Awaz Apni

Awaz Apni KARACHI: The central bank governor is stepping down this week at the end of her three-year term, a State Bank of Pakistan spokesman said on Monday. "Dr Shamshad Akhtar has informed the government of her decision to step down ... effective Jan. 1, 2009, on completion of her three-year term," said spokesman Syed Wasimuddin. Shamshad Akhtar took over as central bank governor on Jan. 2, 2006. Wasimuddin said Akhtar's replacement would be announced when the government had notified the bank of its decision. According to reports Syed Saleem Raza, the chief executive of the Pakistan Business Council, was scheduled to meet Prime Minister Yousaf Raza Gilani and would become governor. Analysts said there had been speculation Akhtar would stay on to oversee an International Monetary Fund (IMF) programme agreed last month. The IMF approved a $7.6 billion loan for two years for Pakistan in November to help the country avert a balance of payments crisis.

AMagazine ISLAMABAD: Pakistan will issue a new 10-rupee coin in honour of slain former premier Benazir Bhutto to coincide with the first anniversary of her death in a suicide attack, the central bank said Friday.The State Bank of Pakistan will issue about 300,000 of the commemorative coins bearing Bhutto's portrait and inscribed with the phrase "Daughter of the East – Honourable Benazir Bhutto" in Urdu, it said in a statement.Bhutto was assassinated in a suicide attack in Rawalpindi on December 27 after addressing an election rally, just two months after surviving a strike on her homecoming parade in Karachi.The government has renamed Islamabad's international airport after the two-time former premier, as well as a main road and hospital in Rawalpindi.

AMagazine ISLAMABAD: Pakistan received first tranche of loan from International Monetary Fund (IMF), Awaz Apni reported on Thursday morning. State Bank of Pakistan (SBP) sources said that it has received first installment of $3.10 billion.

CNews KARACHI: The International Monetary Fund (IMF) will extend 7.6 billion dollars to Pakistan under a 23-month loan programme, said Adviser on Finance Shaukat Tareen on Saturday. Addressing a press conference here at State Bank of Pakistan, the Adviser said the IMF will provide this loan under stand by credit limit at interest rate ranging between 3.51 and 4.51 per cent and its repayment will be made in five years beginning from 2011. Governor SBP, Dr. Shamshad Akhtar was also present on the occasion. Shaukat Tareen said IMF has not attached any new condition to the loan facility. The IMF will release 4 billion dollars as the first tranche of the loan this year while the rest will be provided in the coming year. However, he said the IMF will make its final decision regarding the loan programme after its board meeting. The Finance Adviser expressed his inability to announce the exact date of receiving the loan but said it will happen during the current month. He said the prime object...

CNews ISLAMABAD: Advisor to Prime Minister on Finance Shaukat Tareen Wednesday said that notions about the bankruptcy of Pakistan are baseless and the government is neither going to seal bank lockers nor freezing foreign currency accounts. In an exclusive interview with a local news agency after taking charge as Advisor to Prime Minister on Finance, Shaukat Tareen said the government would enhance the confidence of investors through concrete measures and alleviation of poverty would be among the topmost priorities. He said the previous government maintained the artificial price of dollar at Rs62 and assured that the rupee would regain its value within four to six weeks. The Advisor said that he would come up to the expectations of President Asif Ali Zardari who reposed confidence in his abilities and handed over this great responsibility. Shaukat Tareen said the government would devise a special strategy to alleviate poverty from the country and would increase annu...

CNews KARACHI: Wiped out by the stock market crash, angry protestors break windows and damage banks and brokerage houses as stock prices hit ever new lows and the Karachi Stock Exchange (KSE) -100 loses 435.29 points and trading at 10056. 59 today.  The market is under severe bearish clutch for the fourth day of the trading week in a row. The Benchmark 100-index has sunk to the lowest in seven years as it reached to 10,100 points.  Full Story

Cnews KARACHI: The Muttahida Qaumi Movement has strongly condemned the act of suicide by a youth over manhandling by bank staff.According to a statement of MQM Raabta Committee, those who take loans worth billions of rupees get their loans written-off and no action is taken against them. MQM Raabta Committee urged the government to take notice of the suicide and manhandling of youth’s family members by bank recovery staff. It also demanded that private banks be ordered to deal credit borrowers according to law.

CNews ISLAMABAD: Minister for Finance Muhammad Ishaq Dar told the Senate on Monday that list of bigwigs whose loans were written off during last five years would be presented in both Houses of the Parliament within 30 days.Replying to a point of order about self-immolation by a man in Karachi following humiliation of his mother and sister by goons hired by the bank for recovery of their outstanding dues, the Prime Minister said this way of recovery of bank loans was unlawful and banks would have to follow law of the land for the recovery of loans. He said he has already directed Governor State Bank of Pakistan to hold inquiry into to the incident of self-immolation in Karachi and present a written report on the matter. He further said that Inspector General Police Sindh has been directed to initiate criminal proceedings against those who humiliated the female members of the man who committed self-immolation.Earlier speaking on a point of order Ahmed Ali said the bank authorities sent g...