Current Final

Author: News Desk

  • Pakistan records $397 million current account surplus as exports, remittances increase

    Pakistan records $397 million current account surplus as exports, remittances increase

    In December 2023, Pakistan’s current account exhibited a noteworthy surplus of $397 million, a stark departure from the $15 million deficit recorded in November, as reported by the State Bank of Pakistan (SBP) on Wednesday. 

    This surplus is attributed to heightened exports and remittances, coupled with a marginal decline in imports. Notably, there was a substantial improvement compared to the $365 million deficit posted in December 2022.

    According to SBP data, exports (goods and services) surged to $3.526 billion in December 2023, marking a 14 per cent increase from $3.089 billion in December 2022. Concurrently, remittances rose to $2.38 billion, a 13 per cent marginal increase from the same period last year. 

    Conversely, total imports saw a 2 per cent decrease, totaling $4.97 billion in December 2023, compared to $4.98 billion in the corresponding period last year.

    In the cumulative period of July–December FY24, Pakistan experienced a current account deficit of $831 million, a substantial reduction from the $3.63 billion deficit recorded during the same months in FY23—a remarkable decline of over $2.8 billion, or 77 per cent. 

    The SBP, in its recent Monetary Policy Committee meeting on December 12, highlighted a significant improvement in the current account balance, with the deficit narrowing by 65.9 per cent year-on-year to $1.1 billion during July-October FY24.

    The current account’s pivotal role is underscored by its impact on Pakistan’s economy, which is heavily reliant on imports. 

    A widening deficit exerts pressure on the exchange rate and depletes official foreign exchange reserves, making these recent developments crucial for the nation’s economic outlook.

  • ECP fears delay in polls as independent candidates want to change electoral symbols

    ECP fears delay in polls as independent candidates want to change electoral symbols

    The Election Commission of Pakistan (ECP) showed concern that the upcoming polls could be delayed in the case of changing candidates’ symbols, despite the fact that symbols have already been allocated to them.

    Pakistan’s general elections have already been postponed for several months, while some major figures are calling for additional delays for a variety of reasons. On the other hand, the Supreme Court has instructed officials to guarantee that elections are held on February 8.

    In a statement, ECP said that the election symbols have already been allotted to election candidates, but politicians are “having them changed through various forums”.

    “It should be noted that after the allotment of the election symbols, the election commission has ordered the printing of ballot papers to the three printing corporations and the printing work has started,” the statement said.

    According to Geo News, if the high court allows independent candidates to change their electoral symbols, the ECP will postpone general polls in those specific constituencies.

    The official version was along the lines as the ECP said: “If the process of changing the election symbols continues, then on the one hand, there is a fear of delay in the election because the ballot papers will have to be reprinted, for which the time is already limited, and on the other hand, the special paper ballot papers will be wasted.”

  • ‘Informed that PCB can’t go ahead with the anthem for reasons that I would not like to disclose’, says Ali Zafar

    ‘Informed that PCB can’t go ahead with the anthem for reasons that I would not like to disclose’, says Ali Zafar

    Every year, PSL songs take the limelight as fans get divided over the best Pakistan Super League song, comparing them to previous years, while artists take it as a challenge to put up their best.

    This year, The Current has exclusive insights to a new controversy, which involves a seasoned artist – Ali Zafar.

    A source who spoke to us claimed that Ali Zafar was, once again, trying to lobby for the PSL anthem.

    According to a source, PCB was in talks with Ali Zafar to sing this year’s anthem but some PSL franchises pushed back saying the artist would tarnish the PSL brand because of the controversies surrounding him.

    In response to our article previously published, Ali Zafar had this to say:

    “I was indeed officially contacted by PCB to create the PSL anthem for this year. After working on it for two months, hiring musicians and music producers at my personal expense, I came up with three different versions of the anthem for the PCB to choose from. After one of them was finalized and the release was being planned, I was informed that PCB can’t go ahead with the anthem for reasons that I would not like to disclose at this point.


    I wish the next team all the best with their endeavours.”

    What Happened?

    To show his social media strength and popularity to counter PCB’s reasoning, Ali Zafar went over to social media with a plan.

    On January 12, Zafar posted on X (formerly Twitter), asking if an anthem by him will “enhance the image of the brand of PSL and PCB, deepen the connection with people, and bring more financial benefit to all stakeholders or will it prove to be otherwise?”.

