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Tag: Pakistan

  • Gold price hits new record high of Rs218,300 per tola as Pakistani rupee crashes

    Gold price hits new record high of Rs218,300 per tola as Pakistani rupee crashes

    The price of gold in Pakistan has surged to an all-time high, surpassing the Rs218,000 mark, as the country’s local currency slumped to a historic low against the US dollar. The All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) has released data showing that the price of gold (24 carats) rose by Rs600 per tola and Rs514 per 10 grammes, settling at Rs218,300 and Rs187,157, respectively.

    The rise in the price of the yellow metal was in line with the movement of the rupee, which fell Rs1.34 or 0.46 per cent to Rs288.43 against the US dollar in the interbank market, and an increase in weekly inflation. Weekly inflation rose 0.92 per cent week-on-week and 44.49 per cent year-on-year during the seven-day period ending on April 6, as the prices of sugar and chicken surged due to Ramadan and likely hoarding.

    Gold is often seen as a hedge against inflation and its value increases as the purchasing power of the dollar declines, as well as due to seasonal demand during the holy month of Ramadan. During the week, investors’ attention shifted towards the precious metal as economic tensions continue to rise amid the International Monetary Fund (IMF) reviewing external financing commitments from friendly countries before it releases bailout funds. According to Geo, the delay in the revival of the programme has had a negative impact on the currency market, which in turn is bolstering demand for gold.

    The APSGJA also mentioned that the price of gold in Pakistan is Rs5,000 per tola “undercost” as compared to the Dubai market, indicating that the Pakistani gold market is currently cheaper than the global market.

    Meanwhile, silver prices in the domestic market have also surged to historic highs, with an increase of Rs40 per tola and Rs34.30 per 10 grams, settling at Rs2,520 and Rs2,160.5, respectively. In the international market, the price of gold dropped by $1 per ounce, settling at $2,001.

  • Husain Haqqani kaun hain aur Khan kyun unhein PTI govt giraanay ka zimmedaar samajhtay hain?

    Husain Haqqani kaun hain aur Khan kyun unhein PTI govt giraanay ka zimmedaar samajhtay hain?

    Husain Haqqani, a name we have often heard but most recently has been in limelight since Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan blamed him for being a key figure behind the foreign conspiracy to remove him from power as prime minister.

    So the question remains; who is Haqqani, and why is he the recent target of Khan’s blame game?

    Who is Hussain Haqqani?

    Haqqani is Pakistan’s former ambassador to the United States of America (USA), serving from 2008 to 2011. He currently serves as Director of South and Central Asia at Hudson Institute.

    Haqqani was a central character in the Memogate controversy wherein, in May 2011, it was claimed that he played a central role in the drafting of a memo of a message from the Pakistan People’s Party (PPP) government which was seeking the Obama administration’s support to reign in the Pakistan military after the Osama bin Laden raid in Abbottabad. The controversy eventually led to Haqqani resigning as ambassador and significantly weakening the PPP government.

    Why does Khan blame Haqqani for his ouster?

    After one year of being ousted from power, Khan blamed Haqqani for conspiring with Gen Bajwa and removing his government.

    Background:

    In January, Khan accused former Chief of Army Staff (COAS) General (retd) Qamar Javed Bajwa of hiring the services of Haqqani for lobbying in the US while he was army chief. He also said Haqqani launched a campaign against him and had been promoting the former army chief in the US.

    Last year in December, it was reported that a former CIA station manager in Islamabad, Robert Grenier, and Pakistan’s former ambassador to the US, Haqqani, were hired to lobby for PTI in Washington. Soon this information changed course and many PTI insiders claimed that these men were lobbying against their own government and played a key role in bringing it down.

    According to media reports PTI officials in the US also claimed that both men — Grenier and Haqqani — were working for a senior figure in the military establishment. Dawn reported that the two men were hired to lobby by a Pakistani government official, Iftikhar Durrani, who had served as a special assistant to then-prime minister Imran Khan.

    Journalist Waqas Ahmed claimed in December 2022 that Haqqani met a top Pakistani official in Dubai months before the PTI government was toppled, but the former ambassador denied the claim. The meeting which Ahmed reported was allegedly with the then COAS Gen Bajwa.

