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Eid ul Adha: Banks to remain closed for four days

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KARACHI: The State Bank of Pakistan (SBP) announced Wednesday that the central bank would remain closed from June 29-30 on account of Eid ul Adha.

As a result, all commercial banks across the country will also remain closed for four days — Thursday, Friday, Saturday, and Sunday.

The federal government had a day earlier approved a three-day holiday on account of Eid ul Adha.

In a statement, the Cabinet Division said: “[…] it is for general information that the Prime Minister is pleased to approve the public holidays on the occasion of Eid-ul-Azha as follows:

  • June 29 to 30, 2023 (Thursday and Friday) for the offices observing five days working in a week; and
  • June 29 to July 1, 2023 (Thursday, Friday and Saturday) for the offices observing 6 days working in a week.”

The Central Ruet-e-Hilal Committee sighted the Zil Hajj moon in Pakistan on Monday, meaning that Eid ul Adha will be celebrated across the country on June 29 (Thursday).

The decision was announced after the moon sighting committee met under the chairmanship of Maulana Abdul Khabir Azad.

The testimonies of moon sightings were received from various cities including Karachi, Lahore and others, the Ruet-e-Hilal committee chairman said.

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The NORINCO Group is invited by CM Sindh to explore opportunities.

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Chinese companies have been invited by Sindh Chief Minister Syed Murad Ali Shah to visit Karachi and other regions of Sindh Province in order to observe the quickly growing businesses and investigate prospects in fields like clean energy, infrastructure development, and public transit projects.

Speaking in Beijing to a delegation headed by the chairman of NORINCO International Co., Ltd., he stated that all facilities required would be provided by the governments of Sindh Province and Pakistan.

With assistance from NORINCO International, the Sindh Chief Minister stated that the Provincial Government will firmly urge North Vehicle and BeiBen to think about setting up a Vehicle Assembly Plant in the Dhabeji Special Economic Zone.

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A deal with Pakistan to fight financial crimes has been approved by the Saudi cabinet.

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In order to strengthen collaboration in the fight against money laundering, terrorist financing, and associated crimes, the Saudi Press Agency announced this week that the Saudi cabinet, led by Crown Prince Mohammed bin Salman, had approved a memorandum of understanding (MoU) with Pakistan’s Financial Monitoring Unit (FMU).

Due to its severe money laundering and terrorism funding issues in recent years, Pakistan was added to the Financial Action Task Force’s (FATF) grey list in June 2018.

The nation was taken off the gray list in October 2022 after enacting extensive measures to fortify its financial system.

The FMU is Pakistan’s financial intelligence unit, created under the Anti-Money Laundering Act of 2010 and tasked with collaborating with foreign partners and evaluating reports of suspicious transactions.

According to the SPA, “the cabinet approved a memorandum of understanding regarding cooperation in exchanging investigations related to money laundering, terrorist financing, and related crimes between the Financial Monitoring Unit in the Islamic Republic of Pakistan and the General Department of Financial Investigation at the Presidency of State Security in the Kingdom of Saudi Arabia.”

The MoU is an indication of Saudi Arabia and Pakistan’s growing strategic partnership. A significant Pakistani diaspora resides in the Kingdom, and numerous Pakistani businesses have established a presence there.

Saudi Arabia has been a key supporter of Pakistan’s economy, bolstering its reserves with substantial deposits in the State Bank of Pakistan and offering deferred oil payment facilities.

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SFD and Pakistan Sign Two Deals Totaling $1.61BLN

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Two agreements totaling $1.61 billion have been inked by Pakistan and the Saudi Fund for Development to improve their bilateral economic cooperation.

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