05012016Sun
Last update: Sun, 01 May 2016 07am

Banking & Finance

Pakistan - Banking & Finance

SBP reviews progress on restoration of banking channels with Iran KARACHI: State Bank of Pakistan called a special meeting of all banks/ FIs on Monday to discuss the progress made by the banking side for facilitating trade transactions with Iran in the backdrop of lifting of sanctions against Iran.The meeting, chaired by the Executive Director-BPRG, was attended by senior bankers from the banking industry, said SBP statement.In line with the Federal Government's decision regarding lifting of sanctions against Iran, State Bank advised all banks on February 25, 2016 that they could start normal business activities with Iran as per United Nations' resolution and notification of the Federal Government on removal of sanctions against Iran.The participants discussed the issues relating to international sanctions and deliberated on future course of action.SBP provided general guidance on trade with Iran in the post sanctions scenario while keeping in view the residual sanctions and clarified points raised by banks.The banks were emphasized to take immediate ...

Pakistan - Banking & Finance

Workers' remittances rise 6pc to $12.7 billion: SBP KARACHI: Overseas Pakistani workers remitted $12714.57 million in the first eight months (July to February) of FY16, showing a growth of 6.07pc compared with US $ 11986.44 million received during the same period in the preceding year. During February 2016, the inflow of worker's remittances amounted to $1516.39 million, which is 3.65pc higher than January 2016 and 6.74% higher than February 2015, a report issued by State Bank of Pakistan said here on Thursday.The country ...

Pakistan - Banking & Finance

SBP launches 'Pakistani Banknotes' app to counter fake currency The State Bank of Pakistan (SBP) has launched an official application to counter the fake currency notes while increase public awareness about the security features of Pakistani Banknotes. According to local media reports, the application ‘Pakistan Banknotes’ operates when a user selects the desired banknote image and the app will reveal the security features of the Pakistani currency.The app which is available on both Google Play and iTunes contains information about Pakistani Banknotes in both ...

Pakistan - Banking & Finance

CEOs paid highest as big Pakistan banks amass profits ISLAMABAD: Chief executives of five major banks of Pakistan are among the highest paid as banking sector continued to post huge profits during 2015 amid massive borrowing with secure rate of interest by the public sector.These banks include United Bank Ltd (UBL), Muslim Commercial Bank (MCB) Ltd, National Bank of Pakistan (NBP), Habib Bank Ltd (HBL) and Allied Bank Ltd (ABL) as together these banks collectively post record profit of Rs130 billion, Khaleej Times reported.United ...

Pakistan - Banking & Finance

Demonetization of all old design banknotes KARACHI: The old design banknotes will cease to be legal tender with effect from December 1, 2016 as per Federal Government's Gazette notification dated June 4, 2015, therefore, it has now been decided to phase out all remaining old design banknotes of Rs 10, 50, 100 and 1,000.The Rs 5 banknote and old design Rs 500 banknote have already been demonetized, said a statement on Tuesday.It is worth mentioning that the State Bank of Pakistan ...

Pakistan - Banking & Finance

Governor SBP directs private banks to enhance lending in KP        PESHAWAR: Governor State Bank of Pakistan, Ashraf Mahmood Wathra has directed the private banks to expand credit facility for business community of Khyber Pakhtunkhwa after improvement in security situation. This he said during a seminar-cum-discussion arranged here on Monday by SBP with bankers, businessmen and heads of chamber of commerce and industries. President Federation of Pakistan Chamber of Commerce and Industry (FPCCI), Abdul Rauf Alam, President KPCCI, Zulfiqar Ali, Chairman Pakistan Banking Association, Aftab Manzoor, ...

Pakistan - Banking & Finance

SBP injects Rs1,388bn into market KARACHI: State Bank of Pakistan (SBP) on Friday injected Rs1,388 billion into financial system for seven days through its open market operation (OMO).The rate of return accepted is 6.02 percent per annum, said SBP statement.Copyright APP (Associated Press of Pakistan), 2016 ...