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US investment bank to open Riyadh office, hire Saudis

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Riyadh

RIYADH: US investment bank Moelis and Co plans to open an office in the Saudi capital Riyadh and will soon begin hiring staff in the kingdom, Bloomberg reported. The New York-based company sees the kingdom attracting more foreign investors and benefiting from an “energy supercycle,” Vice Chairman Eric Cantor said in an interview. The boutique financial adviser, … Read more

Saudi Exim Bank signs MoU with HSBC, SABB

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SABB

RIYADH: Saudi Exim Bank has announced that it signed a memorandum of understanding with HSBC Bank and Saudi British Bank to advance trade and export financing and credit insurance, Arab News reported. The partnership is in line with the Saudi Exim Bank’s objectives to boost the export of Saudi products and services. Bank’s CEO Saad Alkhalb said … Read more

Saudi EXIM Bank helps businesses export to 50 countries with financing worth $2.3 billion

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RIYADH: Saudi Arabia’s Export-Import (EXIM) Bank helped the businesses export to 50 countries by the end of September, with food, iron and steel, and plastics products leading the way, Arab News reported. EXIM announced it had approved 89 finance requests, up from 81 by mid-August, with a total value exceeding SR8.95 billion ($2.3 billion). The … Read more

Tax collection, National Bank branches will remain open till tonight

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bank

The State Bank of Pakistan has decided to facilitate the collection of government collections/duties/taxes by field offices of SBP Banking Services Corporation and authorized branches of National Bank today (Thursday) September 30 during extended banking hours respectively. It will be open until 8 and 9 p.m. Therefore, it is directed that the concerned institution should … Read more

NIBAF holds event to advocate girls’ education, financial literacy

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KARACHI: The National Institute of Banking and Finance (NIBAF), a subsidiary of the State Bank of Pakistan (SBP), in collaboration with the International Rescue Committee (IRC) convened an event, “Empowering Girl’s through Financial Literacy”, to advocate for girl’s education and financial literacy and celebrate achievements under their partnership. Key government stakeholders, as well as personnel … Read more

China’s central bank rules all crypto transactions are illegal

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BTC

BEIJING: China’s central bank on Friday said all financial transactions involving cryptocurrencies are illegal, sounding the death knell for the digital trade in China after a crackdown on the volatile currencies. The global values of cryptocurrencies, including Bitcoin have massively fluctuated over the past year partly due to Chinese regulations, which have sought to prevent … Read more

NITL launches Islamic Money Market Fund

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KARACHI: The National Investment Trust Limited (NITL) has launched NIT-Islamic Money Market Fund (NIT-IMMF) with the initial public offering (IPO) scheduled for September 20 to 22, 2021, a statement said on Friday. It is an open-ended fund to meet the growing demand for the Shariah-compliant investment products, which primarily aims at investing in the diversified … Read more

Pakistan’s current account deficit swells to $2.29 billion in two months

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The Khyber Pakhtunkhwa Announced Its Budget Plan For The Fiscal Year 2021-22

KARACHI: Pakistan’s current account deficit has widened to $2.29 billion during the first two months of the current fiscal year, according to the statistics released by the State Bank of Pakistan (SBP) on Friday. The balance of payments has posted a surplus of $838 million in the same months of the last fiscal year. The … Read more

G&T Group embarks on digital journey

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KARACHI: Gani and Tayub (G&T) Group, the country’s leading group with companies across different sectors, including synthetic and rayon and power generation, has embarked on an enterprise level digital journey with the implementation of SAP for all areas of their operations, including banking and finance, a statement said on Thursday. After thorough evaluation, Meezan Bank’s … Read more

India might introduce its first digital currency programs by Dec 2021

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India

According to representatives, RBI, the Reserve Bank of India might introduce its first-ever digital currency programs by December 2021,

The RBI (Reserve Bank of India) is very curious about the Central Bank Digital Currency (CBDC) since it is totally a new invention.

As per the governor, the bank is investigating different features of a digital currency including its safety, effect on the financial sector of India along how it will affect monetary policy and currency.

