ISLAMABAD, Jul 1 (APP): In order to ensure uninterrupted availability
of Automated Teller Machine (ATM) services on the occasion of Eid-ul-Fitr, the State Bank of Pakistan (SBP) has advised all commercial banks to take necessary measures for facilitation of general public.

The ATM sites of commercial banks will be examined by inspectors of
State Bank and verification teams of SBP’s Banking Service Corporation (BSC) field offices during the period from 1st July 2016 till 10th July 2016 to verify their operational status.

In view of the extended Eid holidays, banks have also been advised to
intimate SBP BSC Field Offices, in advance, about the extra cash that they may need so that adequate arrangements could be made for replenishing their ATMs during Eid Holidays.

Banks will also make certain that in addition to ATMs, continuous
services are also available on Point of Sale (POS) and other Alternate Delivery Channels (ADC) Channels.

Banks have also been instructed to ensure that dedicated teams from
commercial banks are available for timely resolution of ATM related complaints; contact numbers of banks’ Helpline are prominently displayed on ATM vestibules and advertised in print media for the facilitation of general public.

Also, call centers of commercial banks will remain available 24/7 for
quick redressal of all customer complaints.

Being cognizant of the needs of the public in general and business
community in particular, SBP has already instructed all commercial banks to remain open on 2nd and 9th July for facilitation of the members of general public.

Commercial banks will accept financial instruments from their
customers on 2nd and 9th July 2016 for normal clearing only and National Institutional Financial Technologies (NIFT) is advised to collect them from branches of commercial banks.

NIFT will process the financial instruments collected on 30th June,
2016 and 2nd July 2016 in normal clearing cycle of 4th July 2016.

Once the instruments are cleared, the banks will be required to credit
respective customer accounts on 4th July 2016 whereas the financial instruments collected by NIFT on 4th July 2016.

ISLAMABAD, July 1 (APP): Pakistan’s economy maintained its growth momentum during fiscal year 2016, despite suffering from heavy losses in the agriculture sector, State Bank of Pakistan said.

According to State Bank of Pakistan (SBP)’s Third Quarterly Report for FY16 on the state of Pakistan’s Economy released on Friday said particularly highlighted the acceleration in industrial and services sectors’ growth on the back of better energy supply and improvement in security situation in the country.

The SBP report further noted that other key macro economic
indicators also improved during FY16.

Citing examples, the SBP report said that average Consumers Price Index (CPI) inflation was almost half the level seen last year.
“In the meanwhile, inflationary expectations also subdued,”
the report said.

This ease in inflation, SBP said that primarily came on the back of continued low commodity prices in the global markets and its swift pass through to domestic consumers, particularly for POL products, comfortable supplies of key food items, and stable exchange rate.

The SBP report further said that another positive for the economy, as mentioned by the Report, was the surplus in the external account during first nine months of the year, which was led by largely contained oil payments, a modest rise in worker remittances and foreign currency loans.

Hence, SBP’s reserves reached US$ 16.1 billion (aggregate
reserves including banks) by end March 2016 this amount was
sufficient to finance four months of the country’s import bill, and
more than twice the short term payments, the report said.

It further said that Fiscal indicators also witnessed broad
improvement, as noted by the Report: the budget deficit reduced to
3.4 percent of GDP in Jul Mar FY16, from 3.8 percent in the same
period last year.

More importantly, the country recorded a primary surplus
during this period. Higher revenues, contained expenses and larger
surplus from provinces led to this improvement in the fiscal
account, the SBP report said.

According to the Report, besides subdued commodity prices
(particularly oil) in the global market, the policy support also
played a key role in improving macro fundamentals.

An expansionary monetary policy for the last one and a half
year, development focus of fiscal spending (particularly on
infrastructure projects which also encouraged construction and
related activities), better energy management, and CPEC related
initiatives, are case in point.

The Report also identified low investment rate, continued
weakness in exports, slowdown in remittances, and narrow tax base
despite stop gap measures by the government to increase tax
collection as some of the key challenges for the economy, which
needs to be tackled through structural reforms so that the recent
improvement in macro fundamentals can be sustained.

ISLAMABAD, July 1 (APP):The Securities and Exchange Commission
of Pakistan (SECP) notified the draft Valuers Registration and governance Regulations, 2016, and had also placed the same on its website to obtain public opinion within 30 days.

The draft regulations are aimed at the regulation and
supervision of the work of professional valuers,said in statement issued by SECP here on Friday.

The Regulations provide for the registration mechanism of
professional valuers in the form of Company, on five specialized valuation panels, for which the prescribed eligibility and fit and proper criteria has been defined.

The practicing valuers would be registered separately on these
five specialized panels, which shall segregate their eligibility criteria according to the nature of the assets to be valued.

Registration of valuers on Panel 1 is for Land and Building,
Panel 2 for plant and machinery, and infrastructural construction,
Panel 3 for current assets, inventories, commodities; Panel 4 for securities, intangible assets, financial assets, financial liabilities; and Panel 5 for Information Systems and Infrastructure Assets including Hardware and Software.

The valuer shall employee highly qualified professionals in
its senior management, including graduate engineers in relevant disciplines; chartered accountants, cost and management accountants, chartered financial analysts, lawyers and master’s degree holders with prescribe experience.

The regulations elaborates quality assurance framework whereby
a quality assurance board would be setup to supervise and grant rating to registered valuers through review of their valuation services. High ethical standards and code of conduct has been prescribed for the sponsors, directors and senior management officers of the valuations companies.

Previously, this area has been largely unregulated.
However, the SECP has chalked a detailed roadmap after
thorough international research on similar regulatory jurisdictions and conducted deliberation with the main stakeholders, including the State Bank of Pakistan, Pakistan Banking Association and practicing professional valuers.

The draft regulations is the outcome of such deliberations,
that has been prepared after considering their input and were notified in the official gazette to elicit public opinion.

The draft regulations were keenly welcomed by a large number
of stakeholders, including professional valuers, which is reflected from the feedback received in the form of exhaustive comments and suggestions on the draft notification.

The SECP considered these comments/proposals and decided to
hold a roundtable on July 18, at its head office in Islamabad, to conclude the process of public and stakeholders consultation before notification of these regulations by end of July.