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SBP may outright purchase or sale of Ijara Sukuk (GIS) as part of open market operations ISLAMABAD: The State Bank of Pakistan (SBP) has decided that it may outright purchase or sale Government of Pakistan Ijara Sukuk (GIS) either on deferred payment basis (Bai-Muajjal) or on ready payment basis through Open Market Operations (OMOs) based on multiple price competitive bidding auction process.This initiative has been taken by the Central bank in order to facilitate Islamic Banking industry in their liquidity management and more effective transmission of monetary policy, a statement of the Bank issued on Thursday said.Following transaction modalities will be adopted for OMOs against GOP Ijara Sukuk by SBP.All Islamic banks and conventional banks having Islamic branches will be eligible to participate in these OMOs.Notice for OMO will be issued by SBP through Reuters/Bloomberg. To participate in the OMOs all eligible participants will send their bids as per required format through Fax/Reuters detailing face value of security and deferred price (in case of Bai-Muajjal or ...

Overseas Pakistanis remit $4.69bn in 3 months KARACHI: Overseas Pakistanis remitted an amount of $ 4694.69 million in first three months of current fiscal year (FY15) ; showing an impressive growth of 19.52 percent compared to $ 3927.94 million received during the same period of the last fiscal year (FY14), says State Bank of Pakistan.SBP statement here Wednesday said, the inflow of remittances during September 2014 from Saudi Arabia, United Arab Emirates (UAE), United States of America, United Kingdom, GCC countries (including ...
More than 80pc tax target achieved FAISALABAD: Regional Tax Office has achieved more than 80 percent of the recovery target set for the first quarter of 2014-15.Regional tax office source said on Wednesday that Federal Board of Revenue had fixed recovery targets for Regional tax office Faisalabad including Rs. 3992 million income tax, Rs. 1750 million Sales Tax and Rs. 51.100 million Federal Excise duty.Regional tax office recovered Rs. 78.944 million Federal Excise Duty which exceeds the target set.It also got ...
Pak forex increase to $ 13.40008bn KARACHI: The total liquid foreign reserves of the country increase to dollars 13.40008 billion , said State Bank of Pakistan.According to SBP's weekly statement here on Thursday, the foreign reserves held by State Bank on Oct.3, amounted to dollars 8.85702 billion against the previous weekly balance of $ 8.60908 billion. The net foreign reserves with other banks figured at $ 4.54306 billion against $ 4.60007 billion.During the week ending on October 3, SBP received $ ...
Mobile wallets reach 4.2mn in Q2 CY14 KARACHI: The number of mobile wallets has reached 4.2 million by the end of the second quarter of 2014 (April- June), registering an increase of 11 percent.The mobile wallets are banking accounts which are being opened largely by the previously unbanked population at their nearby shops which are working as branchless banking agents, said State Bank of Pakistan's (SBP) newsletter on branchless banking here on Thursday. It said that overall number of branchless banking (BB) ...
SBP injects Rs15.300bn into market KARACHI: State Bank of Pakistan (SBP) has injected Rs. 15.300 billion into the market for seven days during its open market operation (OMO).The bids offered were of Rs. 25.300 billion. The rate of return will be 9.96 percent, said SBP statement here on Friday. Copyright APP (Associated Press of Pakistan), 2014 ...
All paisa coins ceased as legal tender ISLAMABAD: All decimal coins of paisa 1, 2, 5, 10, 25 and 50 had ceased as legal tender from October 1, 2014, a spokesman of State Bank of Pakistan said on Thursday.State Bank of Pakistan had continuously reminded the general public to exchange the decimal paisa coins from the offices of SBP and commercial/microfinance banks by September 30.However, Rs 1 and above denomination coins would remain legal tender, said SBP spokesman Khubaib Usmani. Copyright APP ...


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Banking Review 2013

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln