Tag: China

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China sacks ‘missing’ foreign minister Qin Gang, reappoints Wang Yi

July 25, 2023

Beijing: China Tuesday sacked Foreign Minister Qin Gang and reappointed top diplomat Wang Yi to the post, ending the rare ...

Smuggling of US dollars to Afghanistan hurting Pakistan's economy Karachi: The Pakistani currency is under pressure owing to the ongoing political unrest in the country and the smuggling of US dollars to Afghanistan, media reports said on Tuesday. "Pakistan is currently dealing with problems on several fronts, the political crisis being the first and biggest one. The dollar crisis is also connected with it," Malik Bostan, the Chairman of the Exchange Companies Association of Pakistan (ECAP), said at a news conference, The News reported. About $2 billion goes to Afghanistan from Pakistan in the form of official and unofficial trade, misuse of Afghan transit trade, smuggling and through the borders, claimed Bostan, adding that these factors are burdening Pakistan's foreign exchange reserves. Currently, Pakistan's economy is suffering irreparable harm because of the Afghan transit trade, which has grown significantly. A significant portion of the dollars travelling from Pakistan to Afghanistan passes through the Afghan transit trade, and both Afghan and Pakistani traders are involved in this anti-national activity, he added, The News reported. To lower the import bill, the government imposed high duties on many luxury goods. "Our traders and importers thought that why should they pay a 200 per cent duty to the Pakistani government," Bostan said, adding that they operate a global network, accepting payments through hundi/hawala in Dubai, London, Europe, America, Saudi Arabia, and everywhere else. "They bring their items here in the name of Afghan transit, travelling from our port to Afghanistan and then returning to Pakistan in small trucks. Numerous importers from Pakistan who participate in this atrocious practice not only fail to pay import duties, which costs the national exchequer billions of rupees, but also prevent dollars from entering the country," he said. When the Afghan Taliban established a transition government in August 2021, the Pakistani rupee was trading at 155, the country's foreign exchange reserves were $22 billion, and its import bill was $4.5 billion. According to Bostan, today the rupee has fallen to almost 225 in the interbank market and 235 per dollar in the free market, The News reported. He claimed that every month, about $3 billion in remittances were sent to Pakistan. The remittance flows have now decreased to $2 billion. "Where does this monthly $1 billion go? Because we are paying remittances at 225 rupees for every dollar, this $1 billion per month has become the sight of Afghan transit. The hawala/hundi operators are giving those 270 for every dollar," Bostan said. IANS Pakistan, Afghanistan, economy

International

Pakistani rupee depreciates by Rs 1.8 against US dollar in interbank & open markets

July 25, 2023

Karachi: The Pakistani rupee lost value to the US dollar in the interbank and open markets Tuesday as the initial ...

India surpasses China to become world's most populous nation: UN data

National

India’s projected population, as July 1, is 139 crore: Government to Lok Sabha

July 25, 2023

New Delhi: The projected population of India, as July 1, 2023, is 139 crore according to a report of the ...

Sports

Pakistan announce women’s squad for Asian Games; Anoosha Nasir, Shawaal Zulfiqar earn maiden call-ups

July 25, 2023

Lahore: Left-arm spinner Anoosha Nasir and right-handed batter Shawaal Zulfiqar Tuesday got maiden call-ups in Pakistan's senior women's squad for ...

Business

China urges Japan not to disrupt chip industry after technology curbs take effect

July 24, 2023

Beijing: China's government appealed to Japan Monday not to disrupt the semiconductor industry after curbs on exports of Japanese chip-making ...

Metro

Ponzi scam: Lookout circular against Chinese citizen Guanhua Wang

July 24, 2023

Bhubaneswar: The Bureau of Immigration (BOI) under the Union Ministry of Home affairs has issued a Look Out Circular (LOC) ...

International

Seasonal floods hit eastern China and leave at least 5 dead and over 1,500 evacuated

July 23, 2023

Beijing: Floods caused by heavy rain hit eastern China, leaving at least five dead and three missing while over 1,500 ...

International

BRICS countries deeply connected through values, culture: Meenakshi Lekhi

July 23, 2023

Johannesburg: Culture is a very important factor in the BRICS bloc and the five countries comprising the grouping are deeply ...

National

Two Chinese nationals arrested in Bihar

July 23, 2023

Motihari (Bihar): Two Chinese nationals have been arrested in Bihar by immigration officials who noted that they had sneaked into ...

International

India, US to get closer as China’s shadow grows bigger

July 23, 2023

New Delhi: From a US perspective, if India -- the world's largest democracy -- really could trump China, that would ...

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Editorial

Mandi House Reset

August 8, 2026

By Dilip Cherian How an Education Ministry worthy wins a new post will be a tale told later. But for...

August 5, 2026

The Centre is courting yet another controversy by introducing a Bill in the Lok Sabha that seeks to fundamentally alter...

August 4, 2026

Change rarely arrives announced. But when a popular movement stirs, transformation can sweep in like a tide. The recent by-election...

August 3, 2026

The Reserve Bank of India (RBI) selling about $7 billion in a single trading session to arrest the rupee’s slide...

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