State Bank releases Second Quarterly Report on the State of Economy

State Bank releases Second Quarterly Report on the State of Economy

The State Bank of Pakistan today released its Second Quarterly Report on The State of Pakistan’s Economy for FY19. As stated by the report, the effects of macroeconomic stabilization measures taken since December 2017 started to unfold as the economy moved into the second quarter of FY19. More specifically, monetary...

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SBP reiterates currency note features to help visually impaired persons

SBP reiterates currency note features to help visually impaired persons

It has come into the notice of SBP that visually impaired persons find it difficult to recognize and distinguish amongst different Pakistani currency notes. SBP, for the information of the general public and specifically visually impaired persons, reiterates that Pakistani currency notes have specific features to help the visually impaired...

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SBP Announces Concessionary Financing Facility for Special persons

SBP Announces Concessionary Financing Facility for Special persons

State Bank of Pakistan issued a concessionary Small Enterprise Financing and Credit Guarantee Facility for Special persons. Mr. Tariq Bajwa, the Governor State Bank of Pakistan announced this special facility in the 7th meeting of the National Assembly Standing Committee on Finance, Revenue and Economic Affairs held at State Bank...

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Automated tax collection system soon to be introduced across Sindh

Automated tax collection system soon to be introduced across Sindh

KARACHI: Sindh Chief Secretary Mumtaz Ali Shah on Wednesday said that tax collection system will be shifted from manual procedures to a computerized version by the provincial government, media sources reported. Mumtaz Ali Shah made the announcement while chairing a meeting to discuss strategies for betterment in tax collection in...

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Overseas Pakistanis remit US $14.3 billion in the first eight months of FY19

Overseas Pakistanis remit US $14.3 billion in the first eight months of FY19

Overseas Pakistani workers remitted US $14350.53 million in the first eight months (July to February) of FY19, showing a growth of 11.82 % compared with US $12833.64 million received during the same period in the preceding year. During February 2019, the inflow of worker’s remittances amounted to US $1576.51 million,...

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SBP, ADFD agreement: Second tranche of $2bn soon to be received by Pakistan

SBP, ADFD agreement: Second tranche of $2bn soon to be received by Pakistan

KARACHI: The State Bank of Pakistan (SBP) on Saturday signed an agreement with Abu Dhabi Fund for Development (ADFD) for the placement of the second tranche of $2 billion. Pakistan is set to receive $4.1 billion in financial assistance from friendly countries next week, according to Finance Minister Asad Umar. The minister’s...

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PM Imran Khan approves first-ever tariff policy

PM Imran Khan approves first-ever tariff policy

ISLAMABAD: Prime Minister Imran Khan has approved first-ever tariff policy recommended by the Ministry of Commerce devised after detailed consultation, media sources reported on Wednesday. The policy is aimed at ensuring transparency, predictability and institutionalizing the entire tariff structure in the country. The draft, approved by the prime minister, would...

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SBP Instructed Banks to Accept Proof of Registration (PoR) Card as Acceptable Identity Document for Opening Accounts of Afghan Refugees

SBP Instructed Banks to Accept Proof of Registration (PoR) Card as Acceptable Identity Document for Opening Accounts of Afghan Refugees

State Bank of Pakistan has issued a circular advising banks/DFIs that they may accept PoR Card issued by NADRA (National database & Registration Authority) as identity document for opening accounts of Afghan refugees. Accordingly, biometric verification of Afghan refugees holding PoR Card has been made live by NADRA w.e.f February...

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Pakistan stocks continue to dip amid rising war fears and escalating tensions

Pakistan stocks continue to dip amid rising war fears and escalating tensions

KARACHI: Pakistan stocks continued to dip in Wednesday morning trade amid panic selling in the market, as border tensions escalated following intrusion by Indian aircraft into the Pakistani airspace a day ago. The benchmark KSE-100 index shed a further 275 points to reach 38,546 earlier today, after losing 785 points...

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Indian markets slump post LoC invasion attempt by IAF

Indian markets slump post LoC invasion attempt by IAF

MUMBAI: Indian markets dived on Tuesday after the country’s military aircraft violated the Line of Control (LoC), escalating tensions between the two nuclear-armed neighbors. Pakistan’s military confirmed that Indian jets crossed into its territory and released a payload after Pakistan scrambled its own jets, but there was no casualties or...

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