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Tag Archives: State Bank of Pakistan

Govt mulling over to hike duty on over 1,000 imported items

ISLAMABAD: The federal government is planning to levy additional regulatory duty on more than a thousand imported items to generate $1.12 billion, which will assist in reining in the trade deficit Sources said that the new proposal is being finalized by the State Bank of Pakistan, Finance Division, Ministry of Commerce and Textile and the Federal Board of Revenue (FBR). As ... Read More »

SC declares donations for construction of dams tax-free

ISLAMABAD: The Supreme Court has maintained that the contributions made to the Diamer-Bhasha and Mohmand Dams Fund would not be liable to any tax/duty whatsoever. A four-member bench passed the written orders while hearing the case regarding construction of the two dams and contribution in a fund being established for the purpose. The top court had emphasized the urgent need ... Read More »

FDI up 11% in 8 months: China tops with $175 million investment

ISLAMABAD: Foreign Direct investment (FDI) in the country increased by 11 per cent in the first eight months of current fiscal year 2014-15, while china remained highest investor with $175 million in same period. Total FDI during July-Feb 2014-15 was $615 million compared to $553 million in the same period of last year 2013-14, The Gulf Today reported. The State ... Read More »

$2.649b remitted from SA: Remittances up 15.2pc to $8.981b against $7.792b in first half FY14-15 

KARACHI: The inflow of remittance swelled to $8.981 billion in the first half of the current fiscal year, showing a growth of 15.2 percent as compared to $7.792 billion in the corresponding period of last year. According to the State Bank of Pakistan, inflows remittances have been increasing each year despite acts of terrorism and political unrest in the country. ... Read More »

Remittances up 15.2pc to $8.981b against $7.792b in first half FY14-15  

KARACHI: The inflow of remittance swelled to $8.981 billion in the first half of the current fiscal year, showing a growth of 15.2 percent as compared to $7.792 billion in the corresponding period of last year. According to the State Bank of Pakistan, inflows remittances has been increasing each year despite acts of terrorism and political unrest in the country. ... Read More »

$15b mark crossed: SBP reserves up by $171m to $10,476b

KARACHI: The State Bank of Pakistan has declared that total liquid foreign exchange reserves of the country have surged to $15,212.7 billion on January 2, 2015. In a statement the central bank detailed that that forex reserves held by the SBP stood at $10,475.8 billion while net foreign reserves held by banks $4,736.9 million on January, 2. During the week ... Read More »

Forex reserves swell to $15b with $171m increase

KARACHI: The State Bank of Pakistan has declared that total liquid foreign exchange reserves of the country have surged to $15,212.7 billion on January 2, 2015. In a statement the central bank detailed that that forex reserves held by the SBP stood at $10,475.8 billion while net foreign reserves held by banks $4,736.9 million on January, 2. During the week ... Read More »

$60m decease: Forex reserves fall 0.57%, to $10,305m

KARACHI: Foreign exchange reserves of the country deceased by $60 million to $10,305 million on a weekly basis, as compared to $10,365 million of the previous week. According to the State Bank of Pakistan, foreign exchange reserves held by the central bank fell by 0.57%. Between December 19 and 26, the SBP paid $197 million on account of external debt ... Read More »

$4b,1.5pc of GDP can be saved: Oil imports bill swells to $6.7b against $6.43b

KARACHI: Though the govt has partially passed on benefits of falling crude oil price in the international market, it is yet to contain the rising oil import bill which has jacked up to $6.69 billion during July-Nov 2014-15 against $6.43 billion in the corresponding period of last year. There appears no strategy on the part of the govt to reap ... Read More »

$4b,1.5pc of GDP can be saved: Oil imports bill swells to $6.7b against $6.43b

KARACHI: Though the govt has partially passed on benefits of falling crude oil price in the international market, it is yet to contain the rising oil import bill which has jacked up to $6.69 billion during July-Nov 2014-15 against $6.43 billion in the corresponding period of last year. There appears no strategy on the part of the govt to reap ... Read More »

