State Bank decides to implement IBAN standard in Pakistan

 Investment & Economy  No Responses »
May 162012
 

KARACHI: In order to bring about account code standardisation and efficiency in processing of payments for domestic, as well as cross-border transactions, the State Bank of Pakistan (SBP) has decided to implement International Bank Account Number (IBAN) standard in Pakistan.

 

IBAN is an international standard for identifying bank accounts across national borders with a minimal risk of propagating transcription errors, according to the SBP guidelines on IBAN implementation in Pakistan, released on Tuesday.

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 Posted by at 8:35 pm

National Bank of Pakistan expands outreach to overseas Pakistanis

 Investment & Economy  No Responses »
Apr 282012
 

National Bank of Pakistan, one of the largest Bank in Pakistan, has entered into a Remittance Agreement with Ria Financial services, a wholly owned subsidiary of Euro net World-wide, Inc. Ria Financial Services was founded in 1987 and today is recognized as the third largest money transfer company in the world, with global agent network of 140,000 locations in over 136 countries in five continents.

This new partnership will facilitate Pakistani expatriates around the world in sending money to their families and friends in Pakistan by simply visiting any Ria Financial Services agent location world-wide.
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 Posted by at 11:11 am

Pakistan rupee extends losses against dollar

 Investment & Economy  No Responses »
Mar 222012
 

KARACHI: The rupee Wednesday ended weaker at 90.75/79 to the dollar, compared with Tuesday’s close of 90.70/71 because of an increase in import payments.

 

The rupee had been supported by remittances from Pakistanis overseas, which rose 23.4 percent to $8.59 billion in the first eight months of the 2011/12 fiscal year, compared with $6.96 billion in the same period last year. Continue reading »

 Posted by at 8:51 am

SC says government to decide issue of overseas Pakistanis vote

 OP News  No Responses »
Mar 082012
 

The Supreme Court on Tuesday decided to let the government handle the issue of overseas Pakistanis having the right to vote.

A two-member bench headed by Chief Justice Iftikhar Muhammad Chaudhry conducted the hearing of a petition filed by PTI chief Imran Khan. It was observed in the proceedings that it was the prerogative of the state’s chief executive, the prime minister, to decide the issue as deemed fit.

The bench observed that the government had, in principle, accepted the right of overseas Pakistanis to vote, and was now working to chalk out a plan for its execution. Continue reading »

 Posted by at 5:28 pm
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