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SBP simplifies remittances procedure for treatment, study abroad KARACHI: The State Bank of Pakistan (SBP) has simplified its instructions/procedure regarding remittances or release of foreign exchange related to medical treatment and studies abroad to facilitate resident Pakistanis to meet their individual foreign exchange needs. As per revised instructions related to medical treatment abroad, banks have been allowed to remit foreign exchange up to $ 50,000 or equivalent in other foreign currencies to foreign hospitals on account of medical treatment of resident Pakistanis on the recommendation of concerned medical specialist/hospital in Pakistan, according to a SBP press release issued here on Wednesday. In addition, banks have also been allowed to release cash foreign exchange equivalent to $ 5,000 each to the patient and attendant to meet their cash foreign exchange needs. Previously, the patient had to undergo a cumbersome and time consuming process of getting recommendations from the medical board constituted by the government and obtaining prior approval from ...

FBR realizes provisionally Rs.2580 billion till June 30 ISLAMABAD: Federal Board of Revenue (FBR) has provisionally collected taxes of Rs.2580 billion till June 30, 2015, a senior official of the board said."We have provisionally collected Rs.2580 billion till June 30 of current financial year 2014-15 and this figure could be increased to Rs.2590 billion when the final collection is made", Shahid Hussain Asad Spokesman FBR told APP on Wednesday.The FBR Spokesman said that they have collected Rs.372 billion in the month of only ...
SBP accepts bids of Rs 136.5bn for outright sale KARACHI: State Bank of Pakistan (SBP) accepted bids of Rs 136.5 billion during its open market operation (outright sale) on Monday.The bids offered for 52 days outright sale were of Rs 297.5 billion. The rate of return accepted is 7.34 per cent per annum, said SBP statement.Copyright APP (Associated Press of Pakistan), 2015 ...
CDNS mobilizes Rs 317bn savings till June 22 ISLAMABAD: The Central Directorate of National Savings (CDNS) has mobilized Rs 317 billion savings till June 22, which is 98 per cent of the target of Rs 329 billion for the outgoing fiscal year. The net savings target for the next financial year of 2015-16 has been fixed at Rs 302 billion, with gross target at Rs 1043 billion, said an CDNS official while talking to APP.He said that this years senior citizens, pensioners and ...
Foreign exchange reserves exceed US$ 18.20bn ISLAMABAD: Foreign Exchange Reserves held by the country exceeded US$ 18.20 billion.A statement issued by the Ministry of Finance here Thursday said that out of the total forex reserves, over US$ 13 billion are with the State Bank of Pakistan and over US$ 5 billion are with Commercial Banks.Finance Minister, Senator Muhammad Ishaq Dar extends felicitations to Prime Minister, Nawaz Sharif and the whole nation as Pakistan on this important achievement. Copyright APP (Associated Press ...
SBP declares 8th rental coupon rate for 3-year sukuk KARACHI: State Bank of Pakistan (SBP) on Thursday declared 8th rental coupon rate for 3-year Government of Pakistan Ijara Sukuk (GIS-9) at 6.9355 per cent per annum.The payment date will be Nov. 21, 2015, said SBP press release. Copyright APP (Associated Press of Pakistan), 2015 ...
SBP issues NMB license to Apna Bank KARACHI: State Bank of Pakistan (SBP) has issued a Nationwide Microfinance Banking (NMB) license to Apna Microfinance Bank Limited.Apna Bank (former Network Microfinance Bank) was a district based microfinance bank (MFB) operating in Karachi with five branches, said SBP statement here on Wednesday.In December 2011, SBP allowed a group of investors to acquire majority shareholding of the bank. The approval for acquisition of the bank was allowed with the condition that the group of investors ...


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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-1.988 bln
Exports $1.835 bln
Imports $3.823 bln
WeeklyOctober 05, 2015
Reserves $18.349 bln