09292016Thu
Last update: Thu, 29 Sep 2016 11pm

Banking & Finance

Pakistan - Banking & Finance

Pak-Iran banking relations to be resumed soon ISLAMABAD: Commerce Minister of Pakistan Khurram Dastgir Khan said that the federal cabinet will give a final approval to the MoU regarding resumption of Pak-Iran banking relationship that will create an friendly environment for the two countries in economic sphere.In an interview with IRNA, he said that 'The Economic Coordination Committee of the Cabinet (ECC) has already approved the MoU between the central banks of Iran and Pakistan on August 29 to establish the relationship between the two countries.He added that under the agreement Pakistan and Iran will create a bilateral mechanism, according to which both countries will pay their traders on their own, he said, adding that it would be a very efficient mechanism and now consignments will directly be shipped to Iran and receive corresponding payment against the shipment without any banking problem."By the end of September we will have proper banking relationship. I am very hopeful that ...

Pakistan - Banking & Finance

Foreign exchange reserves reached to over US$23.038bn ISLAMABAD: The total liquid foreign reserves held by the country stood at US$ 23,038.7 million on August 26,2016.Giving the break-up of the foreign reserves position, a statement of the State Bank of Pakistan (SBP) issued on Thursday said that the foreign reserves held by the State Bank of Pakistan stood at US$ 18,128.8 million while Net foreign reserves held by commercial banks were US$ 4,909.9 million.During the week ending August 26, 2016, SBP's Liquid FX ...

Pakistan - Banking & Finance

CDNS collects Rs.33bn by August 30 in current fiscal year ISLAMABAD: The Central Directorate of National Savings (CDNS) collected Rs. 33 billion against revised target of Rs 228 billion by August,30 during current fiscal year (2016-17).The National Savings has set the target for year 2016-17 at Rs 228 billion, a Senior official of CDNS told APP on Thursday.Replying to a question,he said the CDNS has reduced the interest rate on the investment bonds due to lower rates of Pakistan Investment Board (PIB)."The CDNS interest rates ...

Pakistan - Banking & Finance

SCO steps into 'Branchless Banking' to facilitate remote areas people ISLAMABAD: Special Communications Organization (SCO) has partnered with Bank Alfalah to make its entry into Branchless Banking (BB) system.The product in name of S-Paisa would soon be launched for people of Azad Jammu & Kashmir (AJK) and Gilgit-Baltistan (GB).With launch of S-Paisa, people across AJK and GB would be able to send and receive money, pay utility bills and do mobile top ups.The initiative aims to serve six million people of the region and is ...

Pakistan - Banking & Finance

Faysal Bank expands its network with 300 branches across country KARACHI: Faysal Bank has announced the completion of its 300 branches across the country with a wide network of 89 Islamic and 211 Conventional Banking branches spread across 91 cities.CEO and President, Faysal Bank Nauman Ansari in a statement issued here on Wednesday said that with 300 branches, Faysal Bank is a key player in Pakistan's retail and consumer banking segments and offers its customers with a wide range of financial products and services."Moving ahead, ...

Pakistan - Banking & Finance

EOBI beneficiaries suffer due to meager pension ISLAMABAD: The low pensionary amount of Rs 5250 only per month has multiplied the suffering of the beneficiaries of Employees Old Age Benefit Institution (EOBI) especially industrial and mine workers who are finding difficult to meet both ends of life.The pensioners registered with EOBI have demanded of the government to increase their pension from Rs 5250 upto at least Rs 15000, considering the prevailing price hike situation in the country.According to the official source, around ...

Pakistan - Banking & Finance

Balloting of Rs40,000 prize bond to be held on Thursday FAISALABAD: The 67th balloting of prize bonds of Rs40,000 each will be held in Multan on Thursday (September 1).According to a spokesman of National Savings Faisalabad, first position holder will be awarded a cash prize of Rs 75 million while three prizes of Rs25mn each have been reserved for second position holders. Third prize of Rs0.5mn will be awarded to each of 1,696 position holders, he added.Copyright APP (Associated Press of Pakistan), 2016 ...