Bank
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World Bank approves $350m package | The Express Tribune
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ISLAMABAD: The World Bank greenlit a $350 million package for Pakistan’s budget financing, highlighting the need for fiscal and structural reforms. This move comes amid concerns raised by the World Bank’s board members over Pakistan’s low tax collection relative to…
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Smog: SBP announces bank holiday in Punjab districts on Nov 10
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An undated file image of the State Bank of Pakistan building. — AFP/File In line with the provincial authorities’ measures to combat smog, the State Bank of Pakistan (SBP) on Wednesday announced that all bank branches would remain shut in…
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Banks must guard against faster bank runs: BoE’s Hauser | The Express Tribune
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LONDON: Financial regulators will need to make sure that banks retain adequate financial buffers as advances in technology increase the risk of bank runs, a senior Bank of England official said on Friday. Challenges facing central banks included “how to…
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World Bank sees oil prices hitting $157 if Israel-Hamas war spills over
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A Palestinian man uses a fire extinguisher to douse a fire following an Israeli strike, in Khan Yunis in the southern Gaza Strip on October 14, 2023. — AFP If the war between Israel and Hamas spreads throughout the Middle…
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Bank customers gradually adopting digital channels | The Express Tribune
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KARACHI: Pakistanis are gradually migrating from cash-based to digital banking as internet and mobile banking, branchless banking and EMIs have exhibited outstanding growth in terms of the number of transactions. However, in terms of value, cash still remains the king,…
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Bank of England holds rate after 14 straight hikes as inflation hits brakes
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A pedestrian walks past the Bank of England in London. —AFP/File The Bank of England (BoE) Thursday kept its primary policy interest rate unchanged, ending a streak of 14 consecutive rate hikes, a decision that follows an unexpected slowdown in…
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Central bank to review policy rate next week | The Express Tribune
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KARACHI: In its first meeting post-IMF new loan programme, Pakistan’s central bank is scheduled to review its key policy rate, the cost of banks’ lending, on Monday. It will assess whether it remains appropriate at the current historical high level…
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China’s EXIM Bank rolls over $2.4bn loan to Pakistan
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Representational image of dollars. — AFP Finance Minister Ishaq Dar announced Thursday that the Export-Import Bank of China (EXIM) has rolled over $2.4 billion to Pakistan. This comes as a sigh of relief for the outgoing Pakistan Democratic Movement-led government…
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UAE investor acquires majority stake in Summit Bank | The Express Tribune
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KARACHI: UAE-based investor Naseer Abdulla Hussain Lootah has acquired troubled Pakistani bank Summit Bank with the aim of transforming it into a Shariah-compliant institution, according to a notification from the bank to the Pakistan Stock Exchange. The acquisition involved the…
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World Bank slashes Pakistan’s GDP forecast
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World Bank Group written on the bank’s building. — AFP/File Tighter financial conditions and limited fiscal space have weakened Pakistan’s growth prospects, the World Bank said, prompting the institution to cut the country’s current-year growth forecast. Compared to its October…