    This was followed by a poll, adding that “I will explain later, why I have posted this tweet”.

    But when the results started to apparently turn against him, Zafar deleted his poll. This was followed by a post claiming that the polls were rigged with the help of bots.

    “Told you to wait to see why I started the poll”, he said.

    X users started trolling Ali Zafar because in the screenshots of polls he shared, the time stamp is the same throughout, indicating, according to users, that the pictures were photoshopped.

    X (formerly Twitter) Reacts

    PSL Anthems

    In January 2016, while performing at the launch event of the team Islamabad United, Ali Zafar released the team anthem “Chakka Choka” and performed it in the opening ceremony of PSL 2016 the following month.

    Then in 2017, Zafar released the anthem for that year’s PSL “Ab Khel Jamay Ga”.

    Controversy

    In 2018, singer Meesha Shafi accused Ali Zafar of sexual harassment which Zafar denied, taking the matter to court and filing a defamation case against Shafi for slander.

    While the case is still ongoing, Ali Zafar has been under heavy criticism for his condescending tone towards Shafi in interviews, while award shows and the entertainment industry has been condemned for engaging him.

  • New Zealand defeats Pakistan by 45 runs in third T20

    New Zealand defeats Pakistan by 45 runs in third T20

    New Zealand defeated Pakistan by 45 runs in the third T20 match played on Wednesday at Oval University stadium.

    In the third match, Pakistan won the toss and decided to field first, the New Zealand team scored 224 runs for the loss of 7 wickets in the allotted 20 overs.

    Batter Finn Allen, who opened the innings on behalf of New Zealand, scored 137 runs off 62 balls with the help of 16 sixes and 5 fours, while Tim Seifert scored 31 runs and Glenn Phillips stood out with 19 runs.

    On behalf of Pakistan, Haris Rauf took two wickets for 60 runs in his four overs while captain Shaheen Afridi, Zaman Khan, Mohammad Nawaz, and Mohammad Wasim got one wicket each.

    Chasing the target of 225 runs, the national team could only score 179 runs for the loss of 7 wickets in 20 overs.

    Babar Azam scored 58 runs, besides Mohammad Rizwan 24, Saeem Ayub 10, Fakhar Zaman 19, Azam Khan 10, Iftikhar Ahmed 1, and Mohammad Nawaz scored 28 runs.

    Captain Shaheen Shah Afridi scored 16 and Wasim Jr scored one run.

    New Zealand has a two-zero lead in the ongoing five-match T20 series in New Zealand.

  • IMF analysis reveals AI’s potential to disrupt 40% of jobs globally

    IMF analysis reveals AI’s potential to disrupt 40% of jobs globally

    In a recent comprehensive analysis, the International Monetary Fund (IMF) sheds light on the extensive impact of artificial intelligence (AI), unveiling its potential to disrupt nearly 40 per cent of all jobs worldwide.

    Kristalina Georgieva, the Managing Director of the IMF, expresses deep concerns about the consequences of widespread AI adoption, emphasising the likelihood of exacerbating existing inequalities.

    Georgieva underlines the urgency for policymakers to address this alarming trend, cautioning that unchecked deployment of AI could further widen social disparities and intensify tensions.

    The analysis indicates that the influence of AI on employment is expected to be particularly pronounced in advanced economies, with an estimated impact on approximately 60 per cent of jobs.

    While in about half of these cases, employees are poised to benefit from AI integration by enhancing their productivity and work capabilities, in other instances, AI may assume critical roles traditionally performed by humans.

    This shift in labour dynamics could lead to reduced demand for human workers, potentially affecting wages and, in some cases, resulting in job displacement.

    Contrary to the more significant impact projected for advanced economies, the IMF’s projections suggest that low-income countries may experience a comparatively lower impact, with AI affecting only around 26 per cent of jobs in these regions.

    Ms. Georgieva points out that many of these nations lack the necessary infrastructure or skilled workforces to harness the benefits of AI, raising concerns that the technology could exacerbate inequality among nations over time.

    This analysis aligns with a 2023 report by Goldman Sachs, estimating that AI has the potential to replace the equivalent of 300 million full-time jobs.

    However, the report also highlights the possibility of new job opportunities emerging along with a substantial increase in productivity.

    As the rapid proliferation of AI continues to spark intense debate, the global community faces the critical challenge of balancing the benefits and risks associated with this transformative technology.