The central bank is also discovering the choice between having a centralized ledger for the digital currency or the distributed ledger technology (DLT). The bank is developing a digital currency implementation strategy that will be phased over time.

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Faysal Bank declares Rs4.07 billion profit

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KARACHI: Faysal Bank Limited on Thursday announced profit-after-tax of Rs4.067 billion for the half-year ended June 30, 2021, a bourse filing said. The bank posted 7.33 per cent growth in its net profit, compared with Rs3.79 billion in the corresponding period last year. Faysal Bank announced Rs2.68 as earnings per share (EPS) for the period … Read more

Bank Alfalah earns Rs7.02 billion profit in first-half

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KARACHI: Bank Alfalah Limited on Wednesday announced profit –after-tax of Rs7.02 billion for the first-half (January–June) 2021, a bourse filing said. The net profit of the bank posted a 21.45 per cent increase, compared with the net profit of Rs5.78 billion in the corresponding period of the last year. The net markup income of the … Read more

BankIslami earns Rs1.16 billion profit for first-half

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KARACHI: The BankIslami Pakistan Limited has announced Rs1.16 billion as net profit for the first-half of 2020, a bourse filing said on Wednesday. The net profit of the bank increased 8.29 per cent, compared with the after-tax-profit of Rs1.073 billion in the same half of the last year. The total income of the banks fell … Read more

Meezan Bank earns Rs12.61 billion half-year profit

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KARACHI: The Meezan Bank Limited (MEBL) on Thursday announced Rs12.61 billion as the net profit for the first-half of the calendar year 2021. The net profit registered a growth of 8 per cent during the period under review, compared with Rs11.67 billion in the same half of the last year. The bank also announced Rs8.91 … Read more

ADB approves loan for Pakistan to buy 39.8 million vaccines, safety boxes, syringes

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ISLAMABAD: The Asian Development Bank (ADB) on Friday approved a $500 million loan for Pakistan that will allow them to purchase 39.8 million doses of COVID-19 vaccine, safety boxes, and syringes. “The Asian Development Bank (ADB) today approved a $500 million loan to help the government of Pakistan procure and deploy safe and effective coronavirus … Read more

Bank Alfalah at forefront of digitalising payment processing system

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KARACHI: Bank Alfalah, Pakistan’s premier financial institution, is at the forefront of digitalising the payment processing system within various businesses across the country, a statement said on Wednesday. With the introduction of a simple, secure and innovative online payment gateway, the acceptance of online payment transactions for a variety of e-commerce needs has been made easy … Read more

Bank Alfalah launches ‘Alfa Business’ to facilitate merchants

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KARACHI: Bank Alfalah has introduced a new service under its digital banking portfolio called “Alfa Business App”, a statement said on Tuesday. In the prevailing circumstances, many businesses are shifting their operations towards digital platforms, and Alfa Business is aimed at facilitating small and medium enterprises to carry out their everyday transactions digitally, it added. … Read more

Pakistan stocks down 0.25% amid profit-taking

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PSX

KARACHI: Pakistan’s equity market witnessed a profit-taking session on the first day of the week, as lockdown implications started in some cities due to the resurgence of novel coronavirus, dealers said. Ahsan Mehanti at Arif Habib Corp said that the stocks closed lower in the earnings season on investors’ concerns over weak economic outlook and … Read more

PBoC continues the crackdown on cryptocurrency trade

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PBoC

PBoC continues the crackdown on the cryptocurrency trade. People’s Bank of China has shut down a company that provided bitcoin trading software. As Chinese officials continue the crackdown on crypto-related transactions.

A senior PBoC official declared two days after the closure that the central bank would ramp up testing of its prototype “digital yuan.”

Beijing Qudao Cultural Development, a software firm, has been ordered to cease operations by the PBoC’s Beijing office, according to a statement released on July 6.

Following a meeting with banks and payment companies, the PBOC issued a statement ordering them to properly monitor customer accounts, identify those involved in cryptocurrency transactions, and terminate their payment channels as soon as possible.

