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Tag: Pakistan

  • Weekly inflation jumps over 46% as wheat flour prices reach all-time high in Pakistan

    Weekly inflation jumps over 46% as wheat flour prices reach all-time high in Pakistan

    The price of wheat flour has hit an all-time high, and this has caused weekly inflation to surge by 1.80 per cent week-on-week and 46.65 per cent year-on-year.

    The Pakistan Bureau of Statistics has attributed this rise in the sensitive price indicator to the increase in prices of several items, including wheat flour, tomatoes, potatoes, and bananas, among others. On the other hand, the PBS has noted a decrease in the prices of chicken, chilli powder, and LPG, among others.

    The increase in the price of wheat flour is due to the government’s change in subsidy mechanism, shifting from general subsidy to a targeted subsidy through the Benazir Income Support Programme. This change has led to a 42 per cent increase in the price of a 20kg bag of wheat flour, which has now reached an all-time high of Rs2,586. As we head into Ramadan, food prices are expected to continue rising, and the March 2023 CPI is expected to come in at 35.5 per cent on a YoY basis.

    Sticky inflation numbers, along with the stalled International Monetary Fund programme, have pushed the State Bank of Pakistan to raise its benchmark interest rate by 300 basis points to a 26-year high. The central bank is expected to raise the policy rate by another 100bps to 21 per cent in its upcoming monetary policy committee meeting on April 4. This rate hike is expected to spread massive poverty among the population.

  • Seasonal demand: Gold price increases by Rs5,600 to Rs207,500 per tola

    Seasonal demand: Gold price increases by Rs5,600 to Rs207,500 per tola

    On Friday, gold prices in Pakistan experienced a significant increase due to seasonal demand and the rush to purchase the precious metal during Ramadan and the upcoming wedding season.

    According to data from the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-carat gold surged by Rs5,600 per tola and Rs4,801 per 10 grammes to settle at Rs207,500 and Rs177,898, respectively.

    In recent sessions, the price of gold had decreased due to a decline in international prices and the appreciation of the Pakistani rupee against the US dollar. However, the bullion sparkled once again on Friday as local markets reopened following a day off for Pakistan Day.

    The price of gold in Pakistan is strongly influenced by the rupee-dollar parity since almost all of the country’s gold demand is met through imports, with traders following international prices to set rates. The metal is imported by jewelers against the US dollar and UAE dirham before its price is converted into rupees.

    The APSGJA also noted that the price of gold in Pakistan was Rs12,000 per tola cheaper than in the Dubai market, indicating that the Pakistani gold market was currently less expensive than the global market.

    Meanwhile, in the international market, gold prices continued to rise on Friday, buoyed by a drop in Treasury yields after the US Federal Reserve hinted at a possible end to its monetary tightening cycle. The per-ounce price settled at $1,997 after a significant increase of $58.

    The longer-term prospects for gold remain positive due to expectations of a pause in US interest rate hikes. In addition, silver prices in the domestic market rose by Rs20 per tola and Rs17.15 per 10 grammes, settling at Rs2,220 per tola and Rs1,903.29 per 10 grammes, respectively.

  • Pakistan will boycott Asia Cup if it’s deprived from hosting

    Pakistan will boycott Asia Cup if it’s deprived from hosting

    Pakistan has threatened to boycott Asia Cup 2023 if it is deprived of hosting duties.

    Dealing with an aggressive Indian campaign to put the tournament out of the host country’s reach, Pakistan Cricket Board (PCB) has proposed to the Asian Cricket Council a hybrid model to ensure Indian team’s Participation.


    Under this proposed model, other teams would play their matches in Pakistan, while the Indiam team would play their matches in another country.
    The Board of Control for Cricket in India (BCCI) refused to play in UAE due to concerns about hot weather and instead suggested Sri Lanka as a potential host country.

    Meanwhile, Pakistan put forward Oman as an alternative option. England was also be considered as a possible venue, although it is in another continent. Talks are progressing rapidly and a final schedule is expected to be released within the next 4-5 days.

    The Pakistan Cricket Board (PCB) did not accept the suggestion of swapping the host country to another location. Taking a strong stance regarding the upcoming World Cup, PCB has insisted that if the Indian team does not participate in the Asia Cup, the Pakistan team will not travel to India for the World Cup.

    There have been discussions about potentially withdrawing Pakistan from hosting the Asia Cup and replacing it with Sri Lanka or Bangladesh, with the hope that in two years’ time, relations between India and Pakistan may have improved, and the Asia Cup could be held in Pakistan once again.
    However, in order to withdraw from hosting the Asia Cup and replacing it with Sri Lanka or Bangladesh, PCB officials strongly rejected the proposal and stated that if this were to be done, the event should be organized without Pakistan’s participation.

    Despite the potential financial loss, Pakistan emphasized the importance of taking care of the sentiments of their fans rather than the monetary aspect.

