Banks to remain closed on May 29 for Zakat deduction

Banks to remain closed on May 29 for Zakat deduction
KARACHI: The central bank has announced that banks will remain closed on Monday for the purpose of deduction of Zakat, Business92 reported. “The State Bank of Pakistan (SBP) will remain closed for public dealings on May 29, 2017, which will be observed as “Bank Holiday” for the purpose of deduction of Zakat, said an official statement issued here on Thursday.... Read More

Pakistan’s economy volume crosses $300 billion: Dar

Pakistan’s economy volume crosses $300 billion: Dar
ISLAMABAD: The volume of Pakistan’s economy crossed the threshold of $300 billion dollars during the outgoing financial year. This was stated by Finance Minister Ishaq Dar while launching the Economic Survey for 2016-17 in Islamabad on Thursday. GDP Briefing the media about the performance of different sectors, the Finance Minister said that overall economic growth remained 5.28 percent which is the... Read More

SECP, SBP join hands to introduce e-IPO and e-dividend concept for capital market

SECP, SBP join hands to introduce e-IPO and e-dividend concept for capital market
ISLAMABAD: In order to facilitate the public by providing efficient, easy and hassle-free mechanism to apply for subscription of securities of companies offered for sale through initial public offerings (IPOs), Central Depository Company (CDC) with active support of 1Link (Guarantee) Limited and under the guidance of the Securities and Exchange Commission of Pakistan (SECP) and State Bank of Pakistan (SBP) ... Read More

Trade deficit swells by 40pc in July-April

Trade deficit swells by 40pc in July-April
Pakistan Trade Deficit News KARACHI: Pakistan’s trade deficit swelled by 40 percent to $26.55 billion in ten months as the imports outpaced exports as shipments of machinery and power units raised sharply. Pakistan Bureau of Statistics released statement for the July 2016 to April 2017, showing that imports registered galloping rise and totaled at $43.47 billion as compared with $36.26... Read More

Pakistan, Iran central banks devise mechanism to settle trade transactions

Pakistan, Iran central banks devise mechanism to settle trade transactions
Pakistan Iran Central Banks News KARACHI: State Bank of Pakistan (SBP) and Bank Markazi Jomhouri Islami Iran (BMJII) have devised a payment settlement mechanism to settle the trade transactions in order to facilitate trade between the two countries, Business92 reported Thursday. The mechanism will be available as an additional mode and does not restrict the use of other permissible mechanisms... Read More

ADB appoints Xiaohong Yang as country director to Pakistan

ADB appoints Xiaohong Yang as country director to Pakistan
ISLAMABAD: The Asian Development Bank (ADB) has appointed China’s Xiaohong Yang as new Country Director for Pakistan. According to ADB press statement, Yang, who assumed office on April 24, 2017, is ADB’s first woman Country Director in Pakistan as well as the first national of the People’s Republic of China. “I am very pleased to announce Ms. Yang as ADB’s... Read More

SBP issues special commemorative coin of Rs50 to honor Abdul Sattar Edhi

SBP issues special commemorative coin of Rs50 to honor Abdul Sattar Edhi
KARACHI: The State Bank of Pakistan (SBP) on Friday issued a special commemorative coin of Rs50 in honour of late humanitarian and Edhi Foundation Chairman Abdul Sattar Edhi. The commemorative coin was issued by the central bank after the federal government had authorized it on July 15, 2016 following his death. The coin will be available through the exchange counters... Read More
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