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BOL EXCLUSIVE: Karachi to have 3,000 apartments with mortgaged instalment plans of over 20 years

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Karachi to have 3,000 apartments with mortgaged instalment plans of over 20 yearsKarachi to have 3,000 apartments with mortgaged instalment plans of over 20 years

KARACHI: Javedan Corporation, the developers of Naya Nazimabad, will launch, for the first time, 3,000 apartments after Eid-ul-Azha with the mortgaged instalment plans spanning over 20 years. Naya Nazimabad had already sold 6,500 residential and commercial plots in its Phase-I. Giving details, Naya Nazimabad president Syed Muhammad Talha said: “This is the mortgage financing model, … Read more

World Bank financing for Covid-19 vaccine rollout exceeds $4 billion for 50

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World Bank

WASHINGTON: The World Bank has announced that it is providing over $4 billion for the purchase and deployment of Covid-19 vaccines for 51 developing countries, half of which are in Africa. More than half of the financing comes from the International Development Association (IDA), the bank’s fund for the world’s poorest countries, and is on … Read more

US man broke into bank to steal hand sanitizer: Police

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US man broke into bank to steal hand sanitizer: Police

US man, Mark Gray was arrested by the Sioux City Police Department after the series of robberies. According to the details, Court documents viewed by the station accuse Gray of smashing the glass door of a Security National Bank and entering in its lobby and swiping some hand sanitizer. [embedpost id=”50366″ slug=”3-died-1-become-blind-after-drinking-hand-sanitizer-in-new-mexico”] Sioux City Police … Read more

State Bank announces Eid-ul-Adha Holidays

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Pakistan’s Total Liquid Foreign Reserves Stand at US$ 23.02 billion

State Bank of Pakistan has announced a three-day holiday on occasion of Eid-ul-Adha. [embedpost id=”50366″ slug=”state-bank-of-pakistan-reduces-markup-rate-to-7-percent”] According to the details, the state bank will remain closed from Friday, 31st July to Sunday, 2nd August. #SBP will remain closed from 31st July to 2nd August 2020 being public holidays on the occasion of #EidulAdha: https://t.co/WeLKuxfhtk pic.twitter.com/12nHlvbqIT … Read more

State Bank of Pakistan reduces markup rate to 7 percent

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Pakistan’s Total Liquid Foreign Reserves Stand at US$ 23.02 billion

The State Bank of Pakistan has reduced the markup rate on investment under SBP’s Temporary Economic Refinance Facility (TERF) to 5% (from 7%) and on Long Term Financing Facility. According to the details, SBP reduces markup rate on investment under SBP’s Temporary Economic Refinance Facility (TERF) to 5% (from 7%) and on Long Term Financing … Read more

State Bank announces bank holiday on July 1

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Pakistan’s Total Liquid Foreign Reserves Stand at US$ 23.02 billion

State Bank of Pakistan will be closed for public transactions on Wednesday, July 1, 2020 on the occasion of “Bank Holiday”. According to a statement issued by the State Bank of Pakistan, the SBP will be closed for public transactions on Wednesday, July 1, 2020 on the occasion of “Bank Holiday”. [embedpost id=”50366″ slug=”state-bank-of-pakistan-brings-policy-rate-to-7″] It … Read more

NBP discusses economic slowdown due to COVID-19 pandemic

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NBP

National Bank of Pakistan (NBP) hosted a Virtual Roundtable meeting to discuss the issues and challenges facing the Non-Bank Microfinance Institutions (NBMFIs) and their customers as a consequence of the economic slowdown due to COVID-19 pandemic. The Roundtable was attended by the CEOs of Pakistan’s largest NBMFIs including the National Rural Support Program, Kashf Foundation, … Read more

Asian Development Bank approves $200 m loan to support Philippine

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Asian Development Bank

The Asian Development Bank (ADB) today approved a $200 million loan to support the Philippine government’s effort to provide emergency cash subsidies to vulnerable households amid the novel coronavirus disease (COVID-19) pandemic. “This global pandemic, of a kind not seen in the last century, has disrupted the livelihoods of millions of Filipinos and could set … Read more

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