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Last update: Sat, 01 Oct 2016 09am

Banking & Finance

Pakistan - Banking & Finance

Registration for interest-free agri loans starts from Sept 19 MULTAN: The Punjab government will start registration process for issuing interest-free loans worth Rs 80 billion among farmers from Sept 19.The government would offer Rs 25,000 per acre loan for the Rabi crop and Rs 40,000 for Khareef crop. Farmers having 12.5 acres or less would be given the facility through smartphones.This was announced by Assistant Director Information Agriculture Naveed Asmat while talking to media here on Saturday.Tehsil Land Record office would remain open from 4pm to 8pm on daily basis.Farmers are required to visit the office along with their original ID Card, Mobile phone number, and details of land record.Copyright APP (Associated Press of Pakistan), 2016 ...

Pakistan - Banking & Finance

SBP issues Rs161bn fresh notes on Eid KARACHI: State Bank of Pakistan (SBP) has issued fresh banknotes of Rs 161 billion for meeting the increasing demand for fresh banknotes on the occasion of Eid-ul-Azha.Last year Rs 116 billion were issued on this occasion.SBP Banking Services Corporation (SBP BSC) made elaborate arrangements with a focus to cover maximum stakeholders including the general public, SBP statement here Saturday said.These notes included lower denomination notes ( up to Rs 100) of Rs 20 billion and ...

Pakistan - Banking & Finance

Musharika, Modaraba and Wakalah: three modes of Islamic financing given exemption from Kibor RIZWAN BHATTIKARACHI: The State Bank of Pakistan (SBP) Thursday announced exemption from KIBOR as benchmark rate for Participatory (Musharika & Modaraba) and Wakalah-based products. There is no KIBOR condition for financing to SMEs for any product while corporate sector's financing was linked with KIBOR. Now, Islamic Banking Institutions can provide financing under Musharika, Modaraba and Wakalah without using KIBOR as benchmark for corporate sector.In 2004, all banks were advised to use KIBOR as benchmark rate. ...

Pakistan - Banking & Finance

Pak forex reserves stand at $22.984bn KARACHI: The total liquid foreign exchange reserves of the country stand at dollars 22.984 billion, says State Bank of Pakistan.According to the SBP's weekly statement on Thursday, the foreign reserves held by the State Bank on September 2, were dollars 18,065.3 million and the net foreign reserves with Commercial banks amounted to $ 4,918.4 million.During the week, SBP's liquid foreign exchange reserves decreased by dollars 64 million to dollars 18,065 million, compared to dollars 18,129 ...

Pakistan - Banking & Finance

Rs177.41bn loan outstanding against PIACL ISLAMABAD: Minister for Parliamentary Affairs, Sheikh Aftab Ahmed on Wednesday said that an amount of Rs. 177.41 billion of loan was outstanding against Pakistan International Airline Company Limited (PIACL) till June 30 this year.Responding a question in Senate, he said the loan include non Fleet Loan PKR 160.055 billion and Fleet Loan PKR 17.359 billion.The government has taken several steps, he said, to improve the performance and service quality and other cost cutting measures of ...

Pakistan - Banking & Finance

All branches of commercial banks, MFBs to remain open on Sept 10: SBP ISLAMABAD: The State Bank of Pakistan (SBP) has advised that all branches of commercial banks and Micro Finance Banks (MFBs) will remain open on Saturday, September 10, 2016 from 9:00 AM to 5:30 PM in order to cater the banking needs of general public.The Banks and MFBs are accordingly advised to ensure that their branches should strictly observe the aforesaid timings, said a press release. Copyright APP (Associated Press of Pakistan), 2016 ...

Pakistan - Banking & Finance

NBP sets-up ATM at highest point Khunjerab ISLAMABAD: National Bank of Pakistan (NBP) has set-up its Automated Teller Machine (ATM) at Pakistan-China border in Khunjerab which is expected to be inaugurated soon.The ATM is setup at 4,693 meters or 15,397 feet above sea level.As per details, NBP hopes that the ATM would serve the growing needs of tourists that go to north most corner of the country.Pakistan, this year, witnessed record tourists visiting Northern Areas including the Khunjerab pass at the border ...