The economy of Pakistan is categorized as a developing economy. It ranks as the 24th-largest based on GDP using purchasing power parity (PPP) and the 46th largest in terms of nominal GDP. With a population of 241.5 million people as of 2023, Pakistan's position at per capita income ranks 161st by GDP (nominal) and 138th by GDP (PPP) according to the International Monetary Fund (IMF).
A pension fund, also known as a superannuation fund in some countries, is any program, fund, or scheme which provides retirement income.
The Economic Cooperation Organization or ECO is a Eurasian political and economic intergovernmental organization that was founded in 1985 in Tehran by the leaders of Iran, Pakistan, and Turkey. It provides a platform to discuss ways to improve development and promote trade and investment opportunities. The ECO is an ad hoc organisation under the United Nations Charter. The objective is to establish a single market for goods and services, much like the European Union. After the dissolution of the Soviet Union, the ECO expanded to include Afghanistan, Azerbaijan, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan in 1992.
The Ministry of Finance is a cabinet-level ministry of the government of Pakistan that is in charge of government finance, fiscal policy, and financial regulation. A Finance Minister, an executive or cabinet position heads it. The Minister is responsible each year for presenting the federal government's budget to the Parliament of Pakistan.
Postal savings systems provide depositors who do not have access to banks a safe and convenient method to save money. Many nations have operated banking systems involving post offices to promote saving money among the poor.
The State Bank of Pakistan (SBP) is the central bank of Pakistan. Its Constitution, as originally laid down in the State Bank of Pakistan Order 1948, remained basically unchanged until 1 January 1974, when the bank was nationalised and the scope of its functions was considerably enlarged. The State Bank of Pakistan Act 1956, with subsequent amendments, forms the basis of its operations today. The headquarters are located in the financial capital of the country in Karachi. The bank has a fully owned subsidiary with the name SBP Banking Services Corporation (SBP-BSC), the operational arm of the Central Bank with Branch Office in 16 cities across Pakistan, including the capital Islamabad and the four provincial capitals Lahore, Karachi, Peshawar, Quetta. The State Bank of Pakistan has other fully owned subsidiaries as well: National Institute of Banking and Finance, the training arm of the bank providing training to Commercial Banks, the Deposit Protection Corporation, and ownership of the Pakistan Security Printing Corporation.
A time deposit or term deposit is a deposit in a financial institution with a specific maturity date or a period to maturity, commonly referred to as its "term". Time deposits differ from at call deposits, such as savings or checking accounts, which can be withdrawn at any time, without any notice or penalty. Deposits that require notice of withdrawal to be given are effectively time deposits, though they do not have a fixed maturity date.
National Savings and Investments (NS&I), formerly called the Post Office Savings Bank and National Savings, is a state-owned savings bank in the United Kingdom. It is both a non-ministerial government department and an executive agency of HM Treasury. The aim of NS&I has been to attract funds from individual savers in the UK for the purpose of funding the government's deficit. NS&I attracts savers through offering savings products with tax-free elements on some products, and a 100% guarantee from HM Treasury on all deposits. As of 2017, approximately 9% of the government's debt is met by funds raised through NS&I, around half of which is from the Premium Bond offering.
A Prize Bond is a lottery bond, a non-interest bearing security issued on behalf of the Irish Minister for Finance by the Prize Bond Company DAC. Funds raised are used to offset government borrowing and are refundable to the bond owner on demand. Interest is returned to bond owners via prizes which are distributed by random selection of bonds. Similar prize bonds are also offered in Pakistan, by the Ministry of Finance, and in the UK, under the name Premium Bonds.
Industrial Development Bank of Pakistan is a Pakistani state-owned development bank located in Karachi, Sindh, Pakistan. It is among the oldest financing institutions in Pakistan.
Pakistan Post is a state enterprise which functions as Pakistan's primary and largest postal operator. 49,502 employees through a vehicle fleet of 5,000 operate traditional "to the door" service from more than 13,419 post offices across the country, servicing over 50 million people. Pakistan Post operates under the autonomous "Postal Services Management Board" to deliver a full range of delivery, logistics and fulfillment services to customers.
The Public Provident Fund (PPF) is a voluntary savings-tax-reduction social security instrument in India, introduced by the National Savings Institute of the Ministry of Finance in 1968. The scheme's main objective is to mobilize small savings for social security during uncertain times by offering an investment with reasonable returns combined with income tax benefits. The scheme is offered by the Central Government. Balance in the PPF account is not subject to attachment under any order or decree of court under the Government Savings Banks Act, 1873. However, Income Tax & other Government authorities can attach the account for recovering tax dues.
Japan Post Bank Co., Ltd. is a Japanese bank headquartered in Tokyo. It is a corporation held by Japan Post Holdings, in which the government of Japan has a majority stake.
The Ministry of Commerce ; abbreviated as MoCom), is a Cabinet-level ministry of the Government of Pakistan concerned with economic growth and commerce development and promotion in Pakistan. The administrative head of the ministry is the Commerce Secretary of Pakistan, presently Muhammad Sualeh Ahmad Faruqi. The political head, Minister of Commerce, is required to be the member of Parliament.
The National Institute of Banking and Finance (NIBAF) is a subsidiary of the State Bank of Pakistan (SBP) head by the managing director, a board of directors and the governor of State Bank of Pakistan. NIBAF, a non-profit organisation, aims at providing training and development to central and commercial bankers at national as well as international level. One of its important roles is to develop human capital of SBP and its subsidiaries. It has trained 140 participants from friendly countries through 22 weeks of training during the financial year 2006-07.
The National Pension System (NPS) is a defined-contribution pension system in India regulated by the Pension Fund Regulatory and Development Authority (PFRDA) which is under the jurisdiction of the Ministry of Finance of the Government of India. National Pension System Trust was established by PFRDA as per the provisions of the Indian Trusts Act of 1882 to take care of the assets and funds under this scheme for the best interest of the subscriber.
National Savings Certificates, popularly known as NSC, is an Indian Government savings bond, primarily used for small savings and income tax saving investments in India. It is part of the postal savings system of India Post.
The Ministry of Finance is a ministry of Bangladesh. The ministry is responsible for state finance, including the state budget, taxation and economic policy in Bangladesh. It is led by the Finance Minister of Bangladesh. The department must report to the Parliament of Bangladesh. It contains four divisions.
Pakistan's e-trading mainly involves buying and selling goods, and services using internet or telephone, through the use of electronic means such as computer, fax machine, cellular phone, automated teller machines (ATMs), and other electronic appliances with or without using the internet. Online banking, e-tickets, share trading in stock exchange are few examples of e-commerce of modern advancement. The unique feature of online trading is that an investor logging in from anywhere, can conduct transactions with nearly any device, via the internet. Inexperienced Traders are also able to familiarize themselves with helpful investment tools, which are widely available on the internet.
Pakistan Security Printing Corporation (PSPC) is a wholly owned subsidiary of the State Bank of Pakistan and prints security products such as Pakistani banknotes and prize bonds for the federal government. Pakistan Security Printing Corporation was established as a joint venture company by Government of Pakistan on March 10, 1949, with M/s Thomas De La Rue International of United Kingdom.
