Pakistani News for the Rest of Us

Recent events have not dampened Pakistan’s continued banking and financial sector expansion. The latest development follows a spate of purchases by overseas banks looking to expand in Pakistan. In the latest deal, Saudi Pak Commercial Bank (SPCB) is due to be bought in a $200m deal. Standard Chartered in 2006 became the first international bank …

Pakistan is rejoicing over the increasing home remittances sent by its workers abroad which are setting new records now. In the first seven months of the current financial year, remittances of 3-4 million overseas Pakistanis have reached $2.4 billion. These are likely to cross the $4 billion by the end of June. Pakistan is the …

Pakistan will soon replace its notes of all denominations with machine-readable currency to combat forgery and counterfeiting. Rs 20 notes had already been introduced in August last year with machine-readable technology. The ministry, through the State Bank of Pakistan, would ensure all currency notes were made with machine-readable security features this year. “The designs …

Bank profits have risen sharply over the last three years. Fiscal 2004 saw record profits. Profits were up a massive 105 percent in nine months to September, 2005. The boost in the banks’ market capitalisation was 200 per cent. Banks, both foreign and domestic, are outperforming all financial sectors, as Pakistani economy moves on a …

Karachi’s fast growing stock market has helped lift prospects for Pakistan’s largest mutual fund – National Investment Trust, which is slated for privatisation in March this year. The fortunes of the three banks are in contrast to 10 years ago, when NIT’s total assets were worth Rps9bn and the banks bought their stakes on the …

Standard & Poor’s revised its foreign currency credit rating on Pakistan to positive from stable on December 28, citing improvements in external debt indicators. The ratings agency affirmed its current ‘B+’ foreign currency and ‘BB’ local currency long-term and its ‘B’ short-term sovereign ratings assigned to Pakistan. “Sharp declines in the government’s external debt indicators …

According to the president of the GSM Association, Ricardo Tavares, mobile operators in Pakistan are expected to invest USD3 billion in GSM technology over the next three years. The country’s six cellcos – Paktel, Pakcom, U-Fone, Mobilink, Telenor and Warid Telecom – plan to have invested USD1.2 billion in 2005 alone, with the country’s total …

INVESTMENT holding company Eden Enterprises (M) Bhd plans to invest US$1 billion (US$1 = RM3.77) in the energy, housing, tourism and construction sectors in Pakistan. The proposed investment will include the development of two power plant projects that the company will jointly participate with local partners. Pakistan’s Private Power Infrastructure Board (PPIB) approved the development …

Overseas Pakistanis remitted over one billion dollars in the first quarter of the fiscal year 2005-06, strengthening the government’s hope of receiving over $4 billion by the end of the year. The country received $1.002 billion during July-September 2005 against $983.15 million it received during the corresponding period last year, which is 1.98 per cent …

Investment money has flowed in from expatriate Pakistanis around the world, local citizens seeking higher returns than fixed-income choices and speculators taking a chance on the nation’s future. Large sums of U.S. money pumped into this U.S. ally have improved its balance of payments. In response to requests from the International Monetary Fund and the …

The picture of founder of Pakistan Mohammad Ali Jinnah has been printed first time distinctly and size of the picture has also been enlarged. On the back of the currency a picture of Mohenjodaro, a historical place, located in interior Sindh, has been printed. The signature of governor SBP has been printed first time in …

The foreign direct investment in Pakistan crossed $1 billion mark during the first 11 months of the current fiscal year, showing an increase of 14 per cent over the same period last year. Financial business emerged as the leading sector to attract direct investment from abroad with $214 million, followed by oil and gas $189.6 …

The children have Swatch watches, branded sports shoes and other symbols of affluence. In obvious contrast, their mother and paternal grandparents, with whom they live, still dress in the simple cotton clothes of poverty. She regards the refrigerator, flat-screen television set and air-conditioner in their house with a wariness akin to suspicion. Regular remittances …

Pakistan’s big textile sector, which grew more than 24 per cent, led the rise in large-scale manufacturing. Textile investors are estimated to have poured up to $6bn (€4.7bn, £3.3bn) into the sector in the five years to the end of 2004. The Karachi stock exchange’s 100 share index closed 1.6 per cent higher, spurred …