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State Bank of Viet Nam officially acquires Ocean Bank

HA NOI: The State Bank of Viet Nam (SBV) officially acquired Ocean Bank on May 8, gaining all its equity, including its charter capital of some VND4 trillion (US$190.48 million). Following the acquisition, Ocean Bank was changed from a joint stock organisation to a one-member limited liability institution. The stakes were transferred at a price of zero dong per share, ... Read More »

Domestic debt composition major culprit behind public debt increase: Finance Ministry

ISLAMABAD: The Finance Ministry has termed composition of domestic debt as main reason for the increase in public debt, Customs Today reliably learnt on Tuesday.  “Banks changed their interest rate outlook and sharply increased their participation in Pakistan Investment Bonds (PIBs) last year which resulted in a sharp increase in the public debt and,” a well-placed official source at Finance ... Read More »

FBR issues 2,800 final notices of demand to tax avoiders

LAHORE: The Federal Board of Revenue (FBR)’s Broadening of Tax Base (BTB) Lahore issued 2,800 notices of demand to potential taxpayers whose income is taxable but avoiding filing Income tax returns despite several notices issued to them. The BTB has issued 4,000 show cause notices to the potential taxpayers in September. However, only 1,200 filed them. The BTB has sent ... Read More »

Finance Ministry puts gradual monetary tightening on hold

ISLAMABAD: The Finance Ministry has put the gradual monetary tightening on hold in third quarter of the current fiscal year as the risks associated with the inflationary pressures and external sector dissipated to some extent. Although developments in the external and fiscal sectors signalled further improvement as the government successfully mobilised US$ 2.0 billion from Euro bonds and generated US$ ... Read More »

SBP to announce monetary policy today

KARACHI: The State Bank of Pakistan will announce monetary policy today. Financial experts say that the SBP will maintain the previous policy due to floods and political turmoil in the country. According to sources, the SBP will announce the monetary policy in a press conference here on Saturday and there are strong chances that discount rate would remain at 10 ... Read More »

Weekly roundup: Rupee manages to reverse dollar blows

ISLAMABAD: The sentiments-driven rupee received blows on Monday on the back of what the market gurus called the political turmoil haunting the country’s feeble economy for more than two weeks in the name of Azadi and Inqilab marches led by Imran Khan and Tahirul Qadri. Followers of Khan and Tahirul Qadri have been massed outside Parliament since Aug 15 in ... Read More »

Dollar at 40-day high against rupee

KARACHI: After dipping more than a month, dollar crossed Rs99 rupees a dollar both in inter-bank and open market. With the beginning of Ramazan, dollar had fallen to below Rs99 and most of the time kept hovering around Rs98.50. However, for the first time in 40 days, the US currency gained strength to cross Rs99. Political uncertainty and a number ... Read More »