    Additionally, the country has already earned significant revenue from the Pakistan Super League (PSL) and would not agree to a complete shift of the Asia Cup to a neutral venue.

    During a meeting, the Pakistan Cricket Board (PCB) expressed their understanding of India’s concerns but urged for a solution to be found as important events such as the World Cup and Champions Trophy are approaching.

  • China approves rollover of $2 billion SAFE deposits for Pakistan

    China approves rollover of $2 billion SAFE deposits for Pakistan

    China has given approval for the rollover of $2 billion State Administration of Foreign Exchange (SAFE) deposits for a year. Pakistan’s Finance Minister, Ishaq Dar, confirmed, stating that the rollover was a requirement of the International Monetary Fund (IMF).

    The IMF had requested the rollover of Chinese SAFE deposits to fulfill external financing needs and move towards a staff-level agreement. The agreement involves filling nine tables under the Memorandum of Economic and Financial Policies (MEFP), including a table related to the Net International Reserves (NIR) as an indicative target.

    This target cannot be met without incorporating the external financing needs of the program period until the end of June 2023. The IMF has asked Pakistan to bridge the gap of $6 billion to ensure its credibility and avoid default. This condition was put forth largely because representatives of Gulf countries on the Executive Board had made commitments before the approval of the seventh and eighth reviews for providing financial assistance to Islamabad in various forms.

    Now, the IMF is seeking the support of Saudi Arabia, the UAE, and Qatar to help Pakistan’s struggling economy. The Fund has warned Islamabad that its credibility would be at stake if the staff-level agreement is finalised, and Pakistan fails to materialize its commitment from the bilateral partners, which could lead to default.

    The IMF is investigating why Pakistan’s bilateral partners are not fulfilling their earlier commitments. China is the only country that has come forward to rescue Islamabad by fulfilling its commitments on the re-financing of its commercial loans as well as the rollover of its SAFE deposits.

  • This Ramzan, Ayesha Omar wants Pakistanis to learn discipline and self-control

    This Ramzan, Ayesha Omar wants Pakistanis to learn discipline and self-control

    Ramzan is a month of restraint and patience, which, actress Ayesha Omar thinks is important for us to learn in order to refrain from being quick to pass judgement and hurting others.

    In an Instagram post, the ‘Bulbulay’ actress called this her favourite month because it helps her practice self-control and discipline, as well as purify the mind, body and soul:

    “My favourite month has started. Time to practice self-control and discipline, time to reset, to detox, to purify the body, mind and soul, time to find our centres and our ground, time to ponder over our being and our habits, time to practice compassion and kindness towards ourselves and others, time to pray and meditate and set a precedence for the rest of the year.”

    Read her complete caption here:

  • ‘Enough is enough’: Khan demands immediate release of PTI activist Azhar Mashwani

    ‘Enough is enough’: Khan demands immediate release of PTI activist Azhar Mashwani

    Pakistan Tehreek-e-Insaf (PTI) Social Media Activist Azhar Mashwani was picked up on Thursday, prompting party Chairman Imran Khan to condemn his arrest.

    Blaming the authorities for abducting Mashwani, Imran Khan took to Twitter and wrote: “Enough is enough. Police in Punjab and Islamabad are breaking all laws with impunity as they target PTI. Today Azhar Mashwani was abducted in the afternoon from Lahore and his whereabouts are unknown.” Khan demanded the immediate release of Mashwani.

    On March 18, Senator Shibli Faraz and Omar Sultan were “badly beaten” by Islamabad police, Khan said, insisting that they both had permission to be inside the Judicial Complex, where the PTI chief went to attend a hearing in the Toshakhana case day.

    Talking about his nephew, Khan said. “Hassaan Niazi was abducted immed after getting bail & later charged with sham FIRs to keep him lcoked up.”

    “I am sending pictures of IGs [inspectors generals] of Punjab and ICT [Islamabad Capital Territory] and of all officers indulging in this criminal behaviour” to international human rights organisations, he said, “so they can identify those working for the state and indulging in abductions, illegal break-ins into homes, custodial torture and violence against political leaders and unarmed workers of PTI.”

    Mashwani’s wife, Mahnoor, also tweeted about her husband’s disappearance, writing, “My husband @MashwaniAzhar is missing from 2.51 pm from home.. He went out for Zaman park And his last seen is 2.51 pm.. If Anyone knows anything.. Let me know..”

  • Toyota IMC announces shutdown of production plant once again due to parts shortage

    Toyota IMC announces shutdown of production plant once again due to parts shortage

    Indus Motor Company Limited (INDU), the company known for assembling and selling Toyota-brand vehicles in Pakistan, has announced the temporary shutdown of its production plant from March 24 to March 27 due to raw material and component shortages.

    In a notice to the Pakistan Stock Exchange (PSX), Indus Motor cited difficulties in opening Letters of Credit (LCs) for raw materials by banks, which have caused a disruption in the supply chain of the company and its vendors.

