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October 25, 2022 / By Zunair Tahir / Business News

In the interbank market on Tuesday, the Pakistani rupee (PKR) appreciated by 68 pesos in relation to the US dollar.

According to the State Bank of Pakistan, the local currency increased by 68 paisa or 0.31 percent from yesterday’s finish of Rs220.41 to conclude at Rs219.73 per $1.

Rupee Rises Rs1.7 Versus The Dollar In Interbank Trading As The Uptrend Continues

October 5, 2022 / By Zunair Tahir / Business News

On Wednesday, the rupee extended its gains against the dollar, increasing by almost Rs1.7 in the interbank market at close.

The State Bank of Pakistan reported that the exchange rate of the local currency for the dollar was Rs223.94 (SBP). This is a rise of 0.76 percent from the close of Rs225.64 yesterday.

GPCCI Calls For Lifting The Import Prohibition On Automobiles

August 10, 2022 / By Zunair Tahir / Business News

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For a fresh GSP+ application, Pakistan needs German political and diplomatic backing

The German Pakistan Chamber of Commerce and Industry (GPCCI) has urged the Pakistani government to immediately reverse the import restriction on automobiles after warning that it might negatively affect impending GSP+ discussions with the European Union (EU).

Syed Nadeem Ali Kazmi, president of the German Pakistan Chamber of Commerce and Industry, wrote a letter to finance minister Miftah Ismail warning that the impending GSP+ negotiations with the EU may suffer as a result of the ban on imports of vehicles (CBU) from Germany.

German cars in CBU form are included in the list of imports that are prohibited by the coalition government.

READ MORE: UAE To Spend $1 Billion In PSX, Claims Miftah Ismail

“We would like to draw your kind attention to the existential crisis that the top three German automakers in Pakistan, Audi, BMW, and Mercedes-Benz, are currently experiencing. This is because imports are now prohibited, he added.

Since 1951, Pakistan and Germany have had cordial and varied relations. 70 years have passed since diplomatic ties were first established, which was last year.

Audi, BMW, Mercedes-Benz, Siemens, BASF, Bayer, DHL, Metro Cash and Carry, KSB Pumps, and SAP are a few of the well-known German firms have offices in Pakistan.

Audi, BMW, Mercedes-Benz, Siemens, BASF, Bayer, DHL, Metro Cash and Carry, KSB Pumps, and SAP are just a few of the popular German corporations have offices in Pakistan.

One of the few nations with whom Pakistan enjoys a positive trade balance is Germany. In 2021, Pakistan exported $1.568 billion to Germany while importing $1.016 billion from that country.

“Since the EU’s present GSP+ program ends in 2023, Pakistan must reapply for the new GSP+ programme, which includes additional restrictions. In the past, Germany has been a fervent supporter of Pakistan and has argued for Pakistan’s application for GSP+ status inside the EU, according to him.

GPCCI efforts will make sure that both imports and exports of goods between Pakistan and Germany prosper. The trade surplus of exports from Pakistan to Germany (totaling $l.568 billion in 2021) has been boosted by the ongoing efforts of GPCCI.

Pakistan purchased fewer than 100 million euros’ worth of automobiles from Germany in 2022, while the total cost of imports for the fiscal year was $56.380 billion.

German partners seek to collaborate in a setting with consistent economic policies and a sustainable governance framework since Germany is a highly developed economy. According to him, this is the only way Pakistan can use its attractive geographic location for its German commercial partners.

The GPCCI demanded that the import restrictions placed on the automobile industry be immediately lifted. Due to the import ban, which is causing an ongoing crisis, these actions are forcing German automotive companies to leave the Pakistani market, which will have far-reaching negative effects such as rendering over 30,000 cars (Audi, BMW, and Mercedes-Benz) unserviceable and ending all German innovative technology transfer in terms of knowledge and skill sets required for the maintenance of these vehicles.

The GPCCI President asked the finance minister to take action right now to end the restriction. It is anticipated that the administrative procedures to put the formal orders into effect would take a few days.

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UAE To Spend $1 Billion In PSX, Claims Miftah Ismail

August 6, 2022 / By Zunair Tahir / Business News

**Finance Minister Miftah Ismail addresses a press conference in Karachi on August 6**

Finance Minister Miftah Ismail announced on Saturday that the United Arab Emirates (UAE) has invested in the nation’s stock exchange in an effort to strengthen bilateral economic ties.

The UAE previously announced its willingness to invest $1 billion in Pakistani businesses across a range of economic and investment sectors. The action is intended to seek new investment possibilities and areas for collaboration in projects across multiple industries in order to strengthen bilateral economic relationships in the best interests of the two nations, according to the Emirates News Agency.

“Problems will continue to prevail until September,” says Miftah Ismail

Miftah Ismail stated during a news conference in Karachi that the national economy requires the importation of luxury goods to be prohibited for the foreseeable future.

He insisted that wise government policies are driving the country’s economy in the right direction, and that efforts are being done to stabilize it.

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Pakistan Business News

$1.5 Billion ADB Loan Agreement, PKR Increases By 68 Paisa versus The Dollar

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