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Banking & Finance


NBP ranked top bank of Pakistan  KARACHI: National Bank of Pakistan (NBP) has been ranked by "The Banker" as the top bank of Pakistan in its `Top 1000 World Banks' ranking for 2012. According to an announcement here Monday, NBP has once again outperformed all the local banks operating in Pakistan. NBP president Qamar Hussain received the DOTY Award by Syed Shahjahan Salahuddin, Country Manager of The Banker at an impressive ceremony. Copyright APP (Associated Press of Pakistan), 2012 ...

Third-party product sales criteria for banks, DFIs issued  RECORDER REPORT KARACHI: The State Bank of Pakistan (SBP) has issued minimum standards for the sale of third-party products by banks/development finance institutions (DFIs) to safeguard the interest of depositors/general public, preventing the banks from incurring operational and reputational risks. “Banks offering third party products must establish a centralized control function entrusted with the responsibility to verify the information given in a sales proposal/application forwarded by the sales staff. It is up to the banks how to ...
Branchless Banking continues to show rising trend: SBP  KARACHI: Branchless banking (BB) continued to show a rising trend in the third quarter (January-March 2012) of the current fiscal year (2011-12) during which BB transactions surged by 23 percent to 25.3 million as compared with 20.6 million in the preceding quarter. According to SBP's Branchless Banking Newsletter issued here Thursday, the value of these transactions was recorded at Rs 85.092 billion, showing a growth of 7 percent as compared with Rs 79.410 billion in the ...
Forex reserves further slips to $14.964bn KARACHI: Country's foreign exchange reserves have slipped by $ 83 million to around $ 14.964 billion as on June 22, 2012 on foreign payments. According State Bank of Pakistan here Thursday, the foreign exchange reserves held by the Central Bank decreased to $ 10.535 billion while reserves held by banks improved to about $ 4.429 billion during the week. Copyright APP (Associated Press of Pakistan), 2012 ...
Manifest Error, FBR suggested to invoke powers under Income Tax Ordinance 2001 ISLAMABAD: The Federal Tax Ombudsman (FTO) while deciding a case regarding tax exemption, recommended the Federal Board of Revenue (FBR) to ensure that powers under Section 221 of the Income Tax Ordinance 2001 are invoked for rectification of a manifest error in the order of the Appellate authorities. The Board has also been directed to report compliance within 30 days, according to the FTO order received here Wednesday. According to the order, the FTO found manifest error ...
SBP resets coupon rate for GIS-12  KARACHI: The State Bank of Pakistan (SBP) has announced the coupon rate (1st profit) for 3-year Government of Pakistan Ijara Sukuk (GIS-12) at 11.9366 percent per annum. According to the SBP here on Wednesday, the auction for GIS-12 was held on June 20, 2012 and 1st coupon payment date will be December 28, 2012. Copyright APP (Associated Press of Pakistan), 2012 ...
SBP BSC, banks to collect tax till late Saturday  KARACHI: All the field offices, SBP Banking Services Corporation (SBP BSC), authorized/concerned branches of National Bank of Pakistan (NBP) and all other banks will remain open on June 30, 2012 (Saturday) till late night for collection of FBR taxes and duties. The State Bank of Pakistan (SBP) has also advised the field offices of SBP BSC, NBP and other banks to provide banking facilities for extended hours on June 28, 2012 (Thursday) till 6:00 p.m. and ...


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ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.309 bln
Exports $1.957 bln
Imports $4.266 bln
WeeklyDecember 15, 2014
Reserves $13.922 bln