    Backing Ahmed’s claims, PTI’s Senior Vice President Shireen Marzari said that the Haqqani-Bajwa files, now in public, clearly indicated that the whole project of regime change conspiracy was done covertly, and that “Haqqani was hired to undermine the PTI government.”

    What does Haqqani say about Khan’s blame game?

    The former ambassador has finally addressed the allegations on Geo News programme ‘Aaj Shahzeb Khanzada Kay Sath’. “It is stupid to say that I ended his [Imran Khan] government. I am neither a lobbyist nor have I received any payment in this regard. I have good relations with people in the US,” he said.

    Stating firmly that the US does not need him to evaluate Imran Khan’s image, Haqqani said, “My research is related to the politics in Pakistan.”

    Calling out Khan for having paranoid delusions, Haqqani said that the PTI chief says things without any proof and if he has evidence, he should very much bring it to light rather just blaming people.

    “I don’t take U-turns like Khan sahib,” said Haqqani, adding that a lot of people contact think tanks in the US for research. He added that the role of lobbies, journalists and scholars are different from each other.

    Pointing out that Khan even called him a traitor because of his stance, Hussain Haqqani stressed that the former Premier was removed from power through the votes of 174 members of the assembly and that he has “nothing to do with any of these MNAs”.

    In the last 26 years, Haqqani said Khan created his anti-American image, adding, “I did not stand on a container and swore at anyone, later asking for forgiveness.”

    The former ambassador further said that Gen (retd) Bajwa and his organisation convinced the nation for many years that his opinion is “anti-Pakistan”. 

    “You [Khan] should accept the vote of no-confidence why are you dragging me into it,” asked Haqqani on the show. “I haven’t been to Pakistan for 11 years and if someone came to meet me then they should be questioned,” said Haqqani regarding the meeting with Gen Bajwa, adding that he himself was appearing on a Pakistani news channel after 11 years.

  • Pakistani rupee falls to historic low of Rs288.43 against dollar

    Pakistani rupee falls to historic low of Rs288.43 against dollar

    On Wednesday, the Pakistani rupee (PKR) reached a new record low, falling to Rs288.43 against the US dollar in the interbank market.

    The State Bank of Pakistan (SBP) reported that the rupee slid by Rs1.34 against the greenback before closing at Rs288.43. Meanwhile, the Forex Association of Pakistan (FAP) has reported that the selling rate of the dollar in the open market was recorded at Rs295.

    This comes after the rupee had closed at Rs287.09 per US dollar the day before, with the greenback trading at over Rs291 in the open market. Additionally, on April 5, the rupee had closed at Rs287.85 per US dollar, while the greenback was trading at over Rs293 in the open market.

    Experts suggest that the drop in the rupee’s value can be attributed to various factors such as economic challenges, political uncertainty, and depleting foreign exchange reserves.

    It is worth noting that a staff-level agreement between the International Monetary Fund (IMF) and Pakistan was scheduled to take place on February 9.

  • FBR report exposes $7.19 million illegal smartphone imports

    FBR report exposes $7.19 million illegal smartphone imports

    According to an official report from the Federal Board of Revenue (FBR), mobile phones worth $7.19 million have been imported into Pakistan illegally without opening letters of credit (LCs) or using the banking channel.

    The report also states that despite an unannounced ban by the State Bank of Pakistan (SBP) on the import of mobile phones and their accessories, 52 Goods Declarations (GDs) worth $8.65m were cleared between December 2022 and February 2023.

    The mobile phones were imported in Completely Build Up (CBU) condition and only $1.46m was paid legally out of Pakistan through the banking channel. The remaining $7.19m was illegally transferred out of Pakistan. The FBR report does not provide details about the mode of payment made to suppliers in Dubai for the import of these mobile phones.

    The Pakistan Telecommunication Authority (PTA) has stated that manufacturers imported over 190,000 mobile phones in CBU condition under a facility allowed to them. However, despite restrictions set by the banking sector on imports, some companies are still reportedly importing mobile phones under their manufacturing license.

    The import of smartphones has increased, especially after at least 30 manufacturing units in Pakistan halted production due to import restrictions.

