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Hackers deprive Jhang school teacher of money

JHANG: In the latest cyber attack, a group of hackers siphoned off money from the account of a school teacher after managing to get his pin code, ARY News reported.  As per details, the hackers deprived the school teacher, Rafique Nadeem belonging to Jhang district of Punjab, of more than Rs400,000. Speaking to media, he said the hackers called him from the helpline of a bank and sought his pin code. The callers had complete details of his account which was why he was compelled to share with them his password, he…

Except for one, no evidence of banks data being hacked — SBP clarifies

KARACHI: Rejecting media reports that the data of most banks has been hacked, the State Bank of Pakistan (SBP) on Tuesday said that no evidence of banks data being hacked had been reported, except for one, ARY News reported. "There is no evidence to this effect nor has this information been provided to the SBP by any bank or law enforcement agency," it said in a statement. "We would like to emphasize that except for the incident of October 27, 2018 in which reportedly the IT security of one bank was compromised, no…

Agriculture development under CPEC to reduce trade deficit with China: SBP

ISLAMABAD: The recent inclusion of agriculture sector in the Long Term Plan of China Pakistan Economic Corridor (CPEC) provides Pakistan an opportunity to significantly reduce its huge trade deficit of around US$9 billion with China. In agriculture sector, out of China’s global food imports of around $99.6 billion, Pakistan’s share is only around 0.37 percent (roughly $ 0.4 billion). The CPEC long term plan envisages significant development of the agriculture sector of Pakistan – an often-overlooked area amidst the…

Country attracts $11.96 billion net FDI during last 5 years

ISLAMABAD: The country attracted US $11.96 billion worth of net Foreign Direct Investment (FDI) during previous five years from, 2013 to 2018, according to State Bank of Pakistan (SBP). Year wise data shows that during 2012-13, net inflow of FDI was recorded at US $1.456 billion, while during 2013-14, the net FDI was recorded at $1.699 billion, and in 2014-15, the total FDI stood at $987 million. Similarly $2.3 billion worth of FDI flowed to Pakistan during 2015-16, $2.746 billion in 2016-17 and $2.767 billion in…

SBP drafts regulations for electronic money institutions

KARACHI: The State Bank of Pakistan (SBP), in line with its vision-2020, has drafted regulations for electronic money institutions (EMIs) to promote digital payments and provide enabling regulatory framework to non-banking entities in payments landscape. These regulations outline minimum requirements for establishment and operations of EMIs. Thereby, addressing the potential risks related to legal framework of the country, said a SBP statement. EMIs are non-banking entities that offer innovative, user-friendly and…

Changes on political front have positive impact on business, consumer confidence: SBP

KARACHI: The State Bank of Pakistan (SBP) on Saturday said recent changes on the political front have had a positive impact on the business and consumer confidence in Pakistan. "Since the last meeting of the Monetary Policy Committee in July 2018, Pakistan has witnessed notable changes on the political front. This has had a positive impact on the business and consumer confidence in the country as reflected in multiple surveys," said a statement issued by the SBP. The smooth transition between governments addresses the…

Here’s the list of top 10 donors for dams fund so far

KARACHI: The State Bank of Pakistan (SBP) has announced top 10 donors for the fund set up by Supreme Court of Pakistan for construction of Diamer-Bhasha and Mohmand dams . According to the SBP, Pakistan Army remains the top institution with Rs 582 million of donation for the construction of dams, followed HQ Strategic Plans Division Rs 201 million on second and HBL Islamic Charity Rs 100 million on the third. Here’s the list issued by the SBP: On September 10, Army Chief General Qamar Javed Bajwa had…

SBP rejects rumours about discontinuation of Rs.5000 banknotes

KARACHI: State Bank of Pakistan (SBP) has dismissed rumours circulating on social media regarding discontinuation of the Rs.5000 banknote and requested the general public to pay no heed to such disinformation. It is further clarified that SBP Act 1956 clearly defines the roles and responsibilities of different institutions including SBP for issuance, circulation and demonetisation or cancellation of banknotes. More specifically, section 25 of the Act requires a recommendation of SBP Board of Directors before the…

‘Naya Pakistan’ receives $3.9 billion in two-month remittances by overseas Pakistanis

KARACHI: The State Bank of Pakistan on Monday released the figures of remittances sent by overseas Pakistanis amounting to US $3.9 billion, showing a growth of 13.45% compared with $ 3.4 billion received during the same period in the preceding year. According to SBP, overseas Pakistanis remitted US $3.9 billion in the first two months of fiscal year- 2018-19. During August 2018, the inflow of worker’s remittances amounted to US$ 2037.33 million, which is 5.60% higher than July 2018 and 4.24% higher than August 2017.…