IMF to release tranche on Monday after board meeting: Miftah Ismail
Minister for Finance and Revenue Miftah Ismail Friday said the International Monetary Fund (IMF) would release the tranche (worth US$1.17 bn) to Pakistan after its board meeting on Monday. Addressing a press conference here, the minister said Pakistan had already fulfilled all the requirements of the IMF and it is very likely that the board…
Adil Aziz
Meezan Bank, Samba Bank collaborate with Pakistan Embassy Bahrain to celebrate RDA success
Meezan Bank and Samba Bank in collaboration with the Embassy of Pakistan in Bahrain hosted a reception at the Gulf Hotel, Manama-Bahrain by inviting prominent Non-Resident Pakistanis and customers to celebrate the success of Roshan Digital Account (RDA) in Pakistan. State Bank of Pakistan, with the goal of achieving digitization is working towards providing technology-enabled…
Current Account Deficit shrinks to $1.2 billion in July
The current account deficit shrank to $1.2bn in July from $2.2bn in June, largely reflecting a sharp decline in energy imports & a continued moderation in other imports, a data released by State Bank of Pakistan (SBP) said on Wednesday. “The narrower deficit is the result of wide-ranging measures taken in recent months to moderate…
PSX turns around, gains 540 points
The KSE 100-index of the Pakistan Stock Exchange (PSX) turned around on Tuesday, gaining 540.11points, a positive change of 1.26 percent, closing at 43,366.77 points against 42,826.66 points on the last working day. A total of 324,443,387 shares were traded during the day compared to the trade of 194,667,559 shares the previous day, whereas the…
InfraZamin and HBL facilitates Multinet for greater digital reach and transmission across Pakistan
HBL will provide Multinet with 7-year long-term funding of PKR 2.1 billion (US$10.1 million) for its ‘Digital Infrastructure Facility’ backed by a PKR 1.57 billion (US$7.6 million) credit risk guarantee by InfraZamin Pakistan to bolster fibre optic network for greater digital reach and transmission across Pakistan. InfraZamin Pakistan’s partial credit risk guarantee cover of PKR…
SECP proposes revamping of REITs Regulatory Framework
The Securities and Exchange Commission of Pakistan (SECP) has published a concept paper titled “Review of Landscape & Revamping Framework-REITs” for soliciting public comments. It provides a glance at Real Estate Investment Trusts (REITs) Industry and covers proposed amendment(s) in the REITs regulatory framework. The aim of proposed regulatory amendments is to introduce new REIT…
ECC Okays to encourage foreign investment in the new LNG terminals
Cabinet to Okay private investment in LNG Terminals
President appoints Jameel Ahmed as Governor State Bank
President Dr. Arif Alvi has approved the appointment of Jameel Ahmed as Governor State Bank of Pakistan, the President House said Friday The President gave the approval on the advice of the prime minister under Article 48(1) of the Constitution and in line with Section 11-A (1) of the State Bank of Pakistan Act.
Securities & Exchange Commission of Pakistan introduces digital-only insurers and microinsurers
The Securities and Exchange Commission of Pakistan (SECP) Thursday introduced registration regime for digital-only insurers and dedicated microinsurers. This will promote digitalization and improve customer convenience through instant provision of services. In this regard, amendments to the Insurance Rules, 2017 have been notified vide SRO 1513(I)/2022, said a press release issued here. The new framework…
Allied Bank posts Rs20.118 Billion profit before tax
Allied Bank (ABL) continued its focus towards enriched technological infrastructures and digitally-induced financial offerings assisting in creating sustainable growth and value for the stakeholders. Thereby, contributing in achieving robust financial position with stable profitability. Positive volumetric growth in average earning assets coupled with positive rate variance assisted in 64% increase in mark-up income to reach…