08252016Thu
Last update: Thu, 25 Aug 2016 09pm

Banking & Finance

Pakistan - Banking & Finance

SBP's decision to keep interest rate unchanged lauded ISLAMABAD: Trade and Industry leaders have appreciated State Bank's decision to keep interest rate unchanged, saying availability of cheap capital would help spur industrial growth.According to Radio Pakistan , Senior Vice President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Shaikh Khalid Tawab said the step shows that the State Bank is promoting investment and industrial activity in the country.President Lasbela Chamber of Commerce and Industry Maqsood Ismail said the monetary policy is moving in the right direction under the current scenario. He pointed out that keeping interest rate unchanged would help reduce the cost of doing business.Chairman of Pakistan Bedwear Exporters Association Shabbir Ahmad believed that the central bank's decision would help the private sector attract new investment. He said lower interest rate would also broaden the industrial base.Copyright APP (Associated Press of Pakistan), 2016 ...

Pakistan - Banking & Finance

SBP maintains policy rate at 5.75pc KARACHI: The Monetary Policy Committee after detailed deliberations has decided to maintain the policy rate at 5.75 percent.Pakistan economy posted notable improvements in FY16 as average annual CPI inflation declined to a 47 year low of 2.9 percent and real GDP growth touched an 8-year high of 4.7 percent, according to monetary policy statement issued by the SBP here on Saturday.Foreign exchange reserves held by SBP recorded steady increases and while covering four months of ...

Pakistan - Banking & Finance

Pakistan's Liquid Foreign Reserves Position KARACHI: The total liquid foreign reserves held by the country stood at US$ 22,996.6 million on July 22, 2016, said a statement of the State Bank of Pakistan here on Thursday.It said that the break-up of the foreign reserves position was as under: i) Foreign reserves held by the SBP: US$ 18,036.9 million ii) Net foreign reserves held by commercial banks: US$ 4,959.7 million iii) Total liquid foreign reserves: US$ 22,996.6 millionThe statement further pointed ...

Pakistan - Banking & Finance

Make EXIM bank functional by November, Senate body directs MoC ISLAMABAD: The Senate Standing Committee on Commerce (MoC) here Thursday directed the Ministry of Commerce to make the Export Import (EXIM) Bank functional by November this year to facilitate exporters and importers of the country.The meeting of the committee was held here under the Chairmanship of Senator, Syed Shibli Faraz which among others was attended by Senators Ilyas Ahmad Bilour, Muhammad Usman Khan Kakar, Saud Majeed, Rahila Magsi and Karim Ahmed Khawaja."We need EXIM bank ...

Pakistan - Banking & Finance

UBL Funds Opens Investment Center in DHA, Lahore ISLAMABAD: Continuing its commitment to increase awareness and visible presence of mutual funds investment in Pakistan, UBL Fund Managers Limited (UBL Funds) inaugurated a brand new investment center in Phase III, DHA, Lahore on Tuesday.The inauguration ceremony was attended by Yasir Qadri, CEO UBL Funds, and other senior management and staff of UBL Funds, said a statement issued by the bank here on Tuesday. According to the Bank's statement it was the second Investment Center ...

Pakistan - Banking & Finance

SBP's clarification on `misleading press reports' regarding written-off loans KARACHI: The State Bank of Pakistan (SBP) has clarified that the reports appearing in various sections of the press on July 23, 2016 regarding `Loans written-off during last 30 years' by Banks/DFIs are `factually incorrect and misleading'.In a statement here on Monday, the SPB clarified that during the aforesaid period, for amounts of Rs 50 million and above, the total amount of written-off loans/waiver of mark-up/other charges amounts to Rs. 171 billion and not Rs. ...

Pakistan - Banking & Finance

Awareness session on Green Banking SIALKOT: State Bank of Pakistan (SBP) is holding a one-day awareness session on Green Banking and Refinance Scheme for renewable energy here on July 26 (Tuesday). According to the SBP sources, State Bank of Pakistan has step up measures for the promotion and sustainable banking, as a tool to redress energy shortfall and climate change, the two key issues of Pakistan's economy. In line with this vision, infrastructure, housing and SME finance department of the ...