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Finance

Kamran Shahzad Appointed Deputy Governor of SBP

KARACHI (March 13 2009): The federal government has appointed Muhammad Kamran Shehzad as Deputy Governor, State Bank of Pakistan with immediate effect for a period of three years. Prior to his appointment as SBP Deputy Governor, Kamran was serving SBP Banking Services Corporation as its Managing Director since February 28, 2007. Kamran Shehzads distinguished central/commercial banking career spreads over a ...

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SBP announces new policy for banks overseas branch operations

KARACHI (March 07 2009): For commencement of overseas branch operations by banks, the State Bank of Pakistan (SBP) has set the conditions of minimum 75 domestic branches and maintenance of profit during last three consecutive years. The SBP on Friday issued new policy for opening of overseas offices and establishment of a subsidiary banking company outside Pakistan. The policy contains ...

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Insurance Companies to Recognise Impairment as of 31/12/08 for Dividend Distribution

KARACHI (February 20 2009): Insurance companies have been asked to recognise the impairment in valuation of investment as of December 31st, 2008 for the purpose of distribution of dividend. In a circular issued by Insurance Division of the (SECP), insurance companies are allowed to value investment in Available-For-Sale (AFS) category at the purchase price and treat the impairment in valuation, ...

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SECP grants relaxation on accounting treatment for equity securities as required under IAS-39

ISLAMABAD (February 14 2009): The Securities and Exchange Commission of Pakistan (SECP) has granted relaxation in the accounting treatment for equity securities held by the companies under the head 'Available for Sale' as required under International Accounting Standard “Financial Instrument: Recognition and Measurement” (IAS 39). The SECP issued SRO 150(I)2009 here on Friday to relax accounting treatment for equity securities ...

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SECP informs CCP it has authority to give exemptions and relaxations from IAS applicability

ISLAMABAD (February 13 2009): The Securities and Exchange Commission of Pakistan (SECP) has informed the Competition Commission of Pakistan (CCP) that the SECP has the authority to give exemptions and relaxation's from the applicability of International Accounting Standards (IAS). Sources in the SECP told reporters on Thursday that the commission has responded to the policy note of the CCP regarding ...

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CCP asks SECP not to issue directive on IAS-39 which would violate Competition Ordinance

ISLAMABAD (February 11 2009): The Competition Commission of Pakistan (CCP) has asked the Securities and Exchange Commission of Pakistan (SECP) to ensure that any directive on International Accounting Standards (IAS-39) should not violate the Competition Ordinance, 2007. It has been learnt here on Tuesday that the CCP has dispatched a policy-note to the SECP about the IAS-39. The SECP should ...

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50 percent margin on sugar trade financing impsed by SBP

KARACHI (February 10 2009): As a step to curb sugar hoarding, the State Bank of Pakistan (SBP) on Monday imposed 50 percent cash margin condition for financing sugar trade. Sugar price has been on the rise during past two weeks due to rising demand and low supply. Besides, trend for hoarding of commodity has also been observed, sources said. During ...

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CCP issues notices to four banks for advertising incorrect profit rates

ISLAMABAD (January 30 2009): The Competition Commission of Pakistan (CCP) has issued notices to four banks for advertising term/time deposit accounts giving what it says exaggerated and incorrect profit rates ranging between 16-18 percent. Official sources told reporters on Thursday that some banks have offered return of 16-18 percent to general public. Whereas, if we calculate rates by using genuine ...

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SBP Allows Banks to Use Market Price of Dec. 31, 2008 for Listed Securities

KARACAHI (January 28 2009): In order to avoid subjectivity in mark to market of investments held by banks, the State Bank of Pakistan has allowed banks to use the market price prevailing on December 31st, 2008 for listed securities while preparing their financial statements. Banks currently hold three types of investments: fixed income securities, equity market securities and investment in ...

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Prudential Regulations Amended – Banks to Avail 30 Percent FSV Benefit of Collateral

KARACHI (January 28 2009): State Bank of Pakistan has allowed the banks to avail 30 percent benefit of Forced Sale Value (FSV) of collateral for calculating provisioning requirement. Banks, at present, had to take 100 percent cash provision. However, the benefit of 30 percent FSV is permissible against pledged stocks and mortgaged commercial and residential properties only. Industrial land and ...

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