05282016Sat
Last update: Sat, 28 May 2016 05am

Banking & Finance

Pakistan - Banking & Finance

SBP injects Rs114.200bn into market KARACHI: State Bank of Pakistan (SBP) on Tuesday injected Rs. 114.200 billion into money market for three days through its open market operation (OMO).The rate of return accepted is 6.03 percent per annum, said SBP statement. Copyright APP (Associated Press of Pakistan), 2016 ...

Pakistan - Banking & Finance

SBP auctions Rs 126.360bn PIBs KARACHI: State Bank of Pakistan (SBP) on Monday auctioned Pakistan Investment Bonds (PIBs) of Rs 126.360 billion.The maturity period for these PIBs is 3,5,10 and 20 years. The coupon rate is 8.75 percent, 9.25 %, 9.75 % and 10.75 %, said SBP statement.Copyright APP (Associated Press of Pakistan), 2016 ...

Pakistan - Banking & Finance

Summit Bank eyeing Burj Bank acquisition Summit Bank, has shown interest in acquiring a majority stake in the Burj Bank, an Islamic commercial bank, said a filing According to local media reports, the Summit Bank said, "We have indicated our interest in acquiring the majority shareholding in Burj Bank Limited and in this connection have applied to the State Bank of Pakistan…for permission to conduct due diligence of Burj Bank Limited," in a statement issued to the Pakistan Stock Exchange (PSX).Summit ...

Pakistan - Banking & Finance

Telenor acquires Tameer Bank The Norway based Telenor Group has purchased the remaining 49 percent shares of Tameer MicroFinance Bank Ltd, in doing so Tameer has become an wholly owned subsidiary of the telecommunication firm.According to local media reports, with the 100 percent acquisition of Tameer Microfinance Bank, Telenor Pakistan will, transfer the management of Easypaisa to Tameer, with immediate effect.Nadeem Hussain, Founder of Tameer Bank will step down from the position of President and Chief Executive Officer, and ...

Pakistan - Banking & Finance

Pakistan's Liquid Foreign Reserves reaches over US $ 20.718 billion ISLAMABAD: The total liquid foreign reserves held by the country stood at US$20,718.4 million on March 11, 2016.Giving the break-up of the foreign reserves position, a statement of the State Bank of Pakistan (SBP) said that Foreign reserves held by the State Bank of Pakistan stood at US$ 15,859.0 million while Net foreign reserves held by banks were US$ 4,859.4 million as on March 11, 2016.The SBP said that during the week ending March 11, ...

Pakistan - Banking & Finance

Old design banknotes cease to be legal tender with effect from December 1, 2016: SBP ISLAMABAD: A Spokesman of the State Bank of Pakistan (SBP) has said that as per Federal Government's Gazette Notification of June 4, 2015, the old design banknotes would cease to be legal tender with effect from December 1, 2016.Therefore, it has now been decided to phase out all remaining old design banknotes of Rs 10, 50, 100 and 1000, the Spokesman said in a statement.The Rs 5 banknote and the old design Rs 500 banknote ...

Pakistan - Banking & Finance

Pakistan net foreign investment $751mn in July-Feb KARACHI: Pakistan received $751 million in foreign direct investment in the first eight month (July-Feb) of the 2015-16 fiscal year, compared with $716 million during the same period a year earlier, said the central bank.Foreign direct investment rose 4.8 percent in the July to February period, compared with the same period the previous year, according to central bank data.Net foreign direct investment in the 2014-15 fiscal year, which ended in June, was $922.9 million.Copyright Reuters, ...