  • Price Monitoring Committee responds to alarming spike in food prices

    Price Monitoring Committee responds to alarming spike in food prices

    In response to the surge in food prices, the Food and Industries Departments of Punjab, Sindh, and KP have jointly implemented robust monitoring measures, including heavy fines, surprise raids, and the sealing of establishments engaging in price gouging.

    The Caretaker Minister for Planning, Development, and Special Initiatives, Muhammad Sami Saeed, led a crucial meeting of the National Price Monitoring Committee (NPMC) on Tuesday.

    The committee convened to assess the prices of essential commodities amid the current economic challenges.

    As of the week ending on January 11, 2024, the Chief Statistician, PBS, presented a comprehensive overview of the country’s price situation.

    The report revealed a 1.4 per cent increase in the SPI over the previous week (WoW) and a significant 44.2 per cent surge over the corresponding week of the previous year.

    The spike in SPI was primarily attributed to the increased prices of perishable items such as tomatoes and onions, as well as poultry products like chicken and eggs.

    Out of the 21 monitored items, prices for 21 increased, 8 decreased, and 22 remained stable. Noteworthy declines were observed in the prices of potatoes, vegetable ghee, and sugar.

    During the meeting, the minister inquired about the measures taken by provincial governments and ICT to bridge the gap between wholesale and retail prices.

    Representatives from the provincial Food and Industries Departments of Punjab, Sindh, and KP assured strict monitoring through the imposition of heavy fines, surprise raids, and the sealing of shops involved in overcharging.

    Despite challenges in the supply of perishable items due to extreme weather conditions, the meeting underscored the importance of addressing climate change.

    The administration of Punjab is actively working on controlling prices by sensitising Deputy Commissioners across the province.

  • Pakistani rupee continues to gain ground against major currencies

    Pakistani rupee continues to gain ground against major currencies

    In Tuesday’s interbank session, the Pakistani rupee (PKR) demonstrated resilience against the US dollar (USD), settling the trade at PKR 280.25 per USD.

    This maintained a stable position compared to the previous session’s closing rate of PKR 280.24 per USD.

    Throughout the day, the currency experienced an intraday high (bid) of Rs280.6 and a low (ask) of Rs280.1.

    In the open market, Exchange Companies quoted the US dollar at Rs279 for buying and Rs281 for selling.

    Notably, the PKR celebrated its 9th consecutive weekly victory, appreciating by 1.04 rupees against the US dollar last week.

    This positive trend can be attributed to various factors, including increased liquidity in the foreign exchange market, tighter enforcement of regulations, a reduction in the money supply, a balance of payments surplus due to low import demand, and a moratorium on Chinese debt repayments.

    In comparison to major currencies, the PKR exhibited strength by gaining 1.17 rupees against the Euro, closing at Rs305.92 in contrast to the previous value of Rs307.09.

    The British Pound became more affordable by Rs2.15, concluding at Rs355.06 compared to Rs357.21 from the previous day.

    The Swiss franc experienced losses of 2.48 rupees, closing at Rs326.23 as opposed to Rs328.71 in the previous session.

    Against the Japanese Yen, the PKR gained 0.96 paisa, closing at Rs1.9181 versus Rs1.9277 a day ago.

    Meanwhile, the Chinese Yuan saw a slight decline, losing 6 paisa and closing at Rs39.01 against Rs39.07 from the previous session.

  • Gold prices dip in Pakistan: 24-carat gold settles at Rs217,300 per tola

    Gold prices dip in Pakistan: 24-carat gold settles at Rs217,300 per tola

    The domestic price of gold witnessed a decline, particularly impacting 24-karat gold in Pakistan, which dropped by Rs600 per tola to reach Rs217,300.

    According to the Karachi Sarafa Association, the price for 10 grammes of 24-karat gold was reported at Rs186,300, marking an increase of Rs514.

    The price for 10 grammes of 22-karat gold was Rs170,775 during this period.

    In contrast, silver remained steady in the local market, with 24-karat silver being traded at Rs2,650 per tola and Rs2,271.94 per 10 grammes.

    Internationally, the spot price of gold experienced a decline of $15, or 0.74%, reaching $2,039. It’s noteworthy that, at the time of the Karachi Sarafa Association’s report, the international spot rate had decreased by $8.

    It’s worth mentioning that 24-karat gold in Pakistan has observed a decline for the second consecutive week, as reported in the previous week.

