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BRICS expansion message to all global institutions to adapt to changing times: PM Narendra Modi

August 24, 2023

New Delhi: With the BRICS deciding to admit six countries as its full members, Prime Minister Narendra Modi Thursday said ...

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

Pakistan Rupee continues free fall, depreciates 1.16 per cent against US dollar in interbank & open market

August 16, 2023

Karachi: The Pakistani currency depreciated by 1.16 per cent against the US dollar in both interbank and open markets, continuing ...

International

Import of vital medicines from India allowed: Pakistan’s drug regulatory authority

August 11, 2023

Islamabad: Cash-strapped Pakistan's drugs regulatory watchdog has said that hospitals and common citizens can import vital medicines, including anti-cancer drugs ...

International

International Monetary Fund projects Indian economy to grow at 6.1 per cent in 2023

July 25, 2023

Washington: The International Monetary Fund Tuesday projected a growth rate of 6.1 per cent for India in 2023, which is ...

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 ...

International

Cash-strapped Pakistan receives $ 2 billion from Saudi Arabia: Finance Minister Ishaq Dar

July 11, 2023

Islamabad: Pakistan has received deposits of $ 2 billion from Saudi Arabia, Finance Minister Ishaq Dar said Tuesday, ahead of ...

International

Imran Khan seeks IMF’s ‘guarantee’ for timely general elections in Pakistan: Media report

July 9, 2023

Islamabad: Pakistan's former prime minister Imran Khan has sought a "guarantee" from the International Monetary Fund that the general elections ...

International

India says it will continue to support Sri Lanka in overcoming its financial crisis

July 9, 2023

Colombo: India has reiterated its willingness to play "a constructive role" in supporting Sri Lanka's efforts for recovery from the ...

Business

Pakistan assures IMF of $8 billion external payments: Report

July 8, 2023

Islamabad: Cash-strapped Pakistan has provided the IMF with a financing plan for external payments, in which it has informed the ...

International

IMF to meet major political parties including PTI to seek support for $ 3 billion Standby Agreement

July 7, 2023

Islamabad: The IMF is “in the process” of meeting representatives from Pakistan's major political parties, including Imran Khan's party, to ...

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Editorial

Legal Apartheid

January 25, 2026

By Aakar Patel This week, Rajasthan is set to pass a segregation law modelled after one in Gujarat. It is...

January 24, 2026

By Dilip Cherian Not long ago, a central deputation was the IPS equivalent of a promotion without paperwork. A stint...

January 21, 2026

India is one of 60 countries the US has invited to join President Donald Trump’s controversial “Board of Peace” initiative...

January 20, 2026

The world has been shocked by the way the medal of this year’s Nobel Peace Prize – one of the...

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