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Tag Archives: SBP

FBR, SBP start online collection of taxes through One-Link facility

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ISLAMABAD: The government is introducing policies to ease methods of revenue collection such as digitization of tax collection in Pakistan. In this regard, State Bank of Pakistan (SBP) and Federal Board of Revenue (FBR) have jointly introduced the online collection of government taxes through One-Link facility. The aim is to improve payment system particularly from the perspective of revenue collection ... Read More »

Monetary policy: SBP hikes key interest rate by 100 basis points to 7.5%

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KARACHI: The State Bank of Pakistan (SBP) has increased the key interest rate by 100 basis points to 7.5% for the next two months, as inflationary pressure along with the current account deficit take toll on Pakistan’s economy. The interest rate hike is the third in 2018 after the SBP increased it by 25 basis points in January, and another ... Read More »

PSX ends week on positive note with massive 396pts gain

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KARACHI: The Pakistan Stock Exchange ended the week on positive note after adding massive 395.88 points or 0.99 per cent to take the tally to above 40,000 mark. The KSE 100 index flew up 513.43 points to intraday high of 40,388.55 and closed the day at 40,271. Even with a strong banking sector, the KMI 30 index took a dip. ... Read More »

$10,000 per passenger: ADC Tahir expresses concern over SBP policy

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KARACHI: Customs Air Freight Unit Additional Collector (ADC) Dr Tahir Qureshi has expressed deep concern over the current policy of the State Bank of Pakistan (SBP) pertaining to carrying foreign currency up to the limit of $10,000 per person during the course of travelling abroad. Air Freight Unit ADC Dr Tahir Qureshi while talking to Customs Today said that the ... Read More »

Finance Ministry presents first quarterly report in Senate

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ISLAMABAD: The first Quarterly Report for the Fiscal Year 2014-15 of the Central Board of Revenue of the State Bank of Pakistan was laid before the Upper House of the Parliament on Tuesday. Minister of State for Parliamentary Affairs Sheikh Aftab Ahmad on behalf of Finance Ministry presented the said report before the House which was required under section of ... Read More »

SBP injects Rs44.5b into market for three days

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KARACHI: State Bank of Pakistan (SBP) on Tuesday injected Rs 44.5 billion into market for three days during its open market operation (OMO). SBP statement here said that the bids offered were of Rs 65 billion. The rate of return accepted is 8 percent per annum. Read More »

SBP Exchange Rates Committee issues exchange rates bulletin

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KARACHI:  The Exchange Rates Committee of State Bank of Pakistan issued the following exchange rates bulletin here on Tuesday. LIBOR FOR CALCULATING INTEREST ON SPECIAL US DOLLAR BONDS VIDE SBP F.E. CIRCULAR NO.42 & 21.07.98 & 04.08.98 RESPECTIVELY.   LIBOR               VALUE 6 MONTHS USDOLLAR   0.3624            10.02.15     CONVERSION RATES FOR FEBRUARY 10, 2015 FOR FOREIGN CURRENCY FOR FORWARD COVER ... Read More »

Exchange Committee of SBP issues exchange rates bulletin

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KARACHI: The Exchange Rates Committee of State Bank of Pakistan issued the following exchange rates bulletin here on Monday.   LIBOR FOR CALCULATING INTEREST ON SPECIAL US DOLLAR BONDS VIDE SBP F.E. CIRCULAR NO.42 & 21.07.98 & 04.08.98 RESPECTIVELY.   LIBOR               VALUE 6 MONTHS USDOLLAR     0.3624            09.02.15     CONVERSION RATES FOR FEBRUARY 09, 2015 FOR FOREIGN CURRENCY FOR FORWARD ... Read More »

SBP: Foreign exchange reserves cross $15 billion

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ISLAMABAD: The liquid foreign reserves of the country stood at $15,159.2m on January 30, 2015. Giving the break-up of the foreign reserves position, it was said in a statement of the State Bank of Pakistan (SBP) issued that foreign reserves held by the State Bank of Pakistan stood at $10,358.9mwhile the net foreign reserves held by banks were $4,800.3m on ... Read More »

AGP detects variation of Rs1.128b in refund figures of FBR and SBP

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LAHORE: Auditor General of Pakistan (AGP) has detected variation of Rs 1.128 billion in refund figures of income tax, sales tax & federal excise as reported by Federal Board of Revenue (FBR) and State Bank of Pakistan (SBP) during 2013-14. FBR has issued instructions to the field formations for reconciliation of data to check variation in FBR’s figures of refund ... Read More »

