05052016Thu
Last update: Thu, 05 May 2016 04am

Banking & Finance

Pakistan - Banking & Finance

MCB bids to acquire New Kabul Bank MCB, one of the largest banks in Pakistan is eyeing to acquire the Afghanistan’s New Kabul Bank. The bank was the country’s largest lender before it was defrauded back in 2010.According to Bloomberg, "The Pakistani bank is one of two preferred bidders," Mohammad Aqa Kohistani, said treasury director in Afghanistan’s Finance Ministry. He further added, "Within four months, the bank will be privatized and sold to one of them." The other bidder is a local Afghan corporation, which if win the deal would invest $1 billion into the new Kabul Bank, said Kohistani.On the other hand MCB Bank has been deemed eligible as it has enough funds to purchase the New Kabul Bank and has also placed a $20 million guarantee, which matches the minimum needed under Afghan law, whereas, the Afghan company has provided $168 million, Kohistani said. Analysts are of the opinion that the strained relations between both ...

Pakistan - Banking & Finance

Governor SBP inaugurates country's first Domestic Payment Scheme KARACHI: Governor, State Bank of Pakistan (SBP), Ashraf Mahmood Wathra, inaugurated Pakistan's first Domestic Payment Scheme, here on Tuesday. The new payment scheme has been branded as "PayPak and would compete in the domestic market with other international payment schemes. However, the new card would only be used within Pakistan and would offer the benefit of low cost, ease of affordability and security to ordinary citizens, said SBP statement here. The PayPak has been introduced ...

Pakistan - Banking & Finance

State Bank to announce Monetary Policy on Saturday ISLAMABAD: The meeting of monetary policy committee (MPC) of State Bank of Pakistan (SBP) will be held on (Saturday) 2016 in Karachi.The monetary policy decision will be announced through a press release, said a statement issued by the central bank here Monday.Following are members of Monetary Policy Committee (MPC).-- Ashraf Mahmood Wathra Governor / Chairman--Zafar Masud Board Member--Mohammad Riaz Board Member--Ardeshir Khursheed Marker Board Member--Saeed Ahmad Deputy Governor (FM, IB &SI) / Internal Member--Riaz Riazuddin ...

Pakistan - Banking & Finance

Housing finance awareness programme FAISALABAD: Senior Joint Director, State Bank of Pakistan, Faisal Shafaat has said that easy access to housing finance will not only help to overcome the shortage of housing units but also catalyzed much-needed economic activity through this safe banking investment module.He was addressing an awareness programme on housing finance arranged by the access to finance unit of State Bank of Pakistan here on Sunday. More than 25 banks, developers, investors and other stakeholders participated in ...

Pakistan - Banking & Finance

SBP injects Rs420.600bn into market KARACHI: State Bank of Pakistan (SBP) on Friday injected Rs 420.600 billion into money market for seven days through its open market operation (OMO).The accepted rate of return is 6.03 percent per annum, said an SBP statement.Copyright APP (Associated Press of Pakistan), 2016 ...

Pakistan - Banking & Finance

SBP injects Rs1,001bn into market KARACHI: State Bank of Pakistan on Thursday injected Rs. 1,001 billion into money market for 8 days through its Open Market Operation.The rate of return accepted is 6.09 percent par annum, said SBP statement.Copyright APP (Associated Press of Pakistan), 2016 ...

Pakistan - Banking & Finance

Some of macroeconomic indicators improve: SBP KARACHI: Improvements in some of the macroeconomic indicators are reflected on subdued CPI inflation, adequate foreign exchange buffers, stable exchange rate, low current account deficit despite a sharp decline in exports, and an improved fiscal position.This stability was the key reason behind SBP's decision to cut policy rates in September 2015 to historically low level, said State Bank of Pakistan (SBP) in its Second Quarterly Report for fiscal year 2015-16 on the state of Pakistan's ...