Credible News from Pakistan!
The Supreme Court on Thursday granted bail to PPP leader Syed Khurshid Ahmad Shah in a case assets beyond means.
A two-member bench, comprising Justice Umar Ata Bandial and Justice Syed Mansoor Ali Shah, heard Khurshid Shah’s bail application.
The Supreme Court, however, ordered to keep Khurshid Shah’s name on the Exit Control List.
It also directed the PPP leader to submit bail bonds of 10 million rupees.
Source: Radio Pakistan
The Pakistani Rupee (PKR) slid to a new record low against the US Dollar today. The rupee depreciated by 49 paisas against the dollar and closed at 173.96.
The local currency hit its prior record low against the US Dollar (USD) yesterday when it closed at 173.47.
During the session, the rupee hit an intra-day record low against the USD of 174.10.
Talks between Pakistan and the International Monetary Fund (IMF) are expected to conclude today, and a joint statement with details of the arrangement will be released. This will finalize approval for the release of the next tranche of the IMF’s $6 billion Extended Fund Facility (EFF).
Meanwhile, the State Bank of Pakistan’s governor, Reza Baqir, drew public criticism for saying that the families of overseas Pakistanis benefitted from the rupee’s depreciation.
Former Treasury Head-Chase Manhattan Bank, Asad Rizvi, says that markets will stay anxious until the Financial Action Task Force’s decision over whether it will remove Pakistan from its grey list.
The PKR also depreciated against other major currencies today. It lost 77 paisas against the Euro, Rs. 1.23 against the Pound Sterling (GBP), 62 paisas against the Canadian Dollar (CAD), and 39 paisas against the Australian Dollar (AUD) today.
Similarly, it lost 13 paisas each against the Saudi Riyal (SAR) and the United Arab Emirates Dirham (AED).
Source: Pro Pakistani
In its recently held hybrid Plenary meeting, the Financial Action Task Force (FATF) has decided to keep Pakistan on the grey list. Pakistan will remain on the grey list till it addresses both items on the original action plan.
The Financial Action Task Force has reviewed Pakistan’s progress on FATF Action Plans in its plenary meeting held on 21st October 2021. The FATF has recognized considerable progress made by Pakistan on both the Action Plans.
With regard to the 2021 Action Plan, Pakistan has completed four of the seven Action Plan Items. Pakistan has completed these four Action Plan items much before the timelines prescribed by FATF. While progress on the remaining three action items is well underway and it is aimed to complete three action items ahead of timelines set by the FATF. The Action items that have been completed include amendments in the Mutual Legal Assistance Act, 2020, AML/CFT supervision of Designated Non-Financial Businesses and Professions (DNFBPs), transparency of beneficial ownership information, and implementation of Targeted Financial Sanctions for Proliferation Finance by DNFBPs. The remaining action items in the 2021 Action Plan include investigation & prosecution of ML cases, confiscation of assets, and UN listings.
Regarding the 2018 Action Plan, Pakistan submitted a comprehensive progress report on the last remaining Action Plan item. The FATF acknowledged Pakistan’s continued political commitment, which led to significant progress across a comprehensive CFT Action Plan and encouraged Pakistan to report further progress on investigation and prosecution.
The Plenary meeting decided to maintain the status quo with respect to Pakistan, for the time being. Considerable work has already been carried out on the remaining items of both Action Plans. FATF will undertake the next review of Pakistan’s Progress in February 2022.
The FATF Plenary meetings were held virtually from 19-21 October 2021, where its members discussed a variety of topics including Pakistan’s progress. The Pakistan delegation was led by Muhammad Hammad Azhar, Federal Minister for Energy/Chairman National FATF Coordination Committee.
Pakistan is fully committed to completing its Action Plans in cooperation with FATF and its international partners. The high-level political commitment, which is driving its revamped AML/CFT regime, is widely recognized by the international community.
Source: Pro Pakistani
Askari Bank Limited has given shocking financial results as its profit dipped by 16% during the nine months of the calendar year 2021.
According to the financial results, the profit of Askari Bank declined to Rs. 6.7 billion during January to September 2021 as compared with a profit of Rs. 8.15 billion were reported in a similar period of the last year.
This is the first financial results announced under the new CEO and President Atif Bokhari who joined the bank last month with the industry was expecting a better result from him. The new policies under the new CEO and President will take at least a couple of quarters to mark the expected transformation at the bank in terms of operations and profitability.
The bank’s earnings from interest and non-markup avenues showed mix trend during the period. The revenues from interest-based avenues stood at Rs.24.5 billion this year as compared to Rs. 22.4 billion reported in the same period of the last year. On the account of non-markup revenues, it declined to Rs. 6.6 billion during January to September as compared to Rs. 7.1 billion reported in the similar period of the last year.
The operational expenses of the bank also surged to stand at Rs. 15.2 billion. The bank’s earnings per share also reduced to 5.39 from 6.47.
Meanwhile, the board of directors of Askari Bank Limited appointed a new director Arif ur Rahman in the place of Lt Gen Tariq Khan (Retd).
Source: Pro Pakistani