Zimbabwe plans new currency as dollar shortage bites

HARARE: Zimbabwe will introduce a new currency in the next 12 months, Zimbabwe finance minister said, as a shortage of United States (US) dollars...

Bank of China to enable payment in yuan on US e-commerce platforms: Xinhua

BEIJING: Bank of China’s New York branch will enable Chinese firms to receive payment in yuan rather than dollars from their sales on United...

Three candidates shortlisted for Bank of Punjab’s president slot

ISLAMABAD: The Punjab government has shortlisted the candidates against the vacant position of Bank of Punjab (BoP) president.Sources said that former National Bank of Pakistan...

SBP declared best central bank for promoting Islamic finance

KARACHI: State Bank of Pakistan (SBP) has won the global award as the best Central Bank in promoting Islamic finance for the year 2018. The...

SBP rebuffs news regarding 18 undeclared PTI bank accounts

KARACHI: State Bank of Pakistan (SBP) categorically denied a news item, which attributed the central bank of reporting "at least 18 undeclared bank accounts of...

China’s short-term money rates fall, prompting talk of more easing

The move pushed the volume-weighted average rate of China’s benchmark seven-day repo, a closely-watched liquidity gauge, to 1.4 percent on Tuesday, its lowest level since July 2015

Pakistan’s first blockchain-based cross border remittances service launched

The blockchain-powered remittance service will make round-the-clock, real-time money transfers between the two countries possible at a competitive exchange rate, with Alipay’s transaction fees waived during the one-year trial period

Commercial Bank of Dubai to take control of Abraaj assets secured against loan

Stakes in Abraaj’s Infrastructure and Growth Capital Fund, as well as its funds focused on Turkey, Latin America, North Africa, Africa and health, were held as security against CBD’s loans, a joint provisional liquidators’ report from July shows

World Bank President Jim Yong Kim resigns

WASHINGTON: World Bank Group President Jim Yong Kim will resign effective February 1, more than three years ahead of the expiration of his term in...

SBP likely to keep interest rates unchanged for remainder of FY18-19: Fitch Solutions

It warned from a long-term perspective, money and credit growth remain troublesome and indicate inflation pressures are probably going to remain fairly high

Kuwait reiterates request to Dubai to release $496 million frozen funds

DUBAI: Kuwait reiterated its request to Dubai to release $496 million in frozen funds held for over a year and belonging to Port Fund,...

Iran’s central bank proposes slashing four zeros from falling currency: IRNA

DUBAI: Iran’s central bank has proposed slashing four zeros from the rial, state news agency IRNA reported on Sunday, after the currency plunged in...

Cabinet to consider the summary of appointment of President/CEO ZTBL

The slot of President ZTBL Bank fell vacant after the termination of former President and CEO ZTBL Syed Talat Mahmood in October last year and the government had given the acting charge to Sheikh Aman Ullah

Iran approves anti-money laundering bill to ease foreign trade

Foreign businesses say Iran’s compliance with FATF standards and its removal from the organisation’s blacklist are essential if they are to increase investment, especially after reimposition of the U.S. sanctions on Tehran

Twelve-member delegation leaves for Sydney to attend 3-day FATF moot

According to the report, a total of 4,643 dubious transactions linked to money laundering and terror financing were unearthed and blocked since 2015

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Air France mulls returning to Pakistan after 11 years: minister

Petroleum Minister Ghulam Sarwar Khan revealed on Friday that after witnessing a conducive business environment, Air France was planning to resume its service in...

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Samsung announces folding phone with 5G at nearly $2,000

All of the Galaxy series of rigid phones except the 5G will be available from March 8, with the S10+ priced from $1,000, the S10 priced from $900 and the smaller S10e from $750.