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MCB sold Rs 100 bn traveler cheques

Recorder Report

Lahore: The Muslim Commercial Bank (MCB) has sold Rupee Traveler Cheques (RTC) worth Rs 100 billion in one year.

The Head of Consumer Banking, Haroon Basheer Shaikh disclosed in a press release on Monday that MCB's RTC Group, which had sold RTC worth Rs 68 billion during 1998, registered a 47 percent increase during 1999 as its sale touched Rs 100 billion mark by December, 31,1999.

The sale was more than the combined RTC sale of all the other banks in Pakistan.

He added that the brisk sale of RTC showed firstly the confidence of the consumers in MCB for security of their deposits and secondly, the latest trend among people of not keeping cash during travel.

Two foreign banks - ANZ Grindlays Bank and Gulf Bank - had signed an agreement with the MCB for the sale/purchase of its RTC.