Tag: Pakistan

National

Maharashtra: Man held for shouting pro-Pakistan slogans in Nashik

August 17, 2023

Nashik: A 25-year-old man from Maharashtra's Nashik district has been arrested for raising pro-Pakistan slogans during a programme on the ...

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

Churches vandalised in Pakistan over blasphemy allegations

August 16, 2023

Lahore: Several churches were vandalised in Pakistan's Punjab province Wednesday over blasphemy allegations, officials said. The Salvation Army Church, United ...

Sports

Wahab Riaz announces international retirement to focus on franchise cricket

August 16, 2023

Karachi: Pakistan fast bowler Wahab Riaz Wednesday announced his retirement from international cricket to focus on playing T20 leagues around ...

Business

Pakistani rupee drops to three-month low on first day of caretaker govt

August 15, 2023

Islamabad: The Pakistani rupee (PKR) witnessed a significant drop Tuesday -- the first day of the caretaker government taking over ...

Home News

Anwarul Haq Kakar sworn in as Pakistan’s caretaker Prime Minister

August 14, 2023

Islamabad: Anwarul Haq Kakar, an ethnic Pushtun leader who is considered close to the powerful military, was Monday sworn in ...

International

President Arif Alvi calls for unity as Pakistan celebrates 76th Independence Day anniversary

August 14, 2023

Islamabad: Pakistan President Arif Alvi Monday appealed to political leaders to shun their differences and antagonism as the cash-strapped country ...

Pakistan Senator Anwaar-ul-Haq Kakar picked as caretaker PM

International

Anwaar-ul-Haq Kakar to be sworn in as Pakistan’s caretaker Prime Minister

August 14, 2023

Islamabad: Anwaar-ul-Haq Kakar, a first-time Senator who was appointed as Pakistan's caretaker prime minister, will be sworn in Monday as ...

Home News

Two terrorists killed by Pakistan’s security forces after attack on convoy carrying Chinese workers in Gwadar

August 13, 2023

Karachi/Islamabad: Two terrorists were killed by Pakistani security forces Sunday when they attacked a military convoy carrying Chinese workers in ...