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Pakistan jumps among world’s top ten stock market performers

Advertisements   ISLAMABAD: After gaining an index of 16 % during the last 12 months, Pakistan has jumped among the world’s top ten stock market performers, said in a recent report by Bloomberg. Advertisements The report highlighted the improvements in Pakistan’s economic performance in terms of trade, investment, industry, inflation, …

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Five oil companies penalized by Ogra fine of Rs17.8m

ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) has imposed  fine of millions on oil marketing companies that were held responsible for severe petrol shortages earlier this year. Oscar Oil Company has been fined Rs9.1 million, Admore Oil Marketing Company Rs4.7 million, Hascol Oil Company Rs1.9 million, Byco Rs1.6 million and …

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SBP revises forex remittance rules for ‘Medical Treatment Abroad’ and ‘Studies Abroad’

KARACHI: The State Bank of Pakistan has set new rules of forex remittance to facilitate Pakistanis to meet their individual forex needs related to ’medical treatment abroad’ and ‘studies/education abroad’, according to Circular No. 08/2015 of SBP. SBP has revised the rules of remittances for medical treatment abroad and remittances …

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Asia Infrastructure Investment Bank: Ishaq Dar signs ‘Articles of Agreement’

ISLAMABAD: Finance Minister, Senator Mohammad Ishaq Dar has attended the signing ceremony of the Articles of Agreement (AoA) on Asia Infrastructure Investment Bank (AIIB) being held in Beijing, China on Monday (today), reported by the Radio Pakistan. Pakistan is among the 57 Prospective Founding Members (PFMs) of the Asian Infrastructure …

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$506m approved for Pakistan by IMF

ISLAMABAD: International Monetary Fund (IMF) has endorsed issue of at least 506 million dollars as chunk of three-year loan scheme backed by Extended Fund Facility (EFF). According to a statement issued in Washington, IMF said that the instalment was released after seventh review of Pakistani’s economic performance was completed under …

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Fresh currency notes to be available for general public from June 25, says SBP

KARACHI: The State Bank of Pakistan (SBP) has announced the availability of fresh currency notes for general public from June 25, according to External Relations Department of SBP. In a recent press release of SBP, fresh currency notes will be available at the field offices of SBP with-effect-from June 25 …

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SBP: Minimal raise in weekly Liquid Forex Reserves

KARACHI: Pakistan’s Liquid Forex Reserves are at $17,448.5 million. Minimal raise was recorded between June 5 to June 12, 2015, reported by Domestic Markets & Monetary Management Departments of the State Bank of Pakistan. Pakistan Liquid Forex Reserves started to climb in the first week of June 2015 after facing …

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World Bank approves $500 million credit for Pakistan’s Economic Growth

WASHINGTON: The World Bank has approved the Development Policy Credit (DPC) worth $500 million for Pakistan to boost economic growth of the country. Pakistan’s ambassador to the United States Jalil Abbas Jilani and Vice President for the South Asian Region Annette Dixon signed the agreement in Washington. The Fiscally Sustainable …

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Circulation of Old Currency notes to end by 2016: SBP

KARACHI: The government has decided to phase out all old-designed currency notes till the end of next calendar year, said the State Bank on Wednesday. “As per federal government notification (June 4, 2015), such currency notes will cease to be legal tender from Dec 1, 2016,” said by SBP. Previously, …

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Foreign investment graph goes down this year

Karachi: The foreign direct investment (FDI) falls negative up to USD 7 million in May, 2015 as compared to USD 612 million in month of May, 2014. While the foreign private investments (FPI) were just USD 35 million against USD 671 million a year ago, said by State Bank of …

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Meezan Bank brings in Online Account Opening Form

Considered to be the first and largest Islamic Bank in Pakistan, Meezan Bank has launched a first-of-its-kind facility in Pakistan by accommodating its clients the ability to apply online for opening an account. The Bank has provided the ‘Online Account Opening Form’ on its official website that will enable the …

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SBP: Pakistan’s Liquid Forex Reserves raised by 2.4% in first week of June 2015

KARACHI: After one month of decreasing trend, Pakistan Liquid Forex Reserves have started to climb again. Forex reserves with country are at $17,446.9 million by the end of June 5, 2015, reported by Domestic Markets & Monetary Management Department of the State Bank of Pakistan (SBP). Pakistan’s forex reserves value …

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German based Volkswagen is planning to step into Pakistan

ISLAMABAD: Volkswagen – the leading German automaker company of Germany and Europe is aiming to step-into Pakistani automobile industry, reported by private media channel. The spokesperson of Board of Investment said that the German based automaker wants to introduce its brands in Pakistan. According to German Ambassador to Pakistan Dr. …

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SBP: Pakistan’s Liquid Forex Reserves slashed by $465 million in a week

KARACHI: Foreign Reserves held by both State Bank of Pakistan (SBP) and other banks have been decreased by $465 million in total, reported by Domestic Markets & Monetary Management Department of Pakistan. Pakistan’s forex reserves value in the month of May 2015 was not satisfactory. From May 1, 2015 to …

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