Banking & FinanceStay updated with Business News, Pakistan news, Current world news and latest world news with Business Recorder.., 03 Aug 2015 15:02:28 +0000SRA Framework 2.0en-gbPak forex figure $ 18.536bn$-18536bn.html$-18536bn.htmlimageKARACHI: Total liquid foreign exchange reserves of the country stand at $18.536 billion, said State Bank of Pakistan (SBP).

The foreign reserves held by State Bank on July 24, amounted to $ 13.38508 billion and the net foreign reserves held by other banks were $ 5.15002 billion, said SBP weekly statement here on Thursday.

During the week ending July 24, SBP's liquid foreign reserves decreased by $ 157 million to $ 13.386 billion compared to $ 13.543 billion in the previous week. During the week, SBP made payments of $ 92 million on account of external debt servicing.

Copyright APP (Associated Press of Pakistan), 2015

]]> (Imaduddin)Banking & FinanceThu, 30 Jul 2015 13:41:44 +0000
Rs 25,000 bonds draw on Aug 03 The 14th draw of Rs 25,000 denomination prize bonds will be held at the State Bank of Pakistan building here on Monday, August 03.

According to a notification issued by the Ministry of Finance here, the draw will be held at 9:00 am and people from all walks of life will attend the ceremony.

Copyright APP (Associated Press of Pakistan), 2015

]]> (Parvez Jabri)Banking & FinanceWed, 29 Jul 2015 10:18:59 +0000
SBP receives $ 336.864266mn under CSF$-336864266mn-under-csf.html$-336864266mn-under-csf.htmlimageKARACHI: State Bank of Pakistan (SBP) has received dollars 336.864266 million under Coalition Support Fund (CSF), said SBP statement here on Tuesday.

Copyright APP (Associated Press of Pakistan), 2015

]]> (Imaduddin)Banking & FinanceTue, 28 Jul 2015 15:03:27 +0000
Pakistan's Liquid Foreign reserves reach over US $ 18.677 billion$-18677-billion.html$-18677-billion.htmlimageISLAMABAD: The total liquid foreign reserves held by the country stood at US$18,677.4 million on July 17, 2015.

Giving the break-up of the foreign reserves position a statement of Central Bank issued on Thursday said that Foreign reserves held by the State Bank of Pakistan stood at US$ 13,543.0 million while Net foreign reserves held by banks were US $ 5,134.4 million on July 17.

The SBP statement further said that during the week ending July 17, SBP's Liquid FX Reserves increased by US$ 74 million to US$13,543 million, compared to US$13,469 million in the previous week.

Copyright APP (Associated Press of Pakistan), 2015

]]> (Imaduddin)Banking & FinanceThu, 23 Jul 2015 15:13:49 +0000
SBP accepts Rs 211.804bn for sale of MTBs State Bank of Pakistan (SBP) on Wednesday accepted bids of Rs 211.804 billion for the sale of 3, 6 and 12 months Government of Pakistan Treasury Bills (MTBs).

Copyright APP (Associated Press of Pakistan), 2015

]]> (Imaduddin)Banking & FinanceWed, 22 Jul 2015 14:12:25 +0000
CDNS mobilizes Rs.336bn by end of FY 15 The Central Directorate of National Savings (CDNS) has achieved Rs.336 billion savings target during current fiscal year from July 1, 2014 to June 30,2015 against the revised target of Rs.329 billion.

An official of CDNS giving breakups of set targets for coming fiscal year 2015-16 of National Savings told APP here on Thursday that "Net target for new financial year 2015-16 has been set at Rs. 302 billion and gross target at 1043 billion."

"People have shown confidence in National Saving's different schemes as in 'Behbood Saving Scheme' pensioners, widows and senior citizens benefit account now enhance from Rs.3 million to Rs.4 million," he said.

The official said "our institution believes in accountability and transparency to build the confidence of customers".

He said currently people's have shifted from short term to medium and long term investment for which CDNS gave better chance for medium and short term investment.

"People have shown confidence in National Saving, when deceptive methods and risk factors are involved in different other schemes," he said.

CDNS has launched comparatively better schemes for senior citizen and gave them higher rate, he added.

He said that this phenomena is also evident in case of investment of institutions and same as in banking sector and Treasury Bills,where T. Bills substantially reduce and Pakistan Investment Bonds (PIB) increased in long terms schemes.

Regarding the future outlook of the CDNS, he said that in order to strengthen the secondary market of debt instruments CDNS can offer Bonds and Certificates through depository as well stock exchanges.

The deliberation with stakeholders CDC and KSE has already been completed and a long Term Paper under the nomenclature of children Protection Scheme is also under consideration.

He said that the CDNS has also proposed launching of Shariah Compliant Security in domestic market as products has great appetite.

The official of the CDNS said that the proposal to launch registered prize bond with offering coupon as well as prize is also under consideration.

Copyright APP (Associated Press of Pakistan), 2015

]]> (Imaduddin)Banking & FinanceThu, 16 Jul 2015 11:05:03 +0000
SBP accepts Rs 53.864bn bids for sale of PIBs State Bank of Pakistan (SBP) on Wednesday accepted bids of Rs 53.864 billion for the auction of Pakistan Investment Bonds (PIBs) with maturing period of 3, 5, 10 and 20 years.

The coupon rates will be 9.75 %, 9.25 %, 9.75% and 10.75 %, said SBP statement here.

Copyright APP (Associated Press of Pakistan), 2015

]]> (Imaduddin)Banking & FinanceWed, 15 Jul 2015 16:35:55 +0000
Banks disburse Rs 368.7bn agriculture credit in ten months The banks in the country have disbursed Rs 368.7 billion agriculture credit during first ten months of previous fiscal year which was 73.74 percent of overall annual target of Rs 500 billion.