  • realme C67: Powering Up with Snapdragon 685 – A Game-Changer in Mid-Range

    realme C67: Powering Up with Snapdragon 685 – A Game-Changer in Mid-Range

    In a remarkable stride towards innovation, realme C67 stands out as a trailblazer in the smartphone industry, introducing the formidable Snapdragon 685 chipset to the C series. Qualcomm’s chipsets, known for being at the industry’s pinnacle, find their way into realme C67, marking a significant leap in performance for this mid-range segment.

    Snapdragon 685 Chipset

    At the heart of realme C67 lies the powerhouse – the Snapdragon 685 chipset. This marks a pivotal moment as the C series ventures into the realm of Qualcomm’s premium chipsets. The Snapdragon 685, boasting a 64-bit architecture, Kryo™ 265 CPU, and clock speeds of up to 2.8GHz, represents a paradigm shift in the mid-range segment.

    GPU Excellence: Adreno™ 610 Graphics

    realme C67’s graphics prowess is driven by the Adreno™ 610 GPU, a testament to Qualcomm’s commitment to delivering a visually stunning experience. This GPU ensures that the device not only handles everyday tasks with ease but also elevates gaming and multimedia experiences to new heights.

    Antutu Benchmark Triumph: 330,000+

    The Snapdragon 685 chipset’s performance superiority is underscored by realme C67’s Antutu Benchmark score of a staggering 330,000+. This number isn’t just a metric; it’s a testament to the device’s ability to outperform its predecessors and even surpass competitors in the mid-range market.

    Performance Boost: A Comparative Analysis

    realme C67, equipped with the Snapdragon 685 chipset, showcases a remarkable 21% improvement in Antutu Benchmark scores compared to the previous-generation C55, which scored 273,364. Moreover, it leaves competitors in the dust, boasting a 67% higher benchmark than the Samsung A14, which scored 197,460. This underlines the substantial leap realme C67 takes in the performance arena.

    Enhanced CPU Performance: Kryo™ CPU

    realme C67 doesn’t just stop at impressive benchmarks; it delivers a tangible boost in performance. The Kryo™ 265 CPU within the Snapdragon 685 chipset provides nearly 15% improved CPU performance compared to its predecessor. This enhancement translates into seamless multitasking and on-device interactions, ensuring a smooth and responsive user experience.

    GPU Superiority: Adreno™ GPU

    The Adreno™ 610 GPU in the Snapdragon 685 chipset raises the bar with up to 10% improved performance compared to the previous Snapdragon 680. This improvement is a game-changer for gaming enthusiasts, offering faster graphics rendering for immersive gameplay and seamless streaming experiences.

    Conclusion: realme C67 – Offering Segment’s most powerful Snapdragon

    realme C67, with its Snapdragon 685 chipset, marks a paradigm shift in the mid-range smartphone landscape. The introduction of Qualcomm’s top-tier chipset to the C series signifies a commitment to delivering cutting-edge technology to a broader audience. The enhanced CPU and GPU performance, coupled with the impressive Antutu Benchmark scores, position realme C67 as a force to be reckoned with in its segment.

    As the Snapdragon 685 chipset propels realme C67 to new heights, users can anticipate a mobile experience that goes beyond expectations.

  • Saas-Bahu fight now in Supreme Court

    Saas-Bahu fight now in Supreme Court

    A fight between a mother-in-law and a daughter-in-law reached the Supreme Court of Pakistan.

    The Chief Justice of Pakistan rejected the appeal of the mother-in-law, reports Geo News.


    Sabiha Khanum filed an appeal against the order of the __ High Court to give 10 tolas of gold to her former daughter-in-law Sadia, which was heard by a three-member bench headed by Chief Justice of Pakistan Qazi Faiz Isa.


    During the hearing, the Chief Justice asked why there were women on both sides in the case, specifically inquiring how the mother-in-law was related to this case. On this, lawyer Zulfikar Naqvi told the court that thecdispute is between the mother-in-law and her forner daughter-in-law over 10 tolas of gold.


    The Chief Justice asked if the daughter-in-law was divorced, how much was the dowry. On this, Zulfiqar Naqvi, the mother-in-law’s lawyer, said that she was divorced and had three children, and the dowry was Rs 2,000.


    Justice Qazi Faiz then said, “What is the problem in giving 10 tolas of gold to a mother of three children.”


    Later, the court dismissed the appeal of Sabiha Khanum, sending the saas disappointed back home.