Category: Banking

The Monetary Policy Committee, in a rare move, made a cut of 150 basis points in the policy rate which further declined to 11 percent.
The Monetary Policy Committee (MPC) noted considerable uncertainty about how the Coronavirus outbreak would impact the global economy and Pakistan.
The central bank, on twitter, announced that substantial new information on global and domestic developments has become available since the last MPC meeting. The developments that were discussed during the meeting imply that the outlook for growth and inflation in Pakistan is likely to be revised down further.
“The global economy has been hit hard by the coronavirus, with the pandemic causing several businesses, including restaurants, hotels, airlines and manufacturing businesses to record losses in billions,” the SBP said in a press release.
Last week, the committee reduced the rate by 75 basis points, which was below than expectation of the business community in the present scenario of economic slowdow..

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While the world is still struggling to contain the spread of Coronavirus, a rodent-borne virus called Hantavirus has reportedly emerged in China.
According to China’s Global Times, a 32 years old man from Yunnan died while going to Shandong on a bus. Posthumous tests of the man revealed that he had been infected by Hantavirus. Healthcare authorities have also tested 32 other passengers of the bus for the same disease.
The news of another virus emerging in China has sparked fears among social media users that this disease could also snowball into a global crisis like the COVID-19.
As per the Centre for Disease Control and Prevention (CDCP), humans who contract the Hantavirus usually come into contact with four types of rodents that carry the virus; deer mouse, cotton rat, rice rat, white-footed mouse.
Hantavirus has symptoms similar to Coronavirus such as fever, shortness of breath, headache, muscle pain, chills, stomach problems, and dizziness. However, unlike Coronavirus, Hantavir..

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The government of Pakistan has announced Rs. 1,200 billion Economic Relief and Stimulus Package which seeks to provide relief to vulnerable people, SMEs and industry and supports the poor.
Addressing a press conference, Prime Minister Imran Khan alongside his senior ministers and advisors said that the coronavirus pandemic is not the real danger, rather the decisions that people took fearing the COVID-19 threat.
“Chaos is more dangerous than coronavirus if we take any decision in haste it will have a dire impact on the society,” said the prime minister.
Prime Minister Imran said that he would have imposed curfew immediately if the situation in Pakistan was as bad as it is in Italy and the rest of Europe. “But in Pakistan, it is not feasible considering the number of poor people in the country,” he explained.
In a Twitter post, Economic Affairs Minister Hammad Azhar said that the package “Seeks to provide relief to vulnerable, support to poor, SMEs [small- and medium-sized enterpris..

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The banking industry is highly competitive in Pakistan, comprising 33 commercial banks that cover 20 percent of the banked population.
Bank Al-Habib, Bank Alfalah, and Meezan Bank are in close competition with their number of branches, deposits, assets, and profits, standing neck and neck in 2020.
In Pakistan, the term big five usually refers to Habib Bank Limited, United Bank Limited, National Bank Limited, and MCB Bank. The competition among these banks has been intense but the competition among banks between the ranks of 6 and 10 is also getting tougher.
Recently, Meezan Bank has leapfrogged two major banks—Bank Al Habib and Bank Alfalah.
Meezan Bank witnessed significant growth in its services and business The bank left behind Bank Al-Habib and Bank Alfalah in terms of branches network and deposits mobilization, and profitability with the consistent expansion of services which also enhanced its penetration and customers and beneficiaries.
Branch Network Across Pakistan The ban..

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One of the biggest hits at the recently concluded Pakistan Auto Show (PAPS) 2020 was the pavilion belonging to BAIC which showcased multiple cars they are planning to launch in the country.
Now, BAIC’s hatchback D-20 was seen on the roads being tested indicating that the company is gearing up to bring this car to the local market. Internationally, the car has two four-cylinder engine variants with 1300CC and the 1500CC engine capacity with both coming in either a 5-speed manual transmission or a 4-Speed automatic transmission.
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Cultus Killer? BAIC Unveils the D20 Hatchback for Pakistan
Interestingly, BAIC has partnered with multiple leading brands such as Mercedes-Benz to develop tech and the D-20 has some of the structural and technical parts like the B-class. Let’s see if these will be seen on the local version when it launches.
The 1300CC version churns our 102hp and the 1500CC boasts 116hp with both being naturally-aspirated petrol-powered engines fitted with EFI tech..

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Cambridge Assessment International Education (CAIE) has announced the cancelation of all examinations scheduled to be held in May and June this year amid the Coronavirus pandemic.
CAIE has decided to grade all students based on knowledge acquired in their respective courses as it is impossible to conduct examination during the global outbreak of Coronavirus.
Cambridge IGCSE, Cambridge O Level, Cambridge International AS & A Level, Cambridge AICE Diploma, and Cambridge Pre-U examinations have all been canceled worldwide.
The official statement issued by CAIE states:
COVID-19 outbreak has caused governments worldwide to shut down schools indefinitely, making it impossible for CAIE to hold examinations in May and June.
The statement further reads:
CAIE’s top priority is to guarantee the wellbeing of our students and teachers and ensure fairness for all our students. Therefore, CAIE will grade students based on the knowledge and skills they have acquired in their programs of study. T..

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