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Last update: Tue, 31 May 2016 05am

Banking & Finance

Pakistan - Banking & Finance

Govt release Rs234.850 for Commerce Division projects ISLAMABAD: As many as Rs234.850 million has been released by the government for various development projects of Commerce Division under Public Sector Development Programme (PSDP) 2015-16.Over all, Rs.875.622 million have been earmarked for the Commerce Division's development projects during the current fiscal year out of their total estimated cost of Rs.3764.183 million.According to break figures of the Ministry of Planning, Development and Reform, the government released Rs.210.514 million for purchase of equipment, furnishing, curriculum development and training of Pakistan School of Fashion Design Lahore.In total, an amount of Rs.351.3 million have been allocated for the project during the current fiscal year out of the total cost of Rs.755.7 million.The government also released Rs.24.336 million for restructuring of Pakistan Institute of Trade and Development (PITAD) for which an amount of Rs.24.337 million have been earmarked in the PSDP of the current year against the total allocations of Rs508.4 for the restructuring.The ...

Pakistan - Banking & Finance

Bank Alfalah earns profit before taxation of Rs. 3.7bn Q1 2016 KARACHI: Bank Alfalah's financial results for the first quarter of 2016 remained positive with the Bank registering profit before taxation of Rs. 3.794 Billion- a growth of 25 percent, as against the corresponding period last year.An announcement here on Wednesday pointed out that the Bank's profit after tax was recorded at Rs. 2.467 Billion, a 24 percent increase as compared to the prior corresponding period.It said that despite interest rates being at their lowest, net ...

Pakistan - Banking & Finance

51pc believe to have bank accounts ISLAMABAD: Simple majority of people across the country believe that only those earning regular salary can have bank accounts.According to survey conducted by Gallup Pakistan for the State Bank of Pakistan, 51% Pakistanis believe it is true that only people earning a regular salary can have a bank account whereas 46% people state that it is false."These results are a part of the nationwide Access to Finance Study conducted by the State Bank of Pakistan ...

Pakistan - Banking & Finance

Credit to private sector surges by Rs 352.3bn in 1st half ISLAMABAD: The credit to private sector surged by Rs 352.3 billion during the first half of the current fiscal year (2015-16) compared to Rs 222.3 billion during the corresponding period of last year, State Bank of Pakistan (SBP) reported on Tuesday.According to SBP, Second Quarterly report for Financial Year 2016, a significant portion of this credit was availed by private sector businesses.A high credit off-take was recorded in December 2015, which was sufficient to compensate ...

Pakistan - Banking & Finance

Rs53,907mn released for various power projects so far ISLAMABAD: The government has released Rs.53,907 million out of total Rs.113,902.605 million allocated for various power projects in Public Sector Development Programme (PSDP) 2015-16 so far.According to the Planning Commission data, an amount of Rs.7000 was released for construction of Diamer Basha Dam Project(land acquisition), and Rs 22500 million each for 1200 MW LNG based power plant Baloki and 1200 MW LNG bast power plant Haveli Bahadurshah.A sum of Rs.1568 million was released for acquisition ...

Pakistan - Banking & Finance

OP send US $ 83,792 million foreign exchange from July 2010 till date ISLAMABAD: Pakistan has received valuable foreign exchange of US $ 83792.11 million from Overseas Pakistanis (OP) during the last five fiscal years and the three quarters of the current year.The year wise break up of this huge amount reveals that US $ 11200.90 million were received in the fiscal year 2010-11, US $ 13186.58 million in 2011-12, US $ 13920.16 million in 2012-13, US $ 15,832.25 million in 2013-14, US $ 18454.04 million 2014-15 and ...

Pakistan - Banking & Finance

SBP injects Rs 1,465 bn KARACHI : State Bank of Pakistan (SBP) on Friday injected Rs 1,465 billion into financial system for seven days during its open market operation (OMO).The rate of return accepted is 6.03 percent, said SBP statement.Copyright APP (Associated Press of Pakistan), 2016 ...