SBP committee issues currency exchange rates

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KARACHI: The Exchange Rates Committee of State Bank of Pakistan issued the following exchange rates bulletin here on Thursday.   LIBOR FOR CALCULATING INTEREST ON SPECIAL US DOLLAR BONDS VIDE SBP F.E. CIRCULAR NO.42 & 21.07.98 & 04.08.98 RESPECTIVELY. LIBOR               VALUE 6 MONTHS USDOLLAR      0.3554            29.01.15   CONVERSION RATES FOR JANUARY 29, 2015 FOR FOREIGN CURRENCY SBP SETTLEMENT VALUE DATE ... Read More »

SBP issues Foreign Exchange base rates

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KARACHI: The Foreign Exchange Rates Committee of State Bank of Pakistan issued the following  Base Rate here on Thursday. FOREIGN CURRENCY ACCOUNTS SCHEME  RATES U.S. DOLLARS       VALUE 29-01-15 For 3 months and over but less than 6 months   0.0026% PA          0.7526% PA For 6 months and over  but less than 12 Months  0.1054% PA          0.8554% PA For 12 months        0.3724% ... Read More »

Senate Finance Committee to review current status of demutualisation process

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ISLAMABAD: The Senate Standing Committee on Finance and Revenue will review the current status of process of de-mutualisation of stock exchanges along with details of audits under progress today. “Demutualization is the process by which a customer-owned mutual organization or co-operative changes legal form to a joint stock company” a well- placed official source at Finance Ministry told Customs Today ... Read More »

Finance Ministry expects average inflation rate up to 5.5pc during current fiscal year

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ISLAMABAD: In view of the falling oil prices, The Finance Ministry expects that the Consumer Price Index (CPI), indicating consumer price inflation, will range between 4.5 to 5.5 percent during the current fiscal year. The inflation remained volatile during the previous fiscal year, but it exhibited declining trends throughout the first half of the current financial year. A well-placed source ... Read More »

DG Intelligence IR likely to get more powers to investigate Suspicious Transaction Reports

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ISLAMABAD: The Government is considering enhancing powers of the Director General of Intelligence & Investigation Inland Revenue (IR) to analyze and investigate Suspicious Transaction Reports (STR) communicated by banks to Financial Monitoring Unit (FMU) of the State Bank of Pakistan (SBP). Sources told Customs Today that the FBR is expected to issue a notification following approval by the Ministry of ... Read More »

SBP chief manager: Sialkot surgical exports can be increased to $500 million

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SIALKOT:  Chief Manager of State Bank Pakistan Sialkot Tariq Riaz has assured Sialkot based surgical instruments manufactures and exporters about the early and cordial solution to their banking related problems. Addressing an important meeting of the surgical instruments manufacturers and exporters, SBP Chief Manager hailed his sincere efforts regarding the promotion of surgical instruments’ exports to the tune of $335 ... Read More »

Consumer confidence survey: SBP, IBA ink accord

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KARACHI: State Bank of Pakistan and Institute of Business Administration (IBA) teamed up for the Consumer Confidence Survey (CCS) as part of Centre for Survey Research (CSR) jointly established to collect data on households’ views about various economic propositions. In this regard a ceremony was held to sign the agreement which was oversaw by State Bank of Pakistan (SBP) Ashraf ... Read More »

Net Domestic Assets of banking system expand up to Rs 743 billion

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ISLAMABAD: The Net Domestic Assets (NDA) of the banking system of Pakistan have expanded up to Rs 743 billion in the first half of the current fiscal year which marked a growing economic activity in the country. “Volume of NDA of country’s banking system in the first half of the previous fiscal year was Rs 595.3 billion,” a well placed ... Read More »

Govt allows export of 500,000 metric tonnes sugar

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LAHORE: The government has allowed sugar mills to export 500,000 metric tonnes sugar as per the terms and conditions. Accordingly, the State Bank of Pakistan has advised authorised dealers (ADs) to process the export of sugar cases as per following mechanism. The ADs will forward the requests of sugar mills through their respective Departmental /Business/Group Heads to the Director, Exchange ... Read More »

Rs2.57b provided for cash surplus: Centre provided Rs1,264b to provinces from Rs2,254b collected in FY13-14: Dar

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ISLAMABAD: The federal govt provided Rs1,264 billion from the Rs2,254.5 billion the Federal Board of Revenue collection during the fiscal year 2013-14. Besides shares on account of royalties and grants provided to provinces are: Punjab Rs8.8 billion, Sindh Rs82.6 billion, KP Rs29.97 billion and Balochistan Rs14.9 billion. Finance Minister Ishaq Dar stated this while chairing a meeting of National Finance ... Read More »