Connect with us

Business

Rupee claws back on bailout revival assurances

Published

on

  • Rupee appreciates by Rs6.63 against dollar in interbank market.
  • Local currency closes at 278.46 in interbank market.
  • Rupee had slumped by nearly Rs19 against greenback a day earlier.

KARACHI: The Pakistan rupee gained significant ground against the US dollar after Finance Minister Ishaq Dar’s assurances of striking a deal with the International Monetary Fund (IMF) next week. 

The local currency appreciated by Rs6.63, or 2.38%, in the interbank market and closed at 278.46 against the greenback, as per the State Bank of Pakistan (SBP). 

On Thursday, the rupee slumped by nearly Rs19 against the US dollar due to the central bank’s monetary policy review and concerns over a stalled IMF deal.

The rupee slumped by Rs18.98 or 6.66% to close at 285.09 against the dollar in the interbank market as per the State Bank of Pakistan (SBP), down from Wednesday’s close of Rs266.11.

Speaking to Geo.tv, ECAP General Secretary Zafar Paracha cited a few reasons for the dollar depreciation, saying that the IMF urged Pakistan to trade the dollar at the rate it was being sold near the Afghan border.

“In other words, the IMF had stated that rather than the interbank rate or the open market, our true rate should be the grey market rate,” he added.

A day earlier, Dar had assured that Pakistan would strike a staff-level agreement with the Washington-based lender next week as the negotiations are about to conclude.

The finance minister — who took charge in September last year after Miftah Ismail was removed — also said that the economy is headed in the right direction and blamed miscreants for spreading rumours about Pakistan’s possible default.

“Anti-Pakistan elements are spreading malicious rumors that Pakistan may default. SBP forex reserves have been increasing and are almost US $1 billion higher than four weeks ago despite making all external due payments on time,” FinMin Dar said. 

The finance minister added that the negotiations with IMF are about to conclude and we expect to sign SLA with the Fund by next week. “All economic indicators are slowly moving in the right direction,” he added. 

Business

The inaugural flight of Azerbaijan Airlines is between Baku and Karachi.

Published

on

By

The national airline of Azerbaijan launched direct flights from Baku to Karachi today. There will be two weekly flights on this route, on Thursdays and Sundays.

The first flight will land in Karachi, and Azerbaijan’s ambassador, Khazar Farhadov, will be there to greet it.

This evening also marks the departure of the inaugural flight from Karachi to Baku, in addition to the arrival of the flight from Baku.

Azerbaijan Airlines said last month that it would be growing its network and flight operations in Pakistan.

Aviation insiders have verified that Azerbaijan Airlines is preparing to launch service to Karachi in the coming month of April.

In addition to its current services in Islamabad and Lahore, the airline plans to launch its Karachi route on April 18, with the inaugural flight anticipated to depart on that date.

Azerbaijan Airlines has been given permission to operate flights on the Karachi route, according to sources within the Civil Aviation Authority (CAA).

Following a bilateral agreement between the two nations, Azerbaijan Airlines has been given permission to extend its operations in Pakistan.

Continue Reading

Business

Fly Jinnah opens a new route internationally.

Published

on

By

Two weekly flights will be the starting frequency of the new route, which will connect the two cities.

According to a representative for Fly Jinnah, the company is pleased to announce the opening of a third international route from Islamabad to Muscat, the capital city of Oman, marking another significant milestone after the successful debut of flights from Islamabad and Lahore to Sharjah.

According to him, this development is in line with our goal of giving our clients more options for reasonably priced, value-driven local and international air travel.

The airline serves five main cities in Pakistan: Karachi, Lahore, Islamabad, Peshawar, and Quetta. Its fleet consists of five Airbus A320 aircraft, all of which are contemporary.

In addition to the current flight path to Sharjah, United Arab Emirates, this new route expands Fly Jinnah’s network of foreign destinations.

Continue Reading

Business

Tajir Dost app: traders don’t seem interested in registering

Published

on

By

To tax retailers in Pakistan, the Tajir Dost app was released. The sources stated that the government hopes to tax 3.5 million merchants through the app.

Ajmal Baloch, the president of All-Pakistan Anjuman-e-Tajran, stated that he made reservations with FBR on the SRO within a week.

The Federal Board of Revenue (FBR), according to him, cannot be a “Tajir Dost” because of its unethical actions.

Baloch believed that since electricity bills allow traders to pay a predetermined advance income tax, further taxes are unnecessary.

The trader, according to him, is already paying thirteen different kinds of taxes on the commercial meter. “A trader already pays between Rs. 15,000 and Rs. 20,000 in taxes annually, but you are requesting Rs. 1,200 per month in taxes.”

Mr. Ajmal summoned representatives of the Federal Board of Revenue (FBR) to a meeting with the trade associations to talk about the indirect taxes that the merchants are paying.

Additionally, he claimed that FBR officers are charging the traders, the majority of whom are less educated, “monthly charges.”

Continue Reading

Trending