  • ‘One year in power’: PM Shehbaz talks about challenges and difficulties

    ‘One year in power’: PM Shehbaz talks about challenges and difficulties

    On the one-year anniversary of assuming power as the head of the coalition government, Prime Minister (PM) Shehbaz Sharif on Tuesday said that this has been a successful tenure that resulted in Pakistan’s restored credibility and overcoming of the country’s financial and energy challenges.

    In a series of tweets, the Premier wrote, “Today marks the completion of one year since I took oath as PM of a coalition government. This has been a time of massive challenges & difficulties. Here’s my perspective on this year.”

    “The passage of No-Confidence Vote against Imran Niazi’s government was unprecedented not because PDM came into power but because almost all of Pakistan’s political forces came together to use the forum of Parliament to vote out an unpopular govt through constitutional means,” tweeted Shehbaz.

    The premier further said that the coming together of political parties with different manifestos for a common national cause represented a major step forward in the country’s political evolution. “Reconciliation & cooperation, not confrontation & vendetta mark the new politics post-April ’22,” tweeted Shehbaz.

    He said that despite the economic landmines laid by Imran Khan and disruptions in global fuel and food supply lines, Pakistan’s economy continued to stay afloat. “All predictions of default have turned out to be false alarms. Sincere efforts are underway to revive the economy,” wrote the premier.

    “Coalition govt has been at pains to repair, rebuild & deepen Pakistan’s diplomatic relations that were dealt a severe blow by Niazi regime. I can inform people that over the last one year, we have largely succeeded in establishing Pakistan’s credibility as a partner & friend.”

    Talking about challenges, PM Shehbaz said, “Pakistan faced unprecedented floods last year. The decisiveness with which the government undertook rescue, relief & rehabilitation efforts, provided social protection to millions of people & mobilized international community has been acknowledged by the world as outstanding.”

    “Government employed climate diplomacy to present Pakistan’s case on the international stage. As Chair of G77 plus China, we were instrumental in the establishment of loss & damage fund. Pledges of USD 9 billion at Geneva moot are evidence of our successful diplomacy.”

    “In the last one year, we have made efforts to diversify the energy mix with an aim to provide relief to the citizens. The renewed focus on solar, hydel, and coal power projects is aimed at replacing the costlier sources of power generation with cheaper ones.”

    “Inflation has hit people hard globally. Geo-strategic rivalries, increase in prices of the fuel & food commodities & historic floods are some of the key factors responsible for inflation. Mindful of its impact, govt has expanded social safety net & provided targeted subsidies,” tweeted Shehbaz.

    “Under the watch of the PDM government, Pakistan managed to exit the FATF grey list, thanks to the excellent inter-ministerial coordination as well as support extended by our military leadership. It was a long journey but sustained efforts made it possible.”

    “Building on the public transport infrastructure, govt., since its inception in April last year, focused on early completion of the development and transport infrastructure projects in Islamabad.”

    “Idea was to provide ease, comfort & affordable mobility to the people Pakistan,” said PM Shehbaz.

  • Gold price soars to an all-time high of Rs217,700 per tola amid economic tensions

    Gold price soars to an all-time high of Rs217,700 per tola amid economic tensions

    The price of gold has soared to an all-time high following a significant slump in the rupee against the dollar, with the country struggling to secure external financing. The data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) shows that the price of gold (24 carats) has spiked by Rs3,100 per tola and Rs2,656 per 10 grammes, settling at Rs217,700 and Rs186,643 respectively.

    The gold rush is in line with the movement of the rupee, which has fallen 2.44 or 0.85 per cent against the US dollar in the interbank market, and an increase in weekly inflation. Inflation has shot up 0.92 per cent week-on-week and 44.49 per cent year-on-year during the seven-day period that ended on April 6th. Prices of sugar and chicken have surged due to Ramzan, and hoarding has caused a likely uptick in inflation.

    Gold is often seen as a hedge against inflation, increasing in value as the purchasing power of the dollar declines. Plus, it’s the season of Ramzan, which brings with it a surge in demand for the precious metal. Investors’ attention has shifted towards gold as economic tensions continue to rise, with the International Monetary Fund (IMF) reviewing external financing commitments from friendly countries before it releases bailout funds. The delay in the revival of the program has negatively impacted the currency market, which is boosting demand for gold.

