserves held by the country stood at US$ 13,414.8 million on Septemeber 05, said a State Bank of Pakistan press release issued on Thursday.

As per breakup of the foreign exchange position the reserves held by State Bank of Pakistan were said to be US$ 8,693.4 million whereas the net reserves held by other banks were US$ 4,721.4 million bringing the total to US$ 13,414.8 million.

During the week ending on September 5, SBP's Liquid FX Reserves decreased from US$ 26 million to US$ 8,693 million compared to US$ 8,719 million in the previous week.

During the week SBP made payments of US$61 million on account of external debt. No major official inflow was received by SBP during the week.

Copyright APP (Associated Press of Pakistan), 2014

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imad_kueconomist@yahoo.com (Imaduddin) Banking & Finance Thu, 11 Sep 2014 14:39:35 +0000
SBP auctions PIBs of Rs 152.5920991bn http://www.brecorder.com/pakistan/banking-a-finance/194007-sbp-auctions-pibs-of-rs-1525920991bn.html http://www.brecorder.com/pakistan/banking-a-finance/194007-sbp-auctions-pibs-of-rs-1525920991bn.html imageKARACHI: State Bank of Pakistan (SBP) on Wednesday auctioned Pakistan Investment Bonds for 3, 5,10 and 20 years maturity with total realised amount of Rs 152.5920991 billion which includes the accrued interest of Rs 2,713.904 million.

The face value of these PIBs is Rs 156,951.400 million, said a SBP statement here.

The coupon rates are 11.25 %, 11.50 %, 12.00 % and 13.00% for 3, 5, 10 and 20 years maturity bonds respectively.

The settlement date is September 11, 2014.

Copyright APP (Associated Press of Pakistan), 2014

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imad_kueconomist@yahoo.com (Imaduddin) Banking & Finance Wed, 10 Sep 2014 15:40:07 +0000
SBP injects Rs70,900mn into market http://www.brecorder.com/pakistan/banking-a-finance/192953-sbp-injects-rs70900mn-into-market.html http://www.brecorder.com/pakistan/banking-a-finance/192953-sbp-injects-rs70900mn-into-market.html imageKARACHI: State Bank of Pakistan (SBP) on Thursday injected Rs 70,900 million into the market for seven days during its open market operation (OMO).

The bids offered were of Rs 75,900 million. The rate of return is 9.96 percent, said SBP statement here on Friday.

Copyright APP (Associated Press of Pakistan), 2014

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s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui) Banking & Finance Fri, 05 Sep 2014 16:26:01 +0000
EOBI to provide monetary benefits for 385,332 beneficiaries in 2014-15 http://www.brecorder.com/pakistan/banking-a-finance/192680-eobi-to-provide-monetary-benefits-for-385332-beneficiaries-in-2014-15.html http://www.brecorder.com/pakistan/banking-a-finance/192680-eobi-to-provide-monetary-benefits-for-385332-beneficiaries-in-2014-15.html imageISLAMABAD: Employees' Old-Age Benefits Institute (EOBI) would provide monetary benefits to about 385,332 its eligible insured persons and their survivors during current financial year (2014-15).

An official of EOBI told APP here on Thursday that EOBI will disburse Rs16.790 billion among its eligible insured persons and their survivors fulfilling the prescribed conditions regarding qualifying age and payment of contribution.

He said that these benefits have proved to be a major factor in combating poverty adding that scheme may be used as a major poverty alleviation vehicle if its coverage is enhanced to total working population, he added.

He said that during July-March 2013-14, EOBI disbursed Rs10.98 billion to some 330,645 beneficiaries in terms of different benefits.

The Institute is providing different benefits to its beneficiaries like old-age pension, survivor's pension, invalidity pension and old age grants for their economic stability, he added.

He further informed that EOBI will disburse Rs10.571 billion in its 238,667 beneficiaries in terms of old age pension benefits during current financial year as the Institute had disbursed Rs6,916 million in 205,298 beneficiaries during same period of last financial year.

The EOBI has planed to provide Rs5,890 million to 137,342 beneficiaries in terms of survival pension and Rs238 million in 5,774 beneficiaries in terms of invalidity pension during 2014-15, he added.

The official said that Rs91 million to be disbursed in 3,594 beneficiaries as old-age grant during current financial year, he added.

Copyright APP (Associated Press of Pakistan), 2014

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parvezjabri@yahoo.com (Parvez Jabri) Banking & Finance Thu, 04 Sep 2014 09:54:55 +0000
SBP sells Rs 190,271.392 GoP market treasury bills http://www.brecorder.com/pakistan/banking-a-finance/192431-sbp-sells-rs-190271392-gop-market-treasury-bills.html http://www.brecorder.com/pakistan/banking-a-finance/192431-sbp-sells-rs-190271392-gop-market-treasury-bills.html imageKARACHI: State Bank of Pakistan (SBP) on Wednesday accepted bids of Rs 190,271.392 million for selling Government of Pakistan Market Treasury Bills with different maturity dates. The face value of these bids was Rs 195,728.510 million.

The bids sold through primary dealers were of 3-months, 6-months and 12-months tenure, said SBP release.

Copyright APP (Associated Press of Pakistan), 2014

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imad_kueconomist@yahoo.com (Imaduddin) Banking & Finance Wed, 03 Sep 2014 16:19:51 +0000
Out of order ATMs create problems for customers http://www.brecorder.com/pakistan/banking-a-finance/192332-out-of-order-atms-create-problems-for-customers.html http://www.brecorder.com/pakistan/banking-a-finance/192332-out-of-order-atms-create-problems-for-customers.html

imageISLAMABAD: Automated Teller Machines (ATMs) have become a problem mainly for the salaried class due to faulty Machines, particularly during the first week of every month when usually salaried class drew money for domestic consumption.

Most of the time the ATMs remain out of order or their link down and the situation was no more different during this weekend when majority of ATMs were either out of order or were not functioning properly.

If fortunately, there happens to be a machine in working order, long queues could be seen there in the twin cities where large number of people wait their turn to draw money.

Ahmed Ahsan, who visited ATM kiosk in search of urgent needed cash on Wednesday, told APP that ATM of National Bank of Pakistan (NBP) installed especially at Aabpara Market remains out of order while Melody Market, Foreign Office and Super Market and Commercial Market also troubles sometimes at weekends.

An official of National Bank of Pakistan (NBP) said that NBP's regional management in Islamabad always responds to the customers' calls and there have been witnesses of on the spot rectifications and problem resolutions in this regard. However NBP, Islamabad has established brisk resolution strategy to cope with these issues and the number of complaints as compared with the volume of their operations are negligible.

Copyright APP (Associated Press of Pakistan), 2014

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parvezjabri@yahoo.com (Parvez Jabri) Banking & Finance Wed, 03 Sep 2014 07:49:25 +0000
SBP reminds public to exchange decimal coins http://www.brecorder.com/pakistan/banking-a-finance/192216-sbp-reminds-public-to-exchange-decimal-coins.html http://www.brecorder.com/pakistan/banking-a-finance/192216-sbp-reminds-public-to-exchange-decimal-coins.html imageISLAMABAD: Sate Bank of Pakistan (SBP) has reminded the general public to exchange the decimal coins of Paisa 1,2,5,10,25 and 50 from the field offices of SBP BSC and commercial/microfinance banks branches by last working day of September, 30.

According to a statement of Central Bank for awareness of the general public, SBP has advised the Commercial/Microfinance Banks to display posters/banners at their branches for exchange of decimal coins.

It may be recalled that the federal government has already notified that coins of Paisa 1,2,5,10,25 & 50 will cease to be legal tender on October 1, this year.

However, it can be got exchanged from the field offices of SBP BSC and branches of banks by September, 30.

Copyright APP (Associated Press of Pakistan), 2014

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imad_kueconomist@yahoo.com (Imaduddin) Banking & Finance Tue, 02 Sep 2014 15:45:52 +0000