08272016Sat
Last update: Sat, 27 Aug 2016 11pm

Banking & Finance

Pakistan - Banking & Finance

CDNS sets Rs 200bn target for FY 2016-17 ISLAMABAD: The Central Directorate of National Savings (CDNS) has set Rs.200 billion net target for fiscal year (2016-17).The Central Directorate of National Savings (CDNS) has achieved the revised target of Rs. 218 billion for the previous year 2015-16, a senior official of CDNS told APP here on Monday.CDNS notified downward revision in the profit rates for various saving certificates which was applicable from August 01, 2016."The instant revision was made in the backdrop of current market scenario and in accordance with the government's policy to provide market based competitive rate of return to the investors of National Savings", he added.He said as per notification issued by the federal government,the new rates for Defense Savings Certificate, Special Saving Certificate, Regular Income Certificate, Savings Accounts have been revised down at an average of 7.33 per cent, 6.133 per cent, 6.31 per cent and 3.84 per cent respectively.The official said the profit rate ...

Pakistan - Banking & Finance

OPs in Gulf countries send US $ 12,756.35mn foreign exchange this year ISLAMABAD: Pakistan has received valuable foreign exchange of US $ 12,756.35 million from Overseas Pakistanis in Gulf countries during the fiscal year 2015-16.According to the official source, the country has received foreign exchange of US $ 12,035.21 million in the fiscal year 2014- 15 and US $ 9,698.98 million in the year 2013-14.During the fiscal year 2015-16, an amount of US $ 5,968.40 million was received from Saudi Arabia, US $ 4,365.27 million from UAE, ...

Pakistan - Banking & Finance

32.6pc increase recorded in Customs Duty collection in 2015-16 KARACHI: An increase of 32.6 per cent was recorded in Customs Duty collection during the fiscal year 2015-16.A Federal Board of Revenue?s (FBR) report said that primarily the end of Statutory Regulatory Orders (SROs) pushed up Customs Duty collection.Besides this the increase in Customs Duty ratio also helped in the increase in the collection, it added.It said that a total Rs.418.2 billion was collected under the head of Customs Duty during 2015-16, while the net ...

Pakistan - Banking & Finance

4pc decrease in housing finance loans KARACHI: Four percent decrease was recorded in the issuance of housing finance loans, as a total 67625 people availed the housing finance facility during 12 months period ending on March 31, 2016 as compared to 70368 people during the corresponding period of last year, according to a State Bank of Pakistan's (SBP) report.The SBP report further said that in the three-month period ending on March 31, 2016, housing finance loans of Rs. 5.35 billion were ...

Pakistan - Banking & Finance

Pakistan's Liquid Foreign Reserves Position KARACHI: The total liquid foreign reserves held by the country stood at US$ 22,978.5 million on July 29, 2016, a statement of the State Bank of Pakistan (SBP) said on Thursday.It said that the break-up of the foreign reserves position was as under: i) Foreign reserves held by the SBP: US$ 18,060.5 million ii) Net foreign reserves held by commercial banks: US$ 4,918 million iii) Total liquid foreign reserves: US$ 22,978.5 million.During the week ending ...

Pakistan - Banking & Finance

OPs in Gulf countries send US $ 12,756.35mn foreign exchange this year ISLAMABAD: Pakistan has received valuable foreign exchange of US $ 12,756.35 million from Overseas Pakistanis in Gulf countries during the fiscal year 2015-16.According to the official source, the country has received foreign exchange of US $ 12,035.21 million in the fiscal year 2014- 15 and US $ 9,698.98 million in the year 2013-14.During the fiscal year 2015-16, an amount of US $ 5,968.40 million was received from Saudi Arabia, US $ 4,365.27 million from UAE, ...

Pakistan - Banking & Finance

SBP issues revised Prudential Regulations for Consumer Financing KARACHI: The State Bank of Pakistan (SBP) has revised the Prudential Regulations for Consumer Financing with an aim to promote consumer financing in sustainable and fair manner while ensuring financial stability of the banks/DFIs.A statement on Wednesday said that the revised regulations provide more discretion in decision making to banks/DFIs in line with their dynamic business environment.It may be mentioned here that SBP periodically reviews its regulatory framework in order to align it with changing ...