SBP submits lists of written off loan beneficiaries

The other list contained names of 17 business entities whose amounts were waived off under BPD-29 (Circular 29) of State Bank of Pakistan. - File Photo.

ISLAMABAD: Counsel for State Bank of Pakistan Syed Iqbal Haider submitted the lists containing particulars of beneficiaries of written off bank loans with the Supreme Court of Pakistan on Wednesday.

Two separate lists were submitted with the three-member bench headed by Chief Justice of Pakistan Iftikhar Muhammad Chaudhry seized with issue of Rs 256 billion written off loans.

The first list contained top 50 beneficiaries of written off loans including 29 mills, companies or industries not covered by Circular 29.

Pakistan’s central bank sells 48 bln rupees of T-bills

The State Bank of Pakistan sold 48 billion rupees ($558.7 million) of treasury bills. — File Photo

KARACHI: Pakistan's central bank sold 48 billion rupees ($558.7 million) of treasury bills on Thursday under seven day repo contract at 11.70 per cent to mop up liquidity from the money market.

Prospects for agri sector gloomy: SBP

KARACHI: Growth prospects for the agriculture sector remains gloomy in the wake of a fall in the production of rice and sugarcane and expected decline in wheat harvest in coming months, the SBP said in its report.

According to SBP estimates, the production of rice and sugarcane dropped 8.3 per cent and 2.8 per cent to 6.4 million tons and 48.6 million tons in Kharif 2010, respectively.

SBP Quarterly Report on State of Pakistan’s Economy

War on terror, lower revenue collection widen fiscal deficit GDP target unchanged at 3.5pc, current account deficit narrows, inflation bounces back

KARACHI: The State Bank of Pakistan (SBP) has raised the fiscal deficit forecast for the current financial year 2009/10 (July-June) to between 5.0 and 5.5 per cent of the gross domestic product (GDP) from the targeted 4.9 per cent in the wake of high defence spending and low revenue collection.

SBP urged to pay drawback of local taxes

KARACHI: Exporters face acute liquidity crunch as huge amount of drawback of local taxes is pending against a large number of claims filed with the State Bank.
The ministry of textile industry in its five-year textile policy last September allowed drawback on local taxes and levies to the value-added textile sector to provide them a space in ever-rising cost of doing business.

SBP cuts mark-up on textile loans

KARACHI: The State Bank has decided to provide cheaper money to the textile sector as being extended to exporters under Export Finance Scheme (EFS).
The SBP on Monday announced a mechanism in consultation with the ministry of textile industry, under which the eligible borrowers of the textile sector will be provided mark-up rate facility under the SBP EFS and the mark-up rate support against long-term loans availed from banks and development financial institutions (DFIs).

NIT-LoC holder banks: SBP prevents ‘forced sale’

KARACHI: The State Bank of Pakistan on Saturday gave ‘dispensation’ over the Prudential Regulation (PR)-6 to the NIT’s Letter of Comfort (LoC) holders. 
 
This was affirmed by the chairman and managing director of NIT Tariq Iqbal Khan in reply to queries by Dawn on Wednesday evening.

RBS deposits 99.37pc shares in CDC

KARACHI: The Royal Bank of Scotland has clarified a news-item, appearing in Dawn on Dec 19 under the heading ‘SBP declines to issue NOC: RBS-MCB deal in doldrums.’ 
 
Clarifying its position on Saturday, the bank said it had deposited its 99.37 per cent shares of the RBS (Pakistan) in blocked account with the Central Depository Company of Pakistan (CDC) at the time when it acquired the shares as required by the relevant circular issued by the State Bank.

RBS-MCB deal in doldrums as SBP denies NOC

KARACHI: The deal for sale of Royal Bank of Scotland (RBS) Pakistan comes under serious trouble as State Bank has refused to issue a no-objection certificate for the deal, reliable banking sources told Dawn on Friday.
 
The MCB Bank had signed an agreement in August to buy RBS Pakistan operations, and both the parties had also issued welcome statements after the deal, and it was decided that the deal would materialise by the end of Dec 31.

State Bank to introduce electronic bond trading

KARACHI: The State Bank of Pakistan (SBP) intends to introduce an electronic bond trading platform early next year to provide investors real-time information about market yields resulting in enhanced liquidity and better price discovery in the fixed-income market.

This was stated by Governor State Bank, Syed Salim Raza, in a keynote address on ‘Developing Next Generation Capital and Commodity Markets Ecosystem in Pakistan: Creating Value, Inclusive Growth in the Society’ at the South Asian Federation of Exchanges (SAFE) country roundtable held here on Thursday.

SBP says e-payments growing

KARACHI: The State Bank of Pakistan (SBP) on Tuesday said volume and value of e-payment transactions during the first July-Sept quarter of fiscal 2009-10 reached 45.7 million and Rs3.9 trillion, respectively.

In its first quarterly report on retail e-payments and paper-based instruments, the SBP said use of electronic channels has showed consistent growth. During the first quarter, the volume and value of ATM transactions in the country touched 26.8 million and Rs206.4 billion respectively. Volume and value of online banking transactions recorded at 13m and Rs3.6 trillion, respectively.

State Bank announces payment of 6pc R&D

KARACHI: The State Bank of Pakistan has announced procedure for payment of 6 per cent Research and Development (R&D) support on export of processed food.
 
The SBP issued a circular inviting attention of authorised dealers to Trade Development Authority of Pakistan’s (TDAP) public notice on the subject of 6 per cent R&D support for export of processed foods.
The federal government has allowed 6pc R&D support on exports of processed food subject to observance of certain terms and conditions.

‘Claims so received may be forwarded to the TDAP for further necessary action at their end,’ said the SBP circular.

Pakistan’s forex reserves ease to $13.72 bln

KARACHI: Pakistan’s foreign exchange reserves fell to $13.72 billion in the week that ended on November 28 from $13.90 billion the previous week, the central bank said on Thursday.

Reserves held by the State Bank of Pakistan were $10.14 billion, down from $10.27 billion a week earlier, while those held by commercial banks also fell to $3.58 billion from $3.63 billion the previous week, the central bank said in a statement.