Money, Finance and Banking Blog in Pakistan
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SBP to Establish Department for Remittances Facilitation
Jul 27th
In a bid to facilitate the overseas Pakistanis, State Bank of Pakistan (SBP) will establish a new department for remittances in collaboration with the relevant ministry.
According to private television news channel on Thursday, the central bank is expected to make announcement on August 8 in this regard.
The channel quoted sources as saying that the department will function under the aegis of the SBP, Ministry for Overseas Pakistanis and Ministry of Finance.
The establishment of the department is aimed at enhancing the remittance receipts from Overseas Pakistanis. It should be noted here that the country received $7.80 billion of remittances during the More >
ACCA Offers Financial English Certificate
Jul 27th
The Association of Chartered Certified Accountants (ACCA) Pakistan has launched an International Certificate in Financial English (ICFE) qualification in the country, jointly developed with University of Cambridge, English for speakers of other language (ESOL) examinations.
During the week from July 20 to July 27, the ACCA is undertaking a series of activities including presentations to well-known organizations in the IT, telecom and banking sector and educational institutions.
Other activities include radio show, free pre-testing for ICFE exams and seminars at ICFE tuition providers including School of Business Studies, College of Accounting & Management Sciences, Centre for Financial Training & Research and Berlitz More >
Banks Not Willing to Lend to Poor, says Dr Yunus
Jul 13th
The world’s conventional banks have lost a trillion dollars since the onset of the financial crisis, yet they still do not favor lending to the poor, Nobel laureate Muhammad Yunus said on July 11, 2009.
The former Bangladeshi Grameen Bank founder and economist who developed the concept of microcredit and won the Nobel Peace Prize in 2006, made the comments in delivering the Nelson Mandela Annual Lecture in South Africa.
“I had to create Grameen Bank because the conventional banks refused to lend to the poor, this is the same for conventional banks the world over,” Yunus said.
“They do not mind writing More >
NIT Announces Better than Expected Dividend
Jul 11th
NIT has declared a dividend of Rs3.25 per unit for its unit holders for the year ended on June 30, 2009. The payment of dividend at Rs 3.25 per unit would involve a total payout of Rs 3.321 billion among its unit holders.
This was stated by Chairman and MD NIT Tariq Iqbal Khan while addressing a Press conference here on Monday at local hotel after the Board of Directors of National Investment Trust approved the dividend for the year ended 30th June.
Tariq Iqbal while responding to a question said that in anticipation of improved cash flow of NIT and larger-than-expected More >
Islamic Infrastructure Fund Launched by ADB and IDB
Jul 7th
The Asian Development Bank and the Islamic Development Bank have launched a $500 million Islamic infrastructure fund, manager and adviser CIMB Standard said on July 2, 2009.
The two banks said last month they would set up the fund to invest in the 12 countries that are borrowing members of both banks, including Afghanistan, Bangladesh, Indonesia, Kazakhstan, Malaysia, Pakistan and Uzbekistan. (more…)
