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Rupee continues recovery against dollar for second consecutive day

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KARACHI: For the second straight session, the local currency on Thursday appreciated against the dollar amid news that the International Monetary Fund (IMF) would hand over the draft memorandum of economic and financial policies (MEFP) to Pakistan today.

During intra-day trade, the rupee appreciated by 4.83 against the dollar in the interbank market. The greenback is currently changing hands at Rs268.50 compared to the Rs273.33 it closed a day earlier.

Exchange Companies Association of Pakistan (ECAP) General Secretary Zafar Paracha termed it a “good day” for the economy. 

“The main reason behind [rupee’s appreciation] is the staff-level agreement between Pakistan and IMF drawing closer, with sources claiming that the talks went successful,” said Paracha. 

The currency dealer said that another factor that led the rupee to gain in the interbank market was that the exporters who had held payments started encashment and the inflow of remittances from overseas Pakistanis has also started.

“The economy will be better in the coming days and foreign direct investments will also be received,” predicted Paracha. 

Capital market expert Saad Ali told Geo.tv that the rupee rallied due to the rising optimism in the market about economic stability led by news of investments by Qatar in state-owned assets. 

He agreed that news of IMF talks ending on a positive note was also a factor for the local currency to gain ground. 

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Islamic Sukuk Bonds: Government Is Expected To Begin Bond Auction Next Week

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There is now more positive economic news for the people of Pakistan. The government is anticipated to begin the Sukuk Islamic Bond auction next week, after the central bank’s announcement of a large drop in the policy rate.

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SIFC Encourages Green Tourism: Reforming Visas to Increase Investment

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Enhancing investment in the tourism sector, Green Tourism Pakistan’s initiative has received backing from the Special Investment Facilitation Council.

Visa-On-Arrival for 126 countries, Visa-Free Entry for Gulf Cooperation Council nations, and 24-hour expedited visa processing are some of the main features of the Green Tourism Visa Policy.

It is anticipated that these endeavors will draw in about 80 million dollars in foreign direct investment and 8.3 billion rupees in domestic investment.

Green Tourism Private Limited has introduced hunting resorts in Naltar, Hunza, and Skardu, along with four- and five-star city hotels, to improve the tourism experience.

In the first phase of the project, 17 of the 78 areas have seen the start of development activity.

Approved is a central authority for Green Tourism that will supervise the growth of Air Operations.

To promote Religious Tourism, extra precautions have been taken to guarantee the security of visitors from all religions, including Sikhs and Buddhists.

Furthermore, in order to improve the quality of the tourist experience, the green guide quality program has been introduced to supply top-notch tour guides.

There is now a deluxe bus excursion from Islamabad to Peshawar that promotes local culture.

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July 2024 export data from Pakistan shows a significant rise.

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The Strategic Investment Facilitation Council (SIFC) has been instrumental in improving Pakistani products’ access to international markets, as seen by the significant surge in exports from the country at the start of the 2024–25 fiscal year.

With a 7.26% rise over the same month the previous year, July 2024 exports to the US were $476.017 million. After increasing by 7.74% annually, the United Arab Emirates emerged as the second-largest export destination.

The third and fourth places were occupied by exports to the UK ($183.303 million) and China ($60.100 million). A substantial increase in exports to Afghanistan was recorded in July of this year, rising from $46.262 million to $88.065 million, largely due to successful anti-smuggling efforts.

With a combined export volume of $553.951 million, more important export destinations included Germany, the Netherlands, Italy, Spain, Saudi Arabia, and Turkey.

A bright future for the national economy is suggested by the growing confidence major international markets have in Pakistani exports. Through the efforts of SIFC and the government, this greater access to global markets has been made possible.

Pakistan’s economy is predicted to remain stable as a result of the export growth that SIFC has enabled.

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