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SAR TO PKR and other currency rates in Pakistan on, 3rd March 2022

SAR TO PKR and other currency rates in Pakistan on, 3rd March 2022

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SAR TO PKR and other currency rates in Pakistan on, 3rd March 2022

KARACHI: The buying rate of 1 SAR to PKR was Rs4695.00 and selling rate of 1 SAR to PKR was Rs47.600 in the interbank market on March 3rd, 2022.

Meanwhile, the following are the rates of the US Dollar, Saudi Riyal, UK Pound, UAE Dirham, and other foreign currencies in the interbank market today.

The information has been obtained from the Forex Association of Pakistan.

SAR to PKR and other currency rates in Pakistan

Check the updated SAR TO PKR exchange rates on March 3rd, 2022.

AUSTRALIAN DOLLAR127.750128.750
Bahrain Dinar386.500388.500
CANADIAN DOLLAR139.000141.000
CHINESE YUAN23.55023.950
DANISH KRONE23.65023.950
EURO198.500200.000
HONG KONG DOLLAR16.60016.850
INDIAN RUPEE2.0302.100
JAPANESE YEN1.4101.440
KUWAITI DINAR481.850484.350
MALAYSIAN RINGGIT36.75037.100
NewZealand $96.85097.550
NORWEGIANS KRONE17.50017.750
OMANI RIYAL392.850394.880
QATARI RIYAL39.90040.500
SAUDI RIYAL4695.0047.600
SINGAPORE DOLLAR128.750130.250
SWEDISH KRONA18.75019.000
SWISS FRANC160.350161.250
THAI BHAT4.8004.900
U.A.E Dirham48.30049.000
UK Pound Sterling237.000239.500
US Dollar177.500179.000

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Finance Minister: A “big” IMF program is coming for Pakistan.

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Speaking at the Karachi Stock Exchange ceremony, the Finance Minister announced that meetings with IMF representatives would take place in Washington on April 14 and 15.

He applauded the caretaker government’s effort to bring about economic stability and predicted that the nation’s economy would stabilize with improved economic policies.

Muhammad Aurangzeb emphasized that in order to move the country’s economy toward stabilization, structural reforms must be implemented.

He restated that the nation’s recovery from the economic crisis depends heavily on the stock market. The stock market is, nevertheless, trending upward.

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Pakistan is still classified as a secondary emerging market by the FTSE.

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The nation could perhaps be demoted, according to the worldwide index provider, since its index weight has decreased over the previous few years.

Pakistan’s market capitalization peaked in 2017 at $100 billion, but it fell to $21 billion by 2024, according to a Bloomberg research.

It did, however, state that Pakistan’s standing as a secondary emerging market will remain unchanged due to favorable political changes brought about by the establishment of a stable government.

Bloomberg saw Shehbaz Sharif’s election as prime minister, who is open to reform, as a step in the right direction for the nation struggling financially.

Shehbaz Sharif, the president of the Pakistan Muslim League-Nawaz, was chosen on March 4 to serve as the country’s 24th prime minister.

With 201 votes, PM Shehbaz defeated Omar Ayub Khan of the Sunni Ittehad Council (SIC) by 92 votes.

over the economy, earlier this month, Pakistan and the International Monetary Fund (IMF) came to an agreement at the staff level over the second and last review conducted under Pakistan’s Stand-By Arrangement.

The IMF secured a staff-level agreement with Pakistan on the second and final review of the nation’s stabilization program, which is backed by the IMF’s US$3 billion (SDR2,250 million) SBA authorized, according to the official statement released by an IMF team led by Nathan Porter.

The remaining US$1.1 billion (SDR 828 million) of SBA access will be made available following the IMF Executive Board’s approval of the deal.

It was reported shortly after the February 8 election that the newly elected PML-N-led government intended to apply for a new IMF credit package.

Pakistan is anticipated to pursue a $6–8 billion loan program from the global lender, and the IMF will be contacted right once to begin negotiations for this. The sources went on to say that the IMF would have tighter requirements this time.

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PM Shehbaz Sharif: “A plan to digitize the tax system is underway.”

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In an address to the All Pakistan Newspapers Society delegation in Islamabad today, the prime minister announced that plans were in motion to update the tax collection system.

The prime minister added that efforts are underway to broaden the revenue base and that the Federal Board of Revenue (FBR) is fully digitizing.

He emphasized that the Tax Excellence Awards were a recent initiative by the government to support female entrepreneurs, exporters, and engaged taxpayers.

The government’s priorities, according to the prime minister, are institutional changes, austerity, domestic and external investment, and privatization of government-owned businesses.

Praiseing the media’s contribution to public awareness-raising and good governance, he called on the sector to successfully communicate the benefits of economic stability under SIFC.

Calling fake news a major problem, he emphasized the need for cooperation to combat it. Additionally, he extended an invitation to the press to back Pakistan’s administration in its endeavors for the country’s growth and well-being.

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