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| October 15, 2003 | Wednesday | Sha'aban 18, 1424 |
‘SBP to regulate forex trade’
QUETTA, Oct 14: State Bank Governor Dr Ishrat Hussain said on Tuesday that the SBP planned to regulate the foreign exchange companies.
Speaking to Balochistan Chamber of Commerce and Industry members, he said 470 foreign exchange companies were working in the country and the SBP would issue licenses to them to regulate their business.
He said the national banks were charging seven per cent markup on loans, which was the lowest in the country’s history.
He said three banks had introduced interest-free banking and he would ask them to start the service in Balochistan. He said a religious scholar had declared the system correct.
He said the Muslim Commercial Bank had been issued license and it would open its interest-free branches in the province.
He said the Zarai Taraqiati Bank was extending loans under 92 heads for the fisheries, agriculture and livestock sectors.
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