    The APSGJA also noted that the price of gold in Pakistan is Rs5,000 per tola “undercost” compared to the Dubai market. Thus, the Pakistani gold market is cheaper than the global market. Meanwhile, silver prices in the domestic market have also jumped to historic highs, increasing by Rs30 per tola and Rs25.72 per 10 grams to settle at Rs2,480 and Rs2,126.20, respectively.

    In the international market, the price of gold dropped $6 per ounce, settling at $2,002. Nevertheless, gold’s rise in Pakistan is set to bring a lot of excitement to the local market.

  • Pakistani rupee drops to Rs287.09 versus US dollar

    Pakistani rupee drops to Rs287.09 versus US dollar

    In Monday’s interbank market, the Pakistani rupee experienced a substantial decrease against the US dollar. The State Bank of Pakistan (SBP) reported that the local currency closed at Rs287.09, down by Rs2.44 or 0.85 per cent.

    Last week, the rupee had already depreciated by 0.3 per cent, closing at Rs284.65. During the week, the currency fell in four of the five sessions, with the only gain on Thursday, the day when an official from the finance ministry announced that the International Monetary Fund (IMF) had received a financing assurance from Saudi Arabia.

    The recent drop in the value of the Pakistani rupee is partially due to the delay in the confirmation of funding from a friendly country. The staff-level agreement between Pakistan and the IMF is taking time solely because of this delay. The financing confirmation is crucial to bridge

    Pakistan’s external account gap and meet the last condition of the IMF. Until then, the currency is likely to remain under pressure.

    Meanwhile, globally, the US dollar began the week strongly after the release of US jobs data indicating a tight labour market. This firming up of expectations has led to predictions that the Federal Reserve will again raise interest rates at its meeting next month.

    In the currency market, the dollar index, which measures the US currency against six major peers, rose 0.225 per cent to 102.25, recovering from the two-month low of 101.40 that the index touched last week.

    Additionally, oil prices, a key indicator of currency parity, stabilised on Monday after rising for three consecutive weeks. This was due to looming supply cuts from Saudi Arabia and other OPEC+ producers, which balanced concerns about weakening global growth that may dampen fuel demand.

  • ‘Domestic violence is not a personal issue’: Social media slams Ushna Shah for justifying support for Feroze Khan

    Actor Ushna Shah has been in hot waters in the past few days after she shared a picture of herself with controversial actor Feroze Khan at a gym on Instagram. She quoted a hadith that called for Ramzan to be a month of mercy and forgiveness. In her next post, she recalled the death of controversial televangelist Amir Liaqat, and asked her followers not to pass quick judgement that could lead to people committing irreversible acts.

    Feroze Khan has been accused of domestic violence and neglect by his former wife Aliza Sultan. The two divorced in 2022, after multiple celebrities including Oscar winning filmmaker Sharmeen Obaid-Chinoy, and actor Sarwat Gilani rallied behind her.

    In November, Feroze Khan was criticized for leaking the personal phone numbers and home addresses of ten celebrities -including Mira Sethi, Osman Khalid Butt and Yasir Hussain- who had declared that they would take action by suing Khan for emotional and mental trauma.

    On Saturday, Shah once more defended her stance by sharing a detailed statement on Twitter, where she called herself a “human sympathizer” rather than an “abuser sympathizer”.

    Shah went on to reveal that as someone who became the target of unfair bullying, like the backlash to her Indian lehnga that Shah wore on her Mehndi, she didn’t think that social media users should abuse a person and their families for something they “allegedly did”.

    “The backlash at my choice to wear the supposed ‘Indian style lehnga’ and dance at my own wedding, was prime example. So when hundreds and thousands of people abuse a person for whatever they allegedly did and abuse their families relentlessly, day and night, non-stop, I know what that can do and it isn’t fair punishment.”

    https://twitter.com/ushnashah/status/1644702178458710017?s=20

    Shah’s statement has received extensive backlash on social media for refusing to recognize how problematic her stance to support Khan is, and for being an abuse apologist.

