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Pakistan’s FDI stood at $939.7 million in four months

ISLAMABAD: State Bank of Pakistan (SBP) recorded an increase of 74.4 percent in Federal Direct Investment (FDI) during first quarter of July-October 2017-18 as compared to last year. During July-October 2018 period, the net FDI inflow into the country was $939.7 million against $538.7 million during corresponding period July-Oct 2017, says a press release. This…

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021 Disrupt: Where innovators guide Pakistan’s future  

KARACHI: Technology incubator The Nest I/O kicked off its two-day conference “021 Disrupt” at Karachi’s Movenpick Hotel on Saturday. Local and international innovators in the field of entrepreneurship, media, marketing and technology are giving their advices and sharing their experiences in their respective fields to the Pakistani community. Jehan Ara, President of P@SHA & The…

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State Bank keeps policy interest rate unchanged

KARACHI: The State Bank of Pakistan (SBP) has kept main policy interest rate unchanged at 5.75 percent. Following is SBP statement over the policy interest rate: Macroeconomic environment remains conducive to growth without impacting headline inflation. Favorable initial estimates of major crops, a healthy growth in credit to private sector and growing productive imports all…

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Yousaf to groom young players at SBP academies

LAHORE: Former Pakistan cricket captain, Muhammad Yousaf expressed his delight to train young players from the platform of Sports Board Punjab at SBP Sports academies across the province. “I will do my best to groom the young players by utilizing my expertise and standing in the game”, he told media here on Thursday after his…

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Banks to remain open for extended hours on Friday

KARACHI: State Bank of Pakistan (SBP) says all banks will remain open after 6:00 pm on Friday (September 29). “In order to facilitate the collection of Government duties / taxes, NIFT will provide special clearing facility on the advice of State Bank of Pakistan on Friday, September 29, 2017 from 6:00 pm,” the State Bank…

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SBP to announce monetary policy on Sept 29

KARACHI: The State Bank of Pakistan (SBP) will announce Monetary Policy through a press release on September 29. An announcement to this effect was made here on Wednesday. – APP

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SBP grants commencement of banking business to Bank of China

KARACHI: The State Bank of Pakistan (SBP) has allowed commencement of banking business to the Bank of China Limited, says an announcement here on Monday. Earlier, SBP had issued a banking license to the bank in the month of May 2017. The Bank of China Limited has complied with the important regulatory and operational requirements…

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SBP’s circular regarding subsidy on export of wheat & wheat products

KARACHI: The State Bank of Pakistan (SBP) on Wednesday announced extension in subsidy on export of wheat and wheat products. The EPD Circular Letter No. 18 dated September 13, 2017, is addressed to the Presidents/Chief Executives of all Authorized Dealers in Foreign Exchange. It said that regarding extension in Subsidy on Export of Wheat and…

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SBP revises outward/inward cash carrying limits

KARACHI: The State Bank of Pakistan (SBP) has revised outward/inward cash carrying limits of Pakistan currency notes (PKR) for international travelers. A statement here on Tuesday said that SBP has revised the per person per visit outward/inward cash carrying limits of Pakistan currency notes (PKR). The outward/inward cash carrying limits for countries (other than India)…

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SBP issues fresh banknotes worth Rs. 168 billion on Eid Ul Azha

KARACHI: The State Bank of Pakistan (SBP has issued fresh banknotes worth Rs. 168 billion on Eid ul Azha. A statement of the SBP said here on Thursday that to meet the increasing demand for fresh banknotes on the occasion of Eid-ul-Azha 2017, SBP Banking Services Corporation (SBP BSC) made elaborate arrangements with a focus to cover…

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Foreign reserves rise to $14,375.1 million

KARACHI: The foreign exchange reserves held by the State Bank of Pakistan (SBP) rose 0.45% on a weekly basis, according to data released by the central bank on Thursday. The SBP’s press release states, “On August 18, the foreign currency reserves held by the central bank were recorded at $14,375.1 million, up $64.6 million or…

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SBP urged to act against non-acceptance of old-design $100 note at market rate

KARACHI: President of Karachi Chamber of Commerce and Industry (KCCI) Shamim Ahmed Firpo has urged the State Bank of Pakistan (SBP) to take strict action against Exchange Companies (ECs) which were reluctant to convert the old-design US$ 100 notes and were charging 3 to 4 percent fee to exchange the old bills with the new…

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China to encourage eligible enterprises for business, investment in Pakistan

BEIJING: China will continue to encourage its eligible enterprises to go to Pakistan for business and investment aimed at conducting mutually beneficial cooperation, said Chinese Foreign Ministry’s Spokesperson Lu Kang on Wednesday. China attaches great importance to China-Pakistan all weather strategic cooperative partnership and we are committed to conducting trade and investment cooperation with Pakistan,…

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SBP vows stability in financial markets at all costs

KARACHI: The State Bank of Pakistan said it will continue to closely monitor developments in the foreign exchange markets and ensure stability in the financial markets. In a statement, the Bank said the current exchange rate is broadly aligned with the economic fundamentals. It said the Pakistani rupee-US dollar exchange rate in the inter-bank market…

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SBP announces bank holiday on July 3

KARACHI: The State Bank of Pakistan will remain closed for public dealings on July 3, 2017 (Monday) which will be observed as Bank Holiday. All banks, Development Finance Institutions (DFIs) and Micro Finance Banks (MFBs) shall, therefore, remain closed for public dealings on the aforesaid date. However, all employees of the banks / DFIs /…

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Banks to remain open on 30th June

KARACHI: To facilitate taxpayers to deposit their duty and taxes in the last days of the fiscal year 2016-17, the State Bank of Pakistan (SBP) has directed its designated branches and those of the National Bank of Pakistan (NBP) to remain open on June 30, 2017. “In order to facilitate the collection of Government duties…

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SBP re-launches SMS Short Code service for fresh currency notes

KARACHI: In order to meet the public demand for fresh currency notes the State Bank of Pakistan Banking Services Corporation (SBP BSC) re-launched the SMS Short Code based service (8877) for issuance of fresh currency notes on the occasion of this Ramzan as well from June 12, 2017. The service has been made available through…

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SBP to remain closed for public dealings on May 29

KARACHI: 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. A SBP announcement here on Thursday said that all banks/ Development Finance Institutions (DFIs)/Microfinance Banks (MFBs) shall, therefore, remain closed for public dealing on…

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SBP sets Nisab for Zakat deduction

KARACHI: The State Bank of Pakistan has fixed Nisab for deduction of Zakat from specific bank accounts at Rs.38,406 for the year 1437-38 A.H. The Zakat will be deducted from Saving Bank Accounts, Profit and Loss Sharing Account and other similar accounts having a credit balance of Rs 38,406. According to Ministry of Religious Affairs…

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Panama Case: Hearing adjourned for two weeks as JIT submits report

ISLAMABAD: Supreme Court of Pakistan has adjourned the hearing of Panama Case for two weeks as the joint investigation team – probing the offshore assets of Prime Minister Nawaz Sharif and his family, submitted its initial report, Samaa reported. According to details, a three-member of the top court headed by Justice Ejaz Afzal is hearing the case….

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SBP maintains policy rate unchanged at 5.75 percent

KARACHI: The State Bank of Pakistan has kept the policy rate unchanged at 5.75 percent. An announcement to this effect was made here on Saturday by the Monetary Policy Committee of the SBP. The statement said that the real GDP growth in the fiscal year 2017 (FY17) is provisionally estimated at 5.3 percent representing a…

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