02102016Wed
Last update: Wed, 10 Feb 2016 01pm

Banking & Finance

Pakistan - Banking & Finance

Rs2.50bn to be spent on construction of 23 roads FAISALABAD: As many as 23 roads are being constructed in rural areas with an estimated cost of Rs 2.50 billion in the division.According to official sources, Rs 992 million is being spent on construction of eight roads in rural areas in the district while a sum of Rs 416 million would be spent on eight roads in Jhang.The funds of Rs 464 million would be spent on six roads and Rs 177 million is being incurred on a road in district Chiniot.They said 30 roads at a cost of Rs 2.36 billion had already been completed across the division in the first phase of the rural roads programmes. Copyright APP (Associated Press of Pakistan), 2015 ...

Pakistan - Banking & Finance

Pakistan ranked in top five countries in global index on financial inclusion 2015 KARACHI: Pakistan's financial inclusion ranking has been elevated to number five in the global index on financial inclusion; two notches up from the 2014 ranking as revealed by the Economist Intelligence Unit's (EIU) Global Microscope 2015 Report.The EIU Report attributed the improvement in Pakistan's ranking to the top level commitment, consistency, and major financial inclusion initiatives implemented by State Bank of Pakistan during the year, said statement from State Bank of Pakistan (SBP) here on ...

Pakistan - Banking & Finance

Old design banknotes cease to be legal tender with effect from December 1, 2016: SBP ISLAMABAD: As per Federal Government's Gazette Notification dated June 4, 2015, the old design banknotes will 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 Rs 5 banknote and the old design Rs 500 banknote have already been demonetized", said a statement issued by the Central Bank on Monday.It is worth mentioning ...

Pakistan - Banking & Finance

Rs6.8bn disbursed under PM Youth Programme ISLAMABAD: An amount of Rs 6.8 billion has been disbursed among 65,000 beneficiaries so far under the Prime Minister Youth Programme.Prime Minister's Youth Programme is a revolutionary programme for the socio-economic development of youth, in a bid to combat soaring unemployment in the country.It has a broad canvas of schemes aimed at enabling youth and poor segments of population to get good employment, opportunities, secure economic empowerment, acquire skills needed for gainful employment, have access ...

Pakistan - Banking & Finance

National Savings collected Rs.111bn till Nov 28 ISLAMABAD: The Central Directorate of National Savings (CDNS) has collected Rs. 111 billion as against the proportionate target of Rs 125 billion till November 28, during the current fiscal year (2015-16).An official of the CDNS informed APP here on Wednesday, the estimated target of the national savings for the year 2015-16 has been set for Rs. 302 billion.Likewise, he said during the first quarter of current fiscal year, the CDNC collected Rs. 82 billion as ...

Pakistan - Banking & Finance

SBP shows confidence on NBP KARACHI: State Bank of Pakistan (SBP) has rejected the news reports about lack of confidence of the Central Bank over National Bank of Pakistan's (NBP) management.National Bank of Pakistan (NBP) is one of the systemically important banks in the country, SBP statement said here on Wednesday. SBP is interalia responsible for the stability of the financial system. After the international financial crises, the regulators around the world have particularly given more emphasis to the systematically ...

Pakistan - Banking & Finance

SBP injects Rs54bn into market KARACHI: State Bank of Pakistan (SBP) on Tuesday injected Rs 54 billion into money market for three days through its open market operation (OMO).The rate of return accepted is 6.06 percent per annum, said SBP statement.Copyright APP (Associated Press of Pakistan), 2015 ...