Business News

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

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

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.

READ MORE:The Rupee’s Comeback Is It Only Temporary?

After Pakistan inked a loan deal with the ADB for financial support as well as assistance in flood-related restoration and rebuilding work, analysts ascribed this adjustment to projected inflows of $1.5 billion.

The ADB agreement’s signature and the anticipated debt rescheduling from China, according to Saad Bin Naseer, director of Mettis Global, a web-based financial portal, might help the rupee maintain its pace in the days to come.

Ishaq Dar, Pakistan’s finance minister, is now in the US for meetings with the World Bank and International Monetary Fund (IMF), and he is scheduled to travel to China shortly to conduct talks on Pakistan’s bilateral debt restructuring.

According to Naseer, agreements on new projects with China were also anticipated during the minister’s visit; these developments might be positive for the rupee.

In addition to the loan agreement with ADB, the country’s import bill had decreased, according to Zafar Peracha, general secretary of the Exchange Commission of Pakistan (Ecap), which resulted in a smaller current account deficit. He asserted that “friendly nations” are anticipated to release $4 billion in money in the upcoming months, which will support the rupee even more.

According to him, the finance minister has a trip to France coming up that might provide more “positive news” for Pakistan and support the rupee even more.


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Business News

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

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.

READ MORE: At Jallo, PHA Reopens The Butterfly House

According to earlier Forex Association of Pakistan (FAP) statistics, the rupee increased by Rs2.04 (0.9%) versus yesterday’s close of Rs225.64 late afternoon. Later, it rose by 30 piastres.

Analysts have mostly linked the rupee’s strengthening to the country’s September import bill decrease and anticipations that the incoming finance minister, Ishaq Dar, will take action to stabilize the present exchange rate.

“The PKR is benefiting from September’s reduced imports. It’s also rumored that the incoming finance minister will act to stabilize the local currency. Chief Executive Officer of the brokerage firm Topline Securities, Mohammed Sohail

Zafar Paracha, general secretary of the Exchange Companies Association of Pakistan (Ecap), cited two more explanations for the rupee’s upward trend: a decrease in the import bill from the previous month and a monthly decrease in the trade deficit of 20 percent.

He said that the rupee was anticipated to continue its gains in the next days as a result of these factors. “Inflation is also dropping, enhancing prospects of no additional restrictive measures in the monetary policy,” he said.

Paracha further connected the strengthening of the rupee with “tight measures” adopted by the government.

In this context, he emphasized in especially the new finance minister’s efforts against hawala/hundi networks. He said that after the event, components that had been “artificially raising” the value of the dollar began to sell hoarded currency.

He said that as a result, a decrease in the demand for dollars on the open market was also noted.

The government has taken a number of steps, including opening an investigation into banks’ involvement in exchange rate manipulation.

On Tuesday, Jameel Ahmad, the governor of the State Bank of Pakistan (SBP), informed the National Assembly’s Standing Committee on Finance and Revenue that inquiries had been opened against eight institutions.

According to Ahmad, the initial part of the investigation focused on Bank Al Habib, Habib Bank Limited, National Bank of Pakistan (NBP), Meezan Bank Limited, United Bank Limited (UBL), Allied Bank Limited (ABL), and Standard Chartered. He omitted to mention the eighth bank, though.

He informed the tribunal that ABL, NBP, and Standard Chartered had received show-cause letters and that the remaining institutions would be under investigation in the ensuing stage.

He had stated, “This is not the appropriate spot where the rupee sits at the present time,” and he had added that he was aware that certain speculators were playing this game and that they need to cease right once.


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Business News

GPCCI Calls For Lifting The Import Prohibition On Automobiles

GPCCI Calls For Lifting The Import Prohibition On Automobiles

August 10, 2022 / By Zunair Tahir / Business News


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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Business News

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

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

August 6, 2022 / By Zunair Tahir / Business News


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.

READ MORE: Banks Will Be Closed On August 8 and 9 For Muharram In 2022

The finance minister underlined that neither he nor the State Bank had “personally interfered” to devalue the dollar in response to a query concerning the rupee’s rising trend versus the dollar.

The minister, who was critical of the previous PTI administration, stated that the country’s imports were $80 billion last year while its exports were just $31 billion. He also stated that the trade deficit was $18 billion while the current account deficit was $17.5 billion.

During the PTI’s rule, the total amount of the country’s loans increased from Rs25,000 billion to Rs42,000 billion, he said.

READ MORE: In Three References, ECP Summons Imran Khan

The minister warned that the rupee would be under pressure if such a large imbalance was created.

The minister made reference to the difficult choice made by his government, saying that after assuming office, they determined they would not allow the nation to fall into default.

“For the current fiscal year, the administration has set the exports target at $35 billion,” he continued.

Miftah emphasized the necessity of austerity measures by claiming that he feels ashamed when asking for loans from the outside world. He pleaded with the populace to give to the prime minister’s relief fund.


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BUSINESS NEWS

BUSINESS NEWS


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

Read More…

October 25, 2022 / By Zunair Tahir / Business News


The Rupee’s Comeback Is It Only Temporary?

Read More…

October 12, 2022 / By Zunair Tahir / Business News


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

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October 5, 2022 / By Zunair Tahir / Business News


UK Pound Drops To 37-Year Low

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September 17, 2022 / By Zunair Tahir / Business News


GPCCI Calls For Lifting The Import Prohibition On Automobiles

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August 10, 2022 / By Zunair Tahir / Business News


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

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August 6, 2022 / By Zunair Tahir / Business News


Meteoric Dollar Smashes All Records & Reaches Rs200 In The Interbank Market

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May 19, 2022 / By Zunair Tahir / Business News


(IMF) Has Expressed Concern Over Pakistan’s Growing Inflation and Expanding Current Account Deficit

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April 20, 2022 / By Zunair Tahir / Business News


Pakistan Is Expected To Increase The Price Of Electricity By PKR3.15 Per Unit

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April 20, 2022 / By Zunair Tahir / Business News


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