07282016Thu
Last update: Thu, 28 Jul 2016 09am

Banking & Finance

Pakistan - Banking & Finance

Pakistanis continue to stack money in Swiss banks: report Money kept by Pakistani nationals in Swiss banks has risen by 16 percent standing at 1.5 billion francs (PKR 161bn), revealed the latest data released by Swiss National Bank (SNB). According to Economic Times, the total amount of funds belonging to Pakistan in Swiss banks stood at CHF 1,513 million at the end of 2015, up over 16pc from CHF 1,301 billion, in 2014. In doing so, Pakistanis have even left behind next door neighbor Indians, claimed the report. The amount held by Pakistanis include funds of nearly CHF 1,477 mn (PKR 158 bn) held direct by Pakistani nationals and CHF 36 million (PKR 3.6 bn) held through fiduciaries.The amount of Indian related funds in Swiss banks has fallen for the second consecutive year and stood at CHF 1,217 million at the end of 2015, posting a drop of 33pc. This is been the second straight year, where Pakistani related ...

Pakistan - Banking & Finance

Pak economy maintained its growth momentum during FY16: SBP KARACHI: State Bank of Pakistan (SBP) on Friday released its Third Quarterly Report for fiscal year 2016 on the `State of Pakistan's Economy'.According to the report, Pakistan's economy maintained its growth momentum during FY16, despite suffering from heavy losses in the agriculture sector.The report particularly highlighted the acceleration in industrial and services sectors' growth on the back of better energy supply and improvement in security situation in the country.Other key macro-economic indicators also improved during ...

Pakistan - Banking & Finance

JCR VIS Revises Entity Ratings of 5MB Leasing limited KARACHI: JCR-VIS Credit Rating Company Limited has revised the entity ratings of SME Leasing Limited (SLJ) [rom 'BB-/B' (Double B Minus/Single B) to 'B/B' (Single B /Single B). Outlook on the assigned ratings is `Negative'.The previous rating action was announced on July 9, 2015, says a press release on Friday.SME Leasing Limited (SLL) is sponsored by SME Bank Limited (SMEBL), which in turn is primarily owned by the Government of Pakistan. Assigned ratings incorporate weakening ...

Pakistan - Banking & Finance

Pakistan's Liquid Foreign Reserves position KARACHI: The total liquid foreign reserves held by the country stood at US$21,765.8 million on June 24, 2016, said weekly forex reserves report issued by the State Bank of Pakistan (SBP) here on Thursday.The break-up of the foreign reserves position is as under:-Foreign reserves held by the SBP:US$ 16,819.6 million, Net foreign reserves held by commercial banks:US$ 4,946.2 million, Total liquid foreign reserves: US$ 21,765.8 million.During the week ending June 24, 2016, SBP's Liquid FX ...

Pakistan - Banking & Finance

JCR-VIS assigns Ratings to Al-Baraka Bank (Pakistan) Limited KARACHI: JCR-VIS Credit Rating Company Limited has maintained the entity ratings of Al-Baraka Bank (Pakistani) Limited (ABPL) at 'A/A-1' (Single A/A-One), outlook has been placed under 'Rating Watch Developing' status.The previous ratings actin was announced on June 29, 2015, says a press release on Thursday.Assigned rating of ABPL derive strength from its association with the Al-Baraka Group (ABG); a prominent Islamic Banking Group having diversified operations in 15 countries. ABG has demonstrated financial support to ...

Pakistan - Banking & Finance

JCR-HBL Ratings of Habib Bank Limited KARACHI: JCR- VIS Credit Rating Company Limited has reaffirmed the entity ratings of Habib Bank limited (HBL) at 'AAA/A-1+' (Triple A/A-One Plus).JCR- VIS has also reaffirmed TFC rating of HBL at 'AAA' (Triple A), said a press release on Thursday. Outlook on the assigned ratings is 'Stable', Previous rating action for entity and TFC was announced on June 30, 2015 and December 17, 2015, respectively.The assigned ratings reflect systematic importance of HBL. in the demesne ...

Pakistan - Banking & Finance

Sindh Revenue Board to pursue Rs78bn target for 2016-17 KARACHI: The Sindh Revenue Board (SRB) after surpassing the revenue target of Rs 61 billion by achieving the collection of Rs 61.453 billion during the year 2015-16, shall now pursue the new assigned target of Rs 78 billion for the year 2016-17.This was stated by the spokesman of SRB in a statement issued on Thursday.He announced that the SRB has achieved yet another milestone by collecting Sindh Sales Tax (SST) amounting of Rs 6.403 billion ...