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Banking & Finance


BOK opens Rast Islamic branch at Ghari Qamardin PESHAWAR: The Bank of Khyber (BOK) opened Rast Islamic Branch at Ghari Qamardin, Ring Road, here on Thursday. Khyber Pakhtunkhwa Minister for Finance, Muzaffar Said advocate was chief guest on the occasion, who inaugurated the branch. Besides, Secretary Finance, Khyber Pakhtunkhwa, Syed Said Badshah Bokhari, Managing Director, BOK, Shams-ul-Qayyum, JI activists, Hakeem Abdul Waheed and Sabir Hussain Awan also attended the ceremony. Addressing the inaugural ceremony, the Khyber Pakhtunkhwa Minister for Finance, Muzaffar Said advocate said that strong economy is the engine of development, saying that they wanted the development of the economy of the province on the principles of Islam. He said that as compare to conventional banking, Islamic banking is more profitable and said that the bank will earn profit for the province. He said that Islamic system is interest of the poor as it guarantees rights to all.The provincial minister said that for cutting the roots of ...

Liquid foreign reserves increase by $777mn to $ 11,194mn KARACHI: The total liquid foreign reserves held by the country stood at US$16,036.7 million on Feb 13, 2015, said a State Bank of Pakistan (SBP) press release issued here on Thursday.The break-up of the foreign reserves position is as under. i) Foreign reserves held by the State Bank of Pakistan: US$ 11,194.2 million, (ii) Net foreign reserves held by banks: US$ 4,842.5 million, (iii) Total liquid foreign reserves: US$ 16,036.7 million.During the week ending Feb ...
SBP extends FICF proposal submission deadline up to March 5 KARACHI: State Bank of Pakistan (SBP) has extended the deadline up to March 5, 2015 for submission of proposals under Financial Innovation Challenge Fund (FICF) 3rd round on "promoting excellence in Islamic finance."Earlier, the deadline for submission of quality proposals by the potential applicants was February 20, 2015, said SBP press release here on Wednesday.The 3rd challenge round was unveiled on January 9, 2015 in Islamabad. FICF is a component of the larger financial inclusion ...
SBP clarification on inflation target KARACHI: State Bank of Pakistan (SBP) Wednesday issued clarification on revising inflation target as reported in some media sections referring to SBP's first quarterly report of 2014-15 titled "State of Pakistan's Economy" released on Tuesday.A SBP press release said it has been erroneously reported that the SBP revised the inflation target to 4.5 to 5.5 percent. SBP neither fixes the inflation target nor revises and it is rather set by the Federal Government and is ...
HBL & Monet signs agreement with to process card on delivery payments through mobile point-of-sale KARACHI: Habib Bank Limited (HBL), Pakistan’s largest bank, has enabled, Pakistan’s largest online store to accept credit and debit cards while delivering goods to customers’ door steps. This has been achieved through Monet’s breakthrough Swipe2Pay mPOS (Mobile POS) service which has been recently launched in partnership with HBL. The mPOS solution enables merchants to accept payments through debit and credit cards while delivering goods to customer door steps. This replaces the existing mode of ...
SBP injects Rs623.1bn into market KARACHI: State Bank of Pakistan (SBP) on Friday injected Rs. 623.1 billion into market through its open market operation (OMO) for seven days.SBP statement said that the rate of return accepted is 8.15 percent per annum. Copyright APP (Associated Press of Pakistan), 2015 ...
PRISM shows significant growth in volume and value of electronic transactions ISLAMABAD: For large value payments, Pakistan Realtime Interbank Settlement Mechanism (PRISM) settled 188,424 transactions, through the Real Time Gross Settlement System (RTGS), of value Rs 42.4 trillion during the second quarter of FY2014-15.This showed an increase of almost 14% and over 38% in volume and value respectively, compared to that in first quarter of FY2014-15, said a statement issued by the Central Bank on Thursday.For retail payments, during the second quarter of FY2014-15, the volume ...


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ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-999 mln
Exports $2.064 bln
Imports $3.063 bln
WeeklyMarch 13, 2015
Reserves $16.273 bln