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Remittances rise 15% to $13.3 bln in nine months

Remittances rise 15% to $13.3 bln in nine months

KARACHI: Overseas Pakistani workers remitted $13,327.47 million in the first nine months (July to March) of current 2014-15 fiscal year, showing a significant growth of 15 percent, the State Bank of Pakistan said Friday. It said during the same period ...

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China to build gas pipeline from Iran to Pakistan

China to build gas pipeline from Iran to Pakistan

NEW YORK: Under a $2 billion deal to be signed during the Chinese president’s visit to Islamabad later this month, China will build a pipeline to bring natural gas from Iran to Pakistan to help address the country’s acute energy ...

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Dollar prevails as euro, sterling hit rocky road

Dollar prevails as euro, sterling hit rocky road

SYDNEY: The dollar hovered at three week highs against a basket of major currencies early on Friday as the hapless euro extended its decline and disappointing trade data knocked sterling lower. The euro fell as far as $1.0637, reaching a ...

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IMF disburses $501 million to Pakistan

IMF disburses $501 million to Pakistan

WAHSINGTON: The International Monetary Fund said on Friday it was releasing a $501 million loan installment to Pakistan, as the South Asian country was on track in meeting the conditions of the IMF’s loan program. The IMF saved Pakistan from ...

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Asian stocks mixed as Mideast worries linger

Asian stocks mixed as Mideast worries linger

TOKYO: Asian stocks were mixed on Friday as rising tensions in the Middle East obscured the investment outlook, while the dollar rebounded. Crude oil prices were lower due to the dollar’s bounce and as the market reassessed the potential impact ...

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Oil prices surge on Middle East fears

Oil prices surge on Middle East fears

LONDON: Oil prices surged Thursday after Saudi Arabian jets struck rebel targets in Yemen, sparking fears that a spiralling crisis in the country could threaten crude producers in the Middle East. Brent North Sea crude for delivery in May rallied ...

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Plans afoot to expand branchless banking in Pakistan

Plans afoot to expand branchless banking in Pakistan

ISLAMABAD: A strategy has been developed to achieve a manifold surge in mobile-wallets (m-wallet) to over 50 million in next five years. The Branchless Banking (BB) remains an effective channel to expand outreach of unbanked and under-banked people. At present ...

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SBP cuts monetary policy rate to 8pc

SBP cuts monetary policy rate to 8pc

KARACHI: State Bank of Pakistan (SBP) has reduced its policy rate by 50 basis points; from 8.5 percent to 8 percent. The new policy (interest) rate will be effective from March 24, 2015, SBP  announced in its bi-monthly monetary policy ...

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Dollar-euro stable, yen edges higher

Dollar-euro stable, yen edges higher

NEW YORK: Major currencies were little-changed Tuesday with markets poised for key US data to be released in the next three days. But the Chinese yuan slipped further in the wake of the central bank’s interest rate cut on Sunday. ...

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