No Result

View All Result

No Result

View All Result

Tag: Karachi Stock Exchange

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

US dollar hits 300 rupees barrier amidst protests in cash-strapped Pakistan

May 11, 2023

Karachi: For the first time in Pakistan's history, the US dollar Thursday hit the 300 rupees barrier against the local ...

Editorial

ISI After NEET

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...

August 2, 2026

By Aakar Patel Mother of Democracy is standing for a non-permanent elected seat at the United Nations Security Council. Non-permanent...

Tag: Karachi Stock Exchange

US dollar hits 300 rupees barrier amidst protests in cash-strapped Pakistan

Arya Ayushman

Pitabas Tripathy

Manas Samanta

Pratik Kumar

Vandana Singh

Nishikant Rout

Akriti Negi

Mandakini Dakua

Ankita Balabantray

Sarmistha Nayak

Narendra Kumar

Rajashree Manasa Mohanty

Adyasha Priyadarsani Sendha

Swarit Praharaj

Lopali Pattnaik

Ramakanta Sahoo

Archana Parida

Aman Kumar Barisal

Adweeti Bhattacharya

Dibya Ranjan Das

Aishwarya Ranjan Mohanty

D Rama Rao

Jyotshna Mayee Pattnaik

Praptimayee Biswal

Sibarama Khotei

Shreyanshu Bal

Faiza Firdous

Debasis Mohanty

Jhili Jena

Pragyan Priyambada

Archives

Editorial

ISI After NEET

A Quiet Shift

Desperate Measures

Selling Global Dreams