Foreign Exchange - 6

Sweden can extend expertise to Pakistan in the fields of bio-technology, water management, air pollution control and public transport. This was stated by head of visiting Swedish trade delegation Ambassador Jan Palmstierna while speaking at the Karachi Chamber of Commerce and Industry (KCCI) here on Thursday. He said in his meeting with Sindh Governor Dr [...]

The State Bank of Pakistan (SBP) on Monday decided to issue fresh bank notes of Rs 50 and Rs 100 denominations without staples but with proper banding. Accordingly, all SBP Banking Services Corporation [BSC] offices/branches will issue fresh currency notes of Rs 50 and Rs 100 denominations in unstapled form with immediate effect. Commercial banks [...]

Pakistan’s business leaders expect the Karachi stock market to rise today, driven by the decision of Shaukat Aziz, prime minister, to end ahead of schedule the country’s loan programme with the International Monetary Fund. “The begging bowl has been broken forever,” said Mr Aziz on Friday evening as he announced that Pakistan had declined the [...]

Metallurgical Construction Company of China (MCC) will launch expansion project of its Saindak copper-gold mining project located in Pakistan. The MCC resumed production in Saindak project in August 2003 after a 7-year hiatus. Total investment of this expansion project will probably reach USD 22 mln, and the project is still operated by MCC Resource Development [...]

PAKISTAN, impressed with the Multimedia Super Corridor (MSC), has invited Malaysian companies to take part in the development of a US$50 million (US$1 = RM3.80) intelligent city project in Islamabad. Pakistan’s Board of Investment (BOI) investment counsellor Datuk Salim Fateh Din said Islamabad is developing a 6ha site into an intelligent city like Cyberjaya, but [...]

A US-based energy firm plans to invest $1.2 billion in Pakistan’s wind power generation sector in Sindh province, the Ministry of Finance said in a statement. Chief Executive Officer of Access Energy Group International (AGI) of the United States, Shahid Naeem met with Minister of State for Finance Omar Ayub Khan here on Monday and [...]

The federal cabinet has decided to issue new Pakistani currency notes of Rs 20 and Rs 5,000. The cabinet, which met with Prime Minister Shaukat Aziz in the chair, also decided to redesign the Rs 50 and Rs 1,000 notes. The new notes will incorporate the latest security features to protect them from forgery and [...]

NetSol Technologies, Inc. a developer of proprietary software applications and provider of information technology (IT) services, today announced it has been recognized by the Pakistan Software Export Board (PSEB) as the leading information technology exporter in the country, having contributed more than 11 percent of the total IT and ITeS exports during the 2003 – [...]

Pakistan’s foreign exchange reserves rose by $22 million to $12.181 billion in the week ended Sept. 11 mainly because of an increase in inflows to commercial banks, the central bank said on Friday. During the week, reserves held by commercial banks rose to $2.176 billion from $2.158 billion a week earlier, the central bank said. [...]

Banks operating in Pakistan have announced a record net interest income as credit volume to private business continues to expand. Banking industry analysts foresee this trend in net interest income (NII) to continue. But, banks’ overall investment in the stock market will be restrained resulting in reduced yields. This is because the central bank has [...]