    One Twitter user wrote:

    “Sympathizing with a human who is an alleged abuser/involved in domestic violence is basically being an abuser apologist. “even if the alleged criminal was found guilty” so u r telling me that a guilty criminal shouldnt have to face the consequences. also what even’s w the lehnaga.”

    “Pakistani celebrities are hypocrites,” another user wrote.

    https://twitter.com/peesho444/status/1644992794442993665?s=20

    “Why is it always ”let’s forgive abuser Muslim m3n because it’s Ramzan”, that man has literally brutalized his wife, you are not only a domestic violence apologist but a traitor to your own women class, using your privilege to disregard the voices of numerous DV women victims,” another user wrote.

    https://twitter.com/auratsoch/status/1644970742549819393?s=20

  • We will not compromise on hosting Asia Cup 2023 at any cost; Najam Sethi lauds Pakistan’s stance over India controversy

    We will not compromise on hosting Asia Cup 2023 at any cost; Najam Sethi lauds Pakistan’s stance over India controversy

    Asia Cup 2023 is scheduled to be played in Pakistan, however, Board of Control for Cricket in India (BCCI) has continuously pressurised Asian Cricket Council (ACC) to pick a neutral venue for the tournament, stating that they will not send their team to the neighbouring country.

    Pakistan Cricket Board (PCB) chairman Najam Sethi has lauded Pakistan’s stance in a recent interview on Geo TV. Talking to Yahya Hussaini, Sethi said that Pakistan will never compromise on hosting over any controversy.

    “We will hold a dialogue and if conditions are not in our favour, we will withdraw from the tournament,” the head of the PCB said.


    Revealing that four to five meetings have already been held with Asian Cricket Council (ACC) and BCCI, Sethi said that PCB is ready to provide solutions:


    “We asked them that don’t you see the international teams coming to Pakistan. Its clear that there is no security concern, perhaps you are concerned about your security. We will provide fool proof security to your team.

    Even if you are not ready to come then tell us the main reason. We will consider your opinion and provide solutions. But they are not ready to talk and are just saying we will not travel to Pakistan, our government will not allow us.”


    Najam Sethi further elaborated that Pakistan had asked if there is any letter from the Indian government. “Show that in the meeting or to media, then both countries will solve the issue diplomatically but they are not showing any letter,” he stressed.


    He said that a hybrid model has been proposed for Asia Cup.

    “We proposed that if India will not want to play in Pakistan that they can play in another country but we are the host and we will decide which country they will play in. We consider their opinions and suggestions but the decision is all ours.


    We have done all the work and logistics. We are just waiting for their call. If they signal a green light to hybrid model that we will play; if they create more hurdles, then we will definitely show the red card,” he warned.

  • Shehbaz, Bilawal heap glowing praises on golden jubilee of the 1973 Constitution

    Shehbaz, Bilawal heap glowing praises on golden jubilee of the 1973 Constitution

    Prime Minister (PM) Shehbaz Sharif on the occasion of golden jubilee of the 1973 Constitution, took to Twitter and said that the ‘sacred document had weathered many storms over the past 50 years and held the federation together.’

    “The nation today commemorates the Golden Jubilee of the 1973 Constitution, a sacred document that has weathered many storms over the past 50 years & held the federation together. We pay our rich tribute to the framers of the Constitution for their political foresight,” tweeted the PM.

    “Constitution of Pakistan continues to be central to shaping our national character, identity & future trajectory. Time has come to place Parliament at the core of national life both in letter & spirit. Rules of the game framed in light of the Constitution show us the way forward.”

    Foreign Minister Bilawal Bhutto-Zardari said that April 10 has always been a historic day for Pakistan.

    “It is the day in 1973 when we got our constitution. In 1986 SMBB received her historic welcome in Lahore. It is the day in 2022 when for the first time VONC was successful; selected was rejected & ejected by parliament,” tweeted Bilawal.

    The National Assembly (NA), under the leadership of Speaker Raja Pervez Asharf, is all set to celebrate 50 years of the Constitution of Pakistan 1973.

    The month-long celebrations are set to commemorate the country’s charter with a series of events that will commence on April 10. The celebrations will be followed by a joint session of the Parliament, scheduled for 2pm.