Tag: Pakistan

Cash-strapped Pakistan to get Saudi help - Gwadar Port

International

Saudi Arabia invests $ 10 billion to build Pakistan’s largest oil refinery in Gwadar Port

July 28, 2023

Islamabad: Four Pakistani state-owned petroleum companies have signed a memorandum of understanding with Saudi Arabia to build Pakistan's largest oil ...

India stun world champions Germany 3-2 in first match after World Cup debacle

Sports

Asian Champions Trophy: Radhakrishnan Stadium gets GT Turf, set to welcome back big-ticket hockey

July 28, 2023

Chennai: Leaving no stone unturned, the Mayor Radhakrishnan Stadium is undergoing an extensive facelift ahead of the Asian Champions Trophy ...

Sports

Pakistan declares on 576 for five with 410-run lead over Sri Lanka in 2nd test

July 27, 2023

Colombo: Pakistan is eyeing a 2-0 sweep against Sri Lanka as the visitors declared on 576 for five with a ...

Home News

Pakistan criticises Defence Minister Rajnath Singh’s LoC crossing remarks

July 27, 2023

Islamabad: Pakistan has criticised Defence Minister Rajnath Singh's remarks that India is ready to cross the Line of Control (LoC) ...

Home News

Floodwater of Sutlej River sweeps Indian national into Pakistan

July 26, 2023

Lahore: A deaf Indian citizen who was swept into Pakistan by floodwaters of the Sutlej River has been handed over ...

National

Ready to cross LoC if need arises, civilians should be ready to support forces: Rajnath Singh

July 26, 2023

Drass (Ladakh): Defence Minister Rajnath Singh Wednesday said India is ready to cross the Line of Control (LoC) to maintain ...

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 ...

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 ...