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Iran's Rouhani wants to 'free' economy from sanctions TEHRAN: Iranian President Hassan Rouhani called Sunday for national unity to liberate the economy from international sanctions, which he compared to a form of occupation."We must join hands and free our economic territory which was unjustly occupied by the countries of the P5+1 (Britain, China, France, Russia, the United States and Germany) and the UN Security Council ... through use of diplomatic and political tools," Rouhani said in a televised speech.The P5+1 group is trying to negotiate a deal with Tehran aimed at preventing Iran from developing nuclear weapons, in exchange for an easing of punishing economic sanctions.Iranian hardliners have opposed any deal curbing nuclear activities that Tehran says are for peaceful energy purposes.The UN Security Council adopted six resolutions, four of which imposed sanctions, against Iran's nuclear and missile programmes between 2006 and 2010.Since 2012, the United States and the European Union have also applied a series of unilateral ...

IS is recruiting, but not operational in Afghanistan: NATO General KABUL: The Islamic State group is recruiting fighters in Afghanistan, the commander of foreign forces in country has said, but they are not yet operational. There have been fears of IS group making inroads in Afghanistan since US-led NATO forces ended their combat mission late last year, after 13 years of fighting insurgents. "There's recruiting going on in Afghanistan. There is money being passed back and forth," General John F Campbell the commander of NATO ...

Saudi king vows to punish those behind suicide attack DUBAI: Saudi Arabia's King Salman said on Sunday he was "heartbroken" over a suicide bombing at a Shia mosque in the kingdom that killed 21 people, state news agency SPA reported, a conciliatory statement as sectarian strife intensifies in the region.Salman said anyone linked to the attack, claimed by the Islamist militant group Islamic State, or who sympathises with it, will be brought to justice."We were pained by the enormity of the crime of this ...

Greece does not have the money to make June IMF repayment: interior minister ATHENS/LONDON: Greece cannot make debt repayments to the International Monetary Fund (IMF) next month unless it achieves a deal with creditors, its interior minister said on Sunday, the most explicit remarks yet from Athens about the likelihood of default if talks fail.Shut out of bond markets and with bailout aid locked, cash-strapped Athens has been scraping state coffers to meet debt obligations and to pay wages and pensions.After four months of talks with its euro ...

Dar welcomes reduction in policy rate ISLAMABAD: Finance Minister Senator Ishaq Dar Saturday welcomed the announcement by State Bank of Pakistan (SBP) to reduce its policy rate from 8 per cent to 7 per cent and said it it would spur business and economic activities in the country.The minister, in a statement, said the SBP decision was a manifestation of improvement in macroeconomic conditions as reflected in multi-year low inflation and considerably improved external account.The current CPI inflation of 4.8% in ...

Dar meets KP Chamber of Commerce's representatives ISLAMABAD: Finance Minister, Senator Mohammad Ishaq Dar Saturday met delegation of businessmen and representatives of KP Chamber of Commerce, led by Senator Ilyas Bilour.The delegation emphasized grant of a new incentive package for Khyber Pakhtunkhwa in view of economic difficulties arising due to the security situation, says a statement issued by the Ministry of Finance here.The delegation requested income tax holiday to all industries and businesses in KP for a period of five years and ...


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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 $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyMay 21, 2015
Reserves $17.75 bln