Arif Naqvi will have to surrender his Pakistani passport, wear an electronic tag and remain under 24-hour curfew LONDON: Arif Naqvi, the Pakistani founder of collapsed private equity firm Abraaj Group, has been released from custody after meeting bail conditions including the payment of a 15 million pound ($19 million) security, a court official said. Naqvi […]

Oxford, England – Women’s World Banking, in partnership with the Alliance for Financial Inclusion (AFI), welcome 33 leaders from 20 central banks and other regulatory bodies from emerging countries this week to Oxford University to kick off its nine-month Leadership and Diversity Program for Regulators.   The program, funded by Visa Foundation, is taught by […]

The dollar hit its highest level in two years and the yen rose half a percent on Thursday as economic and political uncertainties swept through Europe and Asia, pinning down the euro and the yuan. Worries over German manufacturing, the impact of a trade war on Asian economies and deepening concerns over Brexit and European […]

Bank Alfalah’s exit strategy from Afghanistan did not work as the acquiring bank failed to get the approval from the central bank of Afghanistan. According to the official statement, the central bank of Afghanistan, Da Afghanistan Bank declined the application of Azizi Bank, the acquiring bank, to obtain or acquire activities of Bank Alfalah. The management of Bank Alfalah […]

Last Friday, the Turkish lira lost close to seven per cent of its value in a single day of trading, closing in at 6.43 against the dollar. This unprecedented fall was triggered primarily by President Trump’s tweet signalling a doubling of US tariffs on Turkish exported steel and aluminium, which came as the latest event […]

LONDON: The Bank of England pushed interest rates above their financial crisis lows on Thursday, but signalled it was in no hurry to raise them further as Britain heads for Brexit next year with no clear plan for leaving the European Union. The BoE’s nine rate-setters unexpectedly voted unanimously to raise rates to 0.75 from […]

WASHINGTON: The International Monetary Fund (IMF) announced on Wednesday it will launch a new tool to support governments in financial trouble — but one that involves no money — formalising a step it took last week for Greece. Instead of providing cheap loans to member countries, the new IMF tool will serve as a good […]

Economic growth in the Middle East and North Africa is forecast to slow considerably over oil prices as the Saudi economy slides, the International Monetary Fund said on Monday. After a better than expected performance with five percent growth in 2016, the economies of countries in the Middle East and North Africa as well as […]

DOHA: Qatar’s stock exchange dropped on Sunday as the tiny Gulf nation braced for a deadline to accept demands from four Arab countries in part over what they allege is its support for extremist groups. Saudi Arabia, the United Arab Emirates, Egypt and Bahrain cut off ties with 2022 FIFA World Cup host Qatar in […]

SARAJEVO: The Islamic Development Bank (IDB), the largest development organisation in the Muslim world, plans to revamp its operations, including a shift away from small-scale capital interventions to more sustainable, grassroots-level support. The non-profit group has extended $86.1 billion in financing in the last ten years for energy, transportation, water and sanitation projects. Bangladesh, Pakistan […]