    As a result, the company is unable to continue its production activities due to insufficient inventory levels. This is the second time this year that Indus Motor has announced the shutdown of its plant, with the first being from February 1 to February 14 due to an inventory shortage.

    The CEO of Indus Motor, Ali Asghar Jamali, had previously acknowledged the challenges facing the local auto industry, including the restrictions on Completely Knocked Down (CKD) kits, which have resulted in manufacturers operating at only 40-45 per cent of their capacity.

    The auto industry in Pakistan is heavily reliant on imports and has been affected by the State Bank of Pakistan’s (SBP) restrictions on the opening of LCs, following a sharp depreciation of the rupee.

    The SBP has imposed restrictions on imports due to the country’s low foreign exchange reserves, which has resulted in operational hindrances for many industries, including the auto sector.

    Although the SBP withdrew import restrictions in January, many industries are still struggling due to the dollar shortage.

  • ‘Violation of constitution’: PTI to move SC against election postponement

    ‘Violation of constitution’: PTI to move SC against election postponement

    Pakistan Tehreek-e-Insaf (PTI) leader Fawad Chaudhry has confirmed that his party will challenge the Election Commission of Pakistan’s (ECP) decision to postpone general elections in Punjab from April 30 to October 8 in the Supreme Court of Pakistan.

    Addressing a joint press conference on Thursday, Chaudhry, along with PTI Secretary General Asad Umar, announced that they are moving the top court against the ECP for “breaching the Constitution”.

    “It is your duty to save the Constitution,” Chaudhry appealed to the judges of the top court, adding that the joint sitting of parliament convened on Wednesday was aimed at an “attack on the Supreme Court”.

    “Judges are being blackmailed and pressurised,” Chaudhry claimed. He also said that the country demands that Article 6 should be applied on five members of the electoral watchdog.  

    PTI Chairman Imran Khan condemned ECP’s move to postpone the election in Punjab, as the party announced to move the Supreme Court against “violation of the Constitution”.

    It is pertinent to mention here that electoral watchdog postponed the elections in view of the recent spate of terrorist attacks in various parts of the country.

    The order said that the interior ministry conveyed to the ECP that the deployment of civil and armed forces would not be possible due to the “spike in incidents of terrorism across the country” and threat alerts from intelligence agencies.

  • ‘They had planned to kill me in a Murtaza Bhutto-type murder’: Khan

    ‘They had planned to kill me in a Murtaza Bhutto-type murder’: Khan

    Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan on has claimed on Wednesday that another assassination plot was being hatched to kill him the way Murtaza Bhutto was.

    Recalling his arrival at the Judicial Complex Islamabad, Khan said, “I stood outside the judicial complex’s gate for 40 minutes,” adding that he witnessed the rowdiness of “police, army and unknown people wearing CTD uniform” during this time.

    “They had the planned to take my vehicle inside the complex, close the gates, create a violent situation, and kill me in a Murtaza Bhutto-type murder,” Khan said, adding that he returned from the gate after signing the attendance register.

    Mir Murtaza Bhutto, the son and brother of former Prime Ministers Zulkfiqar Ali Bhutto and Benazir Bhutto, was killed in a police encounter in 1996 in Karachi.

    Khan also revealed that he believed the police chiefs of Punjab and Islamabad alongside their ‘handlers’ have hatched a conspiracy to kill him as they are “becoming serious about assassinating him”.

    The IGs of Punjab and Islamabad have constituted two separate squads, Khan alleged, who will join PTI workers and open fire on the police, “to provoke an armed retaliation and eventually reach [inside the house] and assassinate me, in a day or two.”

    Giving instructions to his loyalists, Khan said that they were not to provoke the police at any cost. “If the police want to approach me with any warrant or for any other matter, let them approach me directly,” adding that he would never wish any harm on his party workers. “The incumbent government and its plans to kill me have failed and now they have become jittery and taking extreme measures,” he commented.

  • Biden offers support to Uighur Muslim minority this Ramzan

    Biden offers support to Uighur Muslim minority this Ramzan

    With the start of Ramzan, United States (US) President Joe Biden has expressed solidarity with the Uighur minority in China, which his country says is being subjected to genocide by the Chinese communist authorities.

    “Together with our partners, the United States stands in solidarity with Muslims who continue to face oppression, including Uighurs in the People’s Republic of China, Rohingya in Burma, and other Muslim communities facing persecution around the world,” Biden said in a statement on Thursday. He did not mention the Muslim community in India.

    “During this sacred time of reflection, the United States also reaffirms our support to Muslim communities suffering hardships and devastation,” Biden said, referring to earthquake victims in Turkey and Syria, and flood victims in Pakistan.

    According to rights groups, Uighurs are subjected to mass imprisonment in forced labour camps and banned from expressing their cultural norms. Beijing has denied all allegations, stating the ethnic minority is not being repressed and that any security measures in the region are a response to terrorism threats.