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Finance

Revenue Board rescinds over 100 individual duty drawback SROs

ISLAMABAD (November 20 2002) : The Central Board of Revenue (CBR) has rescinded over 100 individual duty drawback SROs during the last two months to revamp the duty drawback regime, official sources told Business Recorder here on Tuesday. These individuals-based SROs lost their effectiveness as either the raw materials were not used by the importers or finished products were not ...

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Pakistan rupee hits 26-month high versus dollar

KARACHI (November 19 2002) : The Pakistan rupee on Monday rose to 26-month high at Rs 57.90 for a dollar in the kerb market. Moneychangers said that the rupee appreciated sharply as nobody seemed interested to keep the dollar holdings. The moneychangers had predicted before Ramazan that the greenback would lose at least Re 1 due to Eid season. The ...

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Public sector entities allowed to invest surplus funds in non-government securities

ISLAMABAD (November 19 2002) : The government has allowed the public sector entities to invest surplus funds in the non-government securities, Term Finance Certificates (TFCs) and shares, up to 20 percent of total funds under management, official sources told Business Recorder here on Monday. This relaxation, however, would not be available to those public sector enterprises and autonomous bodies that ...

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Securities, Exchange Commission of Pakistan to regulate non-bank financial institutions from Decembe

ISLAMABAD (November 19 2002) : The Securities and Exchange Commission of Pakistan (SECP) has said that the regulatory transfer of non-bank financial institutions (NBFI) will take place on December 1, 2002. The NBFIs comprise investment banks, discount houses, housing finance companies and venture capital companies. This was decided during a co-ordination meeting between the SECP and the State Bank of ...

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National Investment Trust emerges as best performing fund: State Bank governor

KARACHI (November 19 2002) : The efforts of the management of National Investment Trust during the past year, coupled with the stewardship of its chairman, have seen Pakistan's largest Mutual Fund become the best performing fund in the country. The Governor, State Bank of Pakistan, Dr Ishrat Hussain, stated this during his visit to NIT headquarters on Monday. The SBP ...

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National Accountability Bureau decides to pay hefty rewards to informers

ISLAMABAD (November 19 2002) : The National Accountability Bureau (NAB) has decided to pay handsome amount of cash rewards to the informers providing vital information leading to recovery of Central Board of Revenue (CBR) dues, defaulted bank loans and written-off amounts, official sources told Business Recorder here on Monday. Informers' reward would be 20 percent of NAB's recovered amount up ...

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Karachi Stock Exchange listed commercial banks' profits almost doubled

KARACHI (November 18 2002) : The profits of commercial banks listed at the Karachi Stock Exchange (KSE) nearly doubled in the third quarter ended Sept 30, 2002, despite the fact that interest rates lowered by a substantial amount. Iffat Zehra Mankani, head of research at IP Securities, said that banking system of the country has been propitious in the sense ...

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USAID agreement: Strategic objective grant agreement between US, Pakistan for education sector refor

ARTICLE (November 18 2002) : Purpose: The purpose of this Strategic Objective Grant Agreement (the “Agreement”) is to set out the understanding of the parties named above (the “Parties”) about the Strategic Objective described below. Strategic Objective and Results: Section 2.1. Strategic Objective. The Strategic Objective (the “Objective”) is to provide the knowledge, training, and infrastructure necessary to help officials ...

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Moody's raises Pakistan's foreign debt rating to 'Positive'

ISLAMABAD (November 19 2002) : Moody's Investors Service, a credit rating agency, has raised outlook to 'Positive' from 'Stable' on Pakistan's B3 country ceiling for long-term foreign currency debt on stronger foreign currency reserves and ability to meet external liabilities. The agency said in a statement that as a result of this action, the outlook on the B3 rating of ...

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Discount rate cut may have no effect on banks' lending rates

ISLAMABAD (November 18 2002) : The decision to cut the discount rate by 1.5 percent, taken by the State Bank of Pakistan, after bringing the International Monetary Fund on board, is aimed to protect the Federal Budget and SBP's own depleting reserves. It would have very little impact on lending rates to the private sector but would definitely impact the ...

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