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Rs 383.7mn ordered to meet PARC budget shortfall: Chairman ISLAMABAD: Chairman of the Pakistan Agriculture Research Council (PARC) Dr Iftikhar Ahmed on Saturday said that the Finance Ministry had been directed to release Rs 383.7 million to the Council immediately to meet its budget shortfall.   The PARC Chairman, while talking to APP, said that the directive was issued by Prime Minister Raja Pervez Ashraf after he apprised him of the financial crunch being faced by the Council, during a recent meeting.   He said that he told the Prime Minister that non-development expenditure was the main reason for budget shortfall. Some 269 employees of the PARC have been recently reinstated and funds are required to pay their salaries and arrears, he added.   He said that the Council was originally allocated Rs 876.21 million for non-development budget and Rs 2753.21 million for development budget the year 2012-13.   He apprised the Prime Minister that work on six approved projects could not be initiated due to funds ...

Daily minimum CRR limit reduced to 3pc  RECORDER REPORT KARACHI: The State Bank of Pakistan has provided more flexibility to bank treasuries to drop the condition of daily Cash Reserve Ratio (CRR) to 3 percent instead of 4 percent, while maintaining average CRR of 5 percent over a two-week period instead of one-week period.   Two circulars have been  issued by SBP in this regard on Friday. Around Rs 5.1 trillion are held in Time and Demand Liabilities (TDLs) as the consequence of SBP fresh ...
Overnight liquidity borrowing: SBP signals its penalty intent  RECORDER REPORT KARACHI: Frowning upon the banks’ frequent recourse to central bank’s window to borrow overnight liquidity, the SBP has signalled that it will charge an extra 50 basis points (bps) from banks that approach  discount window above seven times in a quarter. This move expected to discourage weak banks and DFIs, which are extensively borrowing from the SBP and subsequently investing those funds in the purchase of government securities.   This practice has forced the SBP to ...
State Bank of Pakistan to buy govt paper in reverse repo  KARACHI: State Bank of Pakistan (SBP) said it would buy government paper from commercial banks on Friday in seven-day reverse repo to inject funds into the money market.   The State Bank of Pakistan did not say how much money it would inject through the open market operation.   The result of the auction will be announced at 1030 a.m. (0530 GMT) and settlement will be later in the day.   Copyright Reuters, 2012 ...
Pakistan drafts new rules for issuing sukuk SYDNEY: Pakistan's regulator has issued new draft rules for the issuance of sukuk or Islamic bonds, as part of a range of initiatives to boost the Islamic banking sector in the country.   Under the rules, released on Thursday, sukuk will have to be structured to comply with standards of the Bahrain-based Accounting and Auditing Organisation for Islamic Finance Institutions, as well as those set by the local regulator.   The draft rules also include requirements for disclosure of ...
SBP binds banks to install at least one ATM with new branch  KARACHI: State Bank of Pakistan (SBP) has made it mandatory for all banks operating in the country to add at least one Automated Teller Machine (ATM) in their network while opening a new branch in a Calendar Year (CY) from next year.   This directive has been issued to banks with a view to improve the coverage ratio of ATMs (the number of ATMs per branch) and to meet the minimum international standards, said a SBP circular ...
Deputy Governor State Bank to inaugurate ATM at KPC KARACHI: The Deputy Governor of the State Bank of Pakistan, Kazi Abdul Muktadir, will inaugurate the first ever ATM installed at Karachi Press Club to facilitate the media community.   An announcement on Thursday said that the inaugural ceremony will be held on Oct 9.   It said that the Senior Executive Vice President (SEVP) Summit Bank Asif Ali will be guest of honour.   This Automated Teller Machine (ATM) facility has been installed by Summit Bank Limited to facilitate over ...


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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.894 bln
Exports $1.953 bln
Imports $3.847 bln
WeeklyJuly 06, 2015
Reserves $18.201 bln