Business

Prices of food items skyrocket amid Ramadan

Published

1 year ago

Farwa

PESHAWAR: With the beginning of Ramadan, prices of food items have also started skyrocketing without any check from the authorities concerned.

During a visit to markets in the capital city of Khyber Pakhtunkhwa (KP) to check and compare rates of edibles with those issued by the district administration, it was found that the prices of food items have continued to increase with each passing day in the holy month.

The price of live chicken has increased to Rs350 per kg and the price of rice increased by Rs70 per kg, said a vendor, adding that the price of rice has gone up to Rs335 per kg.

He also said that split chickpeas (chana dal) started selling at Rs220 to Rs260 per kg, while the price of beans increased by Rs60 per kg with rates jumping from Rs281 to Rs339 per kg.

The price of spices increased from Rs150 to Rs200 per kg, a shopkeeper told APP during a visit.

He shared that the price of spices in the city has reached Rs600 per kg and the cost of oil and ghee also seen a surge by Rs62 per kg, while other vegetables and fruits also now remain out of consumers’ purchasing power. Garlic is being sold at Rs360 and ginseng at Rs620 per kg. On the other hand, peas cost Rs200, Arvi Rs180, Zucchini Rs170, green capsicum Rs150 rupees and tomato Rs120 per kg.

The rates of fruits have also seen a hike. Sweet oranges are priced at Rs440 per dozen, oranges at Rs400 per dozen, banana at Rs300 per dozen, pomegranate Rs400, Iranian apple at Rs340 per kg, Kohati guava at Rs350 and strawberry costs Rs280 per kg.

The skyrocketing price hike also impacted the meat market with beef being sold for Rs700 per kg before Ramadan, but is now priced at Rs800 and Rs1,000 per kg, while the rates of mutton were increased from Rs1,400 to Rs1,600 per kg; thereby increasing to Rs1,800 per kg.

“The rates issued by the district administration do not suit us,” a butcher in the local market said.

When asked about the imposition of fines and raids from the district administration officials, he replied that most officials did not come inside the market to check rates during the recent rain due to heavy mud-stranded water; therefore, the shopkeepers began charging rates of their own choice.

Business

There are US$13,280.5 million in foreign exchange reserves in Pakistan.

Published

2 days ago

Farwa

According to a representative for the central bank, as of April 19, 2024, the nation’s total liquid foreign reserves were valued at US$ 13,280.5 million. A loss of US$74 million left the State Bank of Pakistan’s foreign reserves at US$7,981.2 million.

Commercial banks have $5,299.3 million in reserves for Pakistan.

In the week that concluded on April 12, the State Bank of Pakistan’s (SBP) foreign exchange reserves increased by $14.4 million to $8.055 billion.

“In a weekly statement, SBP stated that it has repaid US$ 1 billion in principal and interest on Pakistan’s International Bond, which matures this week.”

But at $13.374 billion, the nation’s total reserves decreased by $68 million. In the same way, commercial banks’ reserves dropped to $5.319 billion, a reduction of $82 million.

Business

NIMA seminar to increase Pakistan’s ship recycling industry’s capacity

Published

2 days ago

Farwa

According to a release, important players from a range of maritime industries attended the conference to discuss issues facing the shipping sector.

It further stated that the symposium cleared the path for the resurgence of a sustainable future in ship recycling.

Participants in the conference included representatives of the Gadani Ship Breaking Labour Union, PSBA, KS&EW, KPT, PMSA, GEMS, and the federal and Balochistani governments.

Furthermore, global perspectives and ideas were offered by international specialists such as Rabia Razzaque from UN-ILO and Professor Raphael Baumler from the World Maritime University.

The seminar emphasized Pakistan’s capacity to emerge as a pioneer in the field of environmentally friendly ship recycling.

In order to protect the environment and the safety of employees, the participants emphasized the importance of following international standards and regulations.

During his speech, Chief Guest Senator Nisar Ahmed Khoro emphasized the importance of the maritime industry’s resurgence and the crucial necessity for coordinated efforts from all parties involved.

A new age of economic prosperity, worker safety, and environmental responsibility for Pakistan’s maritime industry was called for as he urged the stakeholders to work together on a comprehensive SENSREC program.

Vice Admiral Ahmed Saeed (Retd), the president of NIMA, emphasized the significance of environmental stewardship and safety in ship recycling procedures.

Business

Inflows into the Roshan Digital Account surged to $7.660 billion on March 24.

Published

2 days ago

Farwa

According to the data, remittance inflows for the month of March totaled US$ 182 million, whereas they were US$ 141 million in February and US$ 142 million in January 2024.

Millions of Non-Resident Pakistanis (NRPs), including those who own Non-Resident Pakistan Origin Cards (POCs), can now engage in banking, payment, and investing activities in Pakistan with the help of these accounts, which offer cutting-edge banking solutions.

According to a statement from the State Bank of Pakistan, the number of accounts registered under the program increased by 11,091 from 668,701 accounts in February 2024 to 679,792 accounts in March 2024.

As of March 2024, the central bank reported that foreign nationals of Pakistan have invested US $312 million in Naya Pakistan Certificates, US $528 million in Naya Pakistan Islamic Certificates, and US $31 million in Roshan Equity Investment.

It is important to note that former prime minister Imran Khan introduced the Roshan Digital Account initiative in September 2020 with the goal of giving Pakistanis living abroad access to digital banking services for the first time.