05052016Thu
Last update: Thu, 05 May 2016 11am

Banking & Finance

Pakistan - Banking & Finance

SBP issues regulatory framework for private credit bureaus KARACHI: The State Bank of Pakistan (SBP) has issued Credit Bureaus Regulations and licensing criteria for setting up credit bureaus in private sector in Pakistan vide its notification issued on 15-04-2016.A statement on Friday said that the regulations prescribe regulatory requirements with respect to corporate governance, data security, operational efficiency and consumer grievance handling for credit bureaus.It said that the licensing criteria has been made public to ensure transparency and guidance for prospective applicants about application procedure and high level description of key parameters for evaluation of applications for the establishment of credit bureaus.It may be recalled that by virtue of Credit Bureaus Act, 2015 (CBA), SBP is the sole regulatory and supervisory authority for the private credit bureaus in Pakistan. The Act, in relation to private credit bureaus, empowers SBP to grant license, formulate policy/regulations and take enforcement action, the statement added.Copyright APP (Associated Press of Pakistan), 2016 ...

Pakistan - Banking & Finance

Pak forex figure stands at $ 20.834bn KARACHI: Total liquid foreign exchange reserves of the country stand at $ 20.834 billion, said State Bank of Pakistan.According to the SBP's weekly statement, the foreign reserves possessed by State Bank on April 8, amounted $ 16,040.8 million and net foreign reserves with other banks were $ 4,793.5 million. During the week ending April 8, SBP's liquid foreign exchange reserves decreased by $ 37 million to $ 16,041 million, compared to $16,078 million in the ...

Pakistan - Banking & Finance

Workers' remittances rise 4pc to $ 14.2bn in 9 months KARACHI: Overseas Pakistani workers remitted dollars 14157.65 million in the first nine months (July to March) of fiscal year 2015-16, showing a growth of 4.14 % against $ 13594.95 million received during the same period in the preceding year.During March 2016, the inflow of workers' remittances amounted to $ 1468.76 million, which is 3.14% lower than February 2016 and 8.69% lower than March 2015, said a statement issued by State Bank of Pakistan here on ...

Pakistan - Banking & Finance

SBP appoints BOP its agent for collecting receipts, taxes of GoP KARACHI: State Bank of Pakistan (SBP) has appointed Bank of Punjab (BOP) as its agent for collecting provincial receipts and taxes of Government of Punjab (GoP).The signing ceremony held here on Monday, said SBP statement.The appointment is a part of SBP's strategy to facilitate the Federal and Provincial Governments in improving their tax collection system.This would diversify tax payment options for the tax payers, introduce much needed competition in Governments' tax collection business and thus ...

Pakistan - Banking & Finance

Rs1010.841mn revenue collected from motorway toll plazas ISLAMABAD: The revenue of Rs 1010.841 millions was collected from the motorway toll plazas during July to December 2015.The official sources of Communication ministry said that toll plazas auction process was done in a transparent manner and the revenue generated from it was being spent on roads repairing.The National Highway Authority (NHA) has sufficient funds for the repair of highways and utilizing it in proper manner.All the toll plazas are awarded through auction and it ...

Pakistan - Banking & Finance

SBP injects Rs31bn into market KARACHI: State Bank of Pakistan (SBP) on Thursday injected Rs. 31 billion into money market for one day through its open market operation (OMO).The rate of return accepted is 6.01 percent per annum, said SBP. Copyright APP (Associated Press of Pakistan), 2016 ...

Pakistan - Banking & Finance

Govt achieved revenue collection targets: Ishaq Dar ISLAMABAD: Finance Minister Muhammad Ishaq Dar has said that the government has achieved its targets of revenue collection till the third quarter of current fiscal year.Talking to a private news channel he said total collection has witnessed about 20 percent growth rate in the nine months.He said the government collected Rs. 297 billion revenue against the set target of Rs.230 billion from the month of January to March this year which reflects sincere measures being ...