The disbursement was 27.84 percent higher than of Rs. 288.387 billion made during corresponding period last year.

Sources in Agriculture Division on Wednesday said the decision has been taken to facilitate farmers' community as the government has seriously focused on bringing improvement in real sector growth through improvement in agriculture, industrial and services sectors. In this connection, a number of public sector development programmes have been initiated in production and infrastructure sectors.

The sources said efforts were also made to provide better supply of inputs including quality seeds, fertilizer and pesticides etc. in timely manners to increase agriculture produce and encourage small poor farmers.

During the period, the government remained focused on improving vocational and technical education networks to provide more skilled labour to industrial sector and encourage small and medium industries through targeted loans.

The sources said State Bank of Pakistan (SBP) has also reduced discount rate gradually and reached at 7.0 percent which is the lowest in last 42 years and was also a major incentive for business community to increase economic activities.

The SBP also reduced markup rate on Export Refinance from 9.4 percent to 6.0 percent and Long Term Financing Facility rates from 11.4 percent to 7.5 percent, which has reduced financial cost of exporters and will improve exports in coming months.

The government has established Land Port Authority (LPA) to oversee cross-border movement of goods and people. This project is a part of an Integrated Transit Trade Management System (ITTMS) at border customs station to facilitate trade with neighboring countries.

The LPA would act as a common platform for all regulatory

agencies including customs, immigration, terminal operator,

security, quarantine, banks, shipping agencies and freight forwarders etc.

The successful implementation of the project will make Pakistan third country in South Asia after Bangladesh and India, having dedicated land ports for handling goods and passenger traffics at borders. It is a major step to transfer Pakistan into a regional trade hub.

Copyright APP (Associated Press of Pakistan), 2015

]]> (Imaduddin)Banking & FinanceWed, 15 Jul 2015 15:31:06 +0000
NBP role in accelerating home remittances highlighted National Bank of Pakistan (NBP) has been playing a pivotal role in accelerating home remittances business. Global home remittance significantly contribute to the economic growth, livelihood and prosperity of Pakistanis all around the world.

NBP over a couple of years is equally playing a major role in helping the growth of home remittances to Pakistan through its streamlined and trusted services, said Khalid Bin Shaheen, Senior Executive Vice President and Group Chief, GHRMG and Chairman, NBP Exchange Co. while speaking at an iftar dinner hosted for him by Journalists Group of Riyadh during his visit to Saudi Arabia.

According to NBP press release here on Wednesday, Khalid Bin Shaheen said NBP is working continuously to develop innovative ideas into service features that allow to process and payout remittances even faster resulting in greater customer satisfaction.

NBP has the most penetrated network in Pakistan and provides comprehensive domestic distribution of remittances to beneficiaries across Pakistan. A number of renowned international exchange houses and money transfer companies in the world including the Middle East, Europe, Asia-Pacific and America, have been using our services with utmost trust and satisfaction.

He said remittances as we all know is not a new phenomenon in the world, money was being transferred even before but means and channels were different. In a broader account 'remittance transfer' is referred to the transfer of money from an individual, usually a person who has emigrated from his/her country of origin to another individual, usually a relative who remains in the country. Remittances transfers are typically low monetary payments from person-to-person.

Interestingly, the impact of remittance transfers on the economies of developing nations is only beginning to be discovered. He said the remittance transfers have existed for centuries, but have only attracted the attention of economists and international financial institutions during the past two decades.

Remittances constitute one of the largest and constant sources of foreign exchange earnings for developing countries including Pakistan. The flow of workers' remittances to developing countries has grown steadily over the past three decades.

The developmental impact of remittances is widespread as it affects various sectors of the economy and helps improve living standards.

These are non-debt creating inflows and help in developing the financial sector in recipient countries. Remittances also improve household welfare by uplifting recipient families out of poverty and elevate them out of their miseries.

Annual remittances from non-resident Pakistanis have set a record as crackdown against illegal hundi transfers push people to use the formal banking channel.

Bulk remittances originate from Saudi Arabia, United Arab Emirates, United States of America, United Kingdom and other GCC countries. However, people still prefer to use hundi/hawala as the system provides convenience to them in the shape of door-to-door delivery, reliability (especially in the rural market)and accessibility even in far flung areas with no bank branch for miles around.

Secondly, the exchange rate offered by the banks is less favorable than that offered in the open market, which constitutes an added attraction for both the sender and the recipient. In pursuit of the national cause, NBP is providing free of charge services, which is fast, convenient, secured and reliable.

NBP since long has been encouraging people to send money through proper and legal channels i.e. banks.

NBP's senior officer said the remittances have been the most stable source of foreign exchange proved remarkably resilient in the face of global economic downturn. Efforts are being made to reduce the cost and time for sending remittances, including removing barriers and impediments in the remittance market.

Copyright APP (Associated Press of Pakistan), 2015

]]> (Imaduddin)Banking & FinanceWed, 15 Jul 2015 15:23:52 +0000
Bank holiday from July 17 to 21 State Bank of Pakistan (SBP) will remain closed from July 17 to 21.

The coming Friday, Saturday, Sunday, Monday and Tuesday will be the public holiday due to Eid-ul-Fitr as notified by the Government of Pakistan, said SBP announcement said on Tuesday.

Copyright APP (Associated Press of Pakistan), 2015

]]> (Imaduddin)Banking & FinanceTue, 14 Jul 2015 15:13:05 +0000