Net Domestic Assets of banking system expand up to Rs 743 billion

ISLAMABAD: The Net Domestic Assets (NDA) of the banking system of Pakistan have expanded up to Rs 743 billion in the first half of the current fiscal year which marked a growing economic activity in the country. “Volume of NDA of country’s banking system in the first half of the previous fiscal year was Rs 595.3 billion,” a well placed ... Read More »

9-day before deadline: Foreign reserves cross $15b mark, $10b with SBP

ISLAMABAD: Federal Finance Minister Ishaq Dar has said that the country’s total foreign exchange reserves have crossed $15 billion. The finance minister revealed this during a meeting with Prime Minister Nawaz Sharif in Islamabad. Dar gave him detailed briefing about economic measures taken which made possible to achieve the target. The prime minister congratulated Finance Minister Ishaq Dar and his ... Read More »

9-day before deadline: Foreign reserves cross $15b mark, $10b with SBP

ISLAMABAD: Federal Finance Minister Ishaq Dar has said that the country’s total foreign exchange reserves have crossed $15 billion. The finance minister revealed this during a meeting with Prime Minister Nawaz Sharif in Islamabad. Dar gave him detailed briefing about economic measures taken which made possible to achieve the target. The prime minister congratulated Finance Minister Ishaq Dar and his ... Read More »

33.5% of Rs500b target: Agri credit soars by 42.7% to Rs167.6b in 5 months of FY14-15

KARACHI: The banks have disbursed Rs167.6 billion during the first five months (Jul-Nov 2014) of current fiscal year, showing 42.7pc growth as they disbursed Rs117.4 billion during the corresponding period last year. The total amount of agricultural loans ie Rs167.7 billion is 33.5pc of the overall annual target of Rs500 billion. The outstanding portfolio of agricultural loans has increased by Rs36.0 ... Read More »

Settling the fiscal matters

In its annual report, the State Bank of Pakistan has describedthe overall economic performance during the fiscal year 2013-14as betterdespite the fact that most of the targets set for the year could not be achieved. Though the government has the reasons to boast of narrowing gap of fiscal deficit than the target, the report indicates that the arrangement to bring ... Read More »

Standard Chartered lauds sale of $1b Sukuk bonds at 7.75% interest rate    

KARACHI: Standard Chartered Pakistan Chief Executive Officer Shazad Dada has dubbed the issuance of Sukuk bonds an achievement for the country which it accomplished on time in collaboration with different Islamic banks by raising $1 billion. Standard Chartered Pakistan Chief Executive Officer Shazad Dada said that Pakistan received tremendous response from the international investors. He said that Standard Chartered was ... Read More »

KASB Bank 6-month moratorium: Equity base up 11pc to Rs1000b, profit touches Rs176b: SBP

KARACHI: The State Bank of Pakistan rebuffed rumors being spread about the weak financial condition of some banks in the aftermath of imposition of moratorium on KASB Bank Ltd. The Central Bank also snubbed misleading information attributed to the bank in this regard. The SBP took strong notice of such misinformation and clarified that no such information had been circulated ... Read More »

Elevated money market affecting FX market, opines Finance Ministry

ISLAMABAD: Although elevated money market rates helped stabilise exchange rate by increasing the cost of rupee liquidity yet it not only discouraged speculative activity in the FX market, but also kept the interest rate differential between the rupee and foreign currency loans high. A highly-placed source at the Finance Ministry told this scribe here on Wednesday that 15 commercial banks, ... Read More »

Directorate of Reforms seeks SBP approval to start automation of E-form

  KARACHI: The Directorate General of Reforms and Automation has sent a letter to the State Bank of Pakistan (SBP) seeking approval about the business requirements to initiate the automation of E-form. Customs Today has learnt that Directorate General of R&A Director Abdul Majid Yousfani has written a letter to SBP Director Foreign Exchange Operations Amjad Manzoor. The letter, which ... Read More »

SBP brings down policy rate by 0.5% to 9.5%, industry sought 200-300pbs cut

KARACHI: State Bank of Pakistan (SBP) has brought down the policy rate by 0.5% to 9.5%. The central bank has reduced the key interest rate by 50 basis points in the economy for the next two months due to impact of floods and downward trend in global commodity prices. The SBP had kept the policy rate flat since November 2013 when ... Read More »