SBP designates domestic systemically important banks for 2023
The State Bank of Pakistan announced the Domestic Systemically Important Banks for the year 2023 under D-SIBs framework aimed at further strengthening risk management capacities and resilience against shocks. The central bank has designated National Bank of Pakistan (NBP), Habib Bank Limited (HBL) and United Bank Limited (UBL) as D-SIBs for the year 2023 after…
Adil Aziz
No additional tax being imposed on agriculture sector income: Bilal Azhar Kayani
Coordinator to Prime Minister on Economy and Energy Bilal Azhar Kayani categorically said that the government had no plan to impose additional tax on income of agriculture sector. he said it was unfortunate that those who pushed the country to the verge of default were now attempting to dent the International Monetary Fund (IMF) programme….
ADB maintains growth forecast for Asia and the Pacific at 4.8%
The Asian Development Bank (ADB) is maintaining its growth outlook for developing economies in Asia and the Pacific at 4.8 percent this year, as robust domestic demand continues to support the region’s recovery. Inflation is expected to continue falling, approaching pre-pandemic levels as fuel and food prices decline, According to the Asian Development Outlook (ADO)…
Summit Bank Limited Announces Name Change to Bank Makramah Limited
Summit Bank Limited is pleased to announce that the State Bank of Pakistan has granted its consent to change Summit Bank’s name to Bank Makramah Limited (abbreviated as BML). This will become effective subject to other regulatory and corporate approvals. This name change follows the recent acquisition of a controlling stake in Summit Bank by…
PTA between Pak-Azerbaijan to be finalized in August
A preferential Trade Agreement (PTA) between Pakistan and Azerbaijan is expected to be finalized in the first week of the coming month of August 2023, for evolving the trade liberalization and enhancing the bilateral trade between both countries. Pakistan and Azerbaijan also agreed to initiate direct flight operations in major cities of both countries including…
New UK initiative will boost trade with Pakistan
The United Kingdom’s Developing Countries Trading Scheme (DCTS) has now entered into effect, providing tariff reductions and simpler terms of trade to Pakistan and 64 other countries. The new scheme has replaced the Generalized Scheme of Preferences (GSP) and will help drive business between the UK and developing countries, reducing the need for aid. UK…
Pakistan to utilize Chinese expertise to boost exports, operate SEZs: Ahsan Iqbal
Minister for Planning, Development and Special Initiatives Professor Ahsan Iqbal said China would provide Pakistan with technical ‘know-how’ and expertise to increase exports and help successful execution of the Special Economic Zones (SEZs), under the CPEC project. “We have requested China not to give us fish, [but] teach us how to catch the fish. Pakistan…
Mobilink Bank Sets New Benchmarks in Women Empowerment and MSME Lending
Mobilink Bank achieved notable growth in Loan Disbursement and Gross Loan Portfolio (GLP) across two key segments, Women as well as Micro, Small, and Medium Enterprises (MSMEs), as evident in its H1 2023 results. These achievements underline the Bank’s commitment to fostering financial inclusion and supporting the growth of small businesses, further demonstrating the effectiveness…
Jubilee Life Insurance and Daewoo Express Join Hands to Introduce Insurance Protection for Passengers
Jubilee Life Insurance, Pakistan’s largest private sector insurance company, and Daewoo Express, the country’s premier transportation service provider, are pleased to announce a one-of-a-kind strategic partnership offering insurance coverage to Daewoo passengers. Daewoo Express serves over 6 million passengers annually, primarily in the age range of 25 to 35 years. This insurance product is specifically designed to…
Pakistan exports $16.5 Billion textile products in FY-23
Pakistan earned over $16.50 billion from the exports of various textile products during the fiscal year 2022-23. The textile goods’ exports during the same period of last year were recorded at $19.329 billion, showing a decline of 14.63 percent during the fiscal year 2022-23, according to PBS data released. The textile products that contributed positively…