Business

Govt increases profit rates on saving schemes

Published

12 months ago

Farwa

CDNS says new rates effective from May 9.
Savings Account rates increase from 18.5% to 19.5%
Special Savings Certificates will now yield 17.4%.

The government has revised the rate of profit on national saving schemes by upto 1% to make the schemes lucrative and mobilise investment from the general public, The News reported Tuesday.

The Central Directorate of National Savings (CDNS) — which works under the Ministry of Finance — announced an increase in the rates of return on some of its National Savings schemes, effective from May 9, 2023.

Taking to his Twitter handle, CDNS Director General Hamid Raza Khalid wrote that the Savings Account rates have been raised from 18.5% to 19.5%.

Additionally, Special Savings Certificates will now yield 17.4% compared to the previous rate of 17.13%.

The rates on three-month Short Term Savings Certificates (STSC) have been increased to 20.84%, while the yield of six-month STSC has surged to 20.82%.

Rates on 1-year STSC have also been revised upward to 20.8%. Khalid said the rates on other schemes will remain unchanged.

	Current	Previous	Change
Defence Saving Certificates (DSC)	14.87%	14.87%	—
Bahbood Saving Certificates (BSC)	16.56%	16.56%	—
Regular Income Certificates (RIC)	12.84%	12.84%	—
Special Saving Certificates (SSC)	17.40%	17.13%	+27
Savings Account (SA)	19.50%	18.50%	+100
Pensioners Benefit Account (PBA)	16.56%	16.56%	—
Short Term Saving Certificates (STSC)	20.8%	19.82%	+98

The revision in the rates of National Savings schemes comes after the State Bank of Pakistan raised the key interest rate by 100 basis points, taking it to 21% last month.

This decision was made due to back-breaking inflation and is expected to remain high in the near future.

The CDNS, which offers saving certificates to individual investors, reinvests the money in government papers like Pakistan Investment Bonds (PIBs) and treasury bills (T-bills).

Business

Donald Lu visits Finance Minister Aurangzeb at the World Bank headquarters.

Published

10 hours ago

Farwa

Wednesday saw Minister for Finance and Revenue Muhammad Aurangzeb meet US Assistant Secretary of State for South and Central Asian Affairs Donald Lu and Principal Deputy Assistant Secretary Elizabeth Horst.

The finance minister briefed US officials on Pakistan’s reform plan at the World Bank. Meeting both delegations decided to improve bilateral ties.

Meeting topics included alternative energy, agriculture, climate, and tech industry. Boosting the Pakistan-US economic partnership was another finance ministry priority.

With US officials, Pakistan’s Finance Minister Muhammad Aurangzeb addressed IT, agriculture, and other business potential.

Pakistan would collaborate with the US International Development Finance Corporation and Exim Bank, according to Muhammad Aurangzeb.

His name is Donald Lu.
Over 30 years of US government service for Lu as a foreign service officer.

What Pakistan calls the “cipher” dispute involves the American official. The Pakistan Tehreek-e-Insaf (PTI) founder claimed that a supposed official letter between Washington and Islamabad proved his ousting as PM was a US conspiracy.

Washington has strongly refuted Khan’s allegations.

The State Department’s top South and Central Asia diplomat is Donald Lu, assistant secretary of state.

Business

Huge investment potential exists in the telecom and IT sectors. Shaza Fatima

Published

1 day ago

Farwa

According to Shaza Fatima Khawaja, Minister of State for IT and Telecommunication, there are numerous investment prospects in Pakistan’s IT and telecom sectors.

She noted that the current administration is dedicated to fostering foreign investment in the nation, in line with the Prime Minister’s goal.

According to a news release, CEOs Wateen Adil Rashid and Muhammad Shahbaz Khan of Taavun (Pvt) Limited, who paid her a visit on Tuesday, spoke with Minister of State for IT and Telecommunication Shaza Fatima Khawaja.

She declared that the private sector would receive complete support because it is essential to growing our exports.

Regarding youngsters, she stated that they are our greatest asset and that efforts are being made to further their growth.

Sheikh Nahyan bin Mubarak Al Nahyan of the United Arab Emirates was thanked by Shaza Fatima for his particular interest in promoting additional investment in Pakistan’s telecom industry.

Business

WB pledges complete support for changes aimed at stabilizing Pakistan’s economy.

Published

1 day ago

Farwa

Federal Minister for Finance and Revenue, Muhammad Aurangzeb, met with President of the World Bank Group, Ajay Banga, according to a press release from the ministry of finance here. During the meeting, the minister discussed Pakistan’s progress under the nine-month Standby Arrangement (SBA) program as well as ongoing reforms in priority areas of taxation, energy, and privatization.

According to the statement, the minister also extended an invitation to the president to visit Pakistan, and both parties acknowledged the necessity of a rolling 10-year country framework plan.

The minister also talked on safeguarding Pakistan’s eligibility for concessional funding and future project pipeline during a meeting with Masatsugu Asakawa, President of the Asian Development Bank (ADB).

The chief executive officer of the US International Development Finance Corporation (DFC), Scott Nathan, also met with the minister of finance.

They discussed during the conference how DFC may increase its investments in Pakistan after resolving unresolved conflicts in a cooperative manner.

According to the minister, the government is supporting creative financing strategies to maximize PPP potential and private sector participation.

According to the statement, he gave his word that the government will do everything in its power to assist investment projects by both foreign and local businesses in Pakistan.