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SBP governor to be nominated next week: Finance Minister Miftah Ismail

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  • Finance Minister Miftah Ismail says Acting SBP Governor Murtaza Syed has no hand in depreciation of rupee.
  • Defence Minister Khawaja Asif says govt will take all necessary steps needed to revive the economy.
  • If we had gone home, country could have gone bankrupt. We made a political sacrifice for the sake of country, says Asif.

ISLAMABAD: Finance Minister Miftah Ismail announced on Thursday that the government will nominate a new governor of the State Bank of Pakistan — a post that has remained vacant for more than two months — in the next week.

Addressing a press conference along with Defence Minister Khawaja Asif, the finance czar of the country said that the new governor will be nominated next week.

While talking about the depreciating rupee, Miftah also assured the reporters that Acting SBP Governor Murtaza Syed had no hand in the depreciation of the rupee.

He added that the local currency would stabilise against the greenback next month. 

“Due to import payments of $7.5 billion, pressure is coming on the rupee,” said the finance minister, adding that the rupee had also come under pressure due to the political crisis that resulted following PML-N’s thrashing in the July 17 by-polls.

“The demand for dollars in banks will decrease. Last month, there were imports of $7.5 billion and this month’s imports are less than last year,” said Miftah.

He further stated that the government was focusing on minimising imports and increasing exports.

The finance minister also stated that there has been a significant decrease in the import of diesel and furnace oil, adding that the country has a couple of months of furnace oil in its reserve.

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“The economy is moving in the right direction,” said the finance minister, repeating what his colleague Khawaja Asif had said in the press conference that the coalition government would sacrifice its political capital for the sake of the country.

Talking about the pressure on him, Miftah dismissed those rumours by saying that no one in the federal cabinet has accused him of the loss the PML-N took in the July 17 by-polls.

Reviving Pakistan’s economy main priority: Khawaja Asif

On the other hand, Asif assured the reporters that the coalition government’s main priority was to revive the economy.

“Will take all necessary steps needed to revive the economy,” the defence minister said while noting that his party may face the voters’ wrath in the elections.

“How many finance ministers did the previous government change? Whatever we did in three months, we did it sincerely,” said Asif.

The ministers also spoke about the PML-N’s thumping in Sunday’s by-polls, saying that compared to 2018, the PML-N’s vote bank had increased.

“In the constituencies where we took 6,000 votes last time, we grabbed 45,000 votes. Compared to 2018, we took 200,000 more votes in the recent by-elections,” said Asif.

The PML-N stalwart noted that there were some districts where his party had no vote banks in the past but received a large number of votes from those areas on Sunday. He also noted that the party had given tickets to PTI defectors instead of its workers in some places which had made them heartbroken.

“Ever since we took an oath, we have tried to bring stability rather than doing politics. We will learn from the experience of July 17,” said Asif.

The minister also reminded the media persons that the coalition government had taken over the charge themselves. 

“If we had gone home, the country could have gone bankrupt. We made a political sacrifice for the sake of the country,” said Asif.

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Current weather: Will Karachi see any rain today?

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There is no probability of rain in Karachi, although there may be some light rain in some areas of the city, according to the Pakistan Meteorological Department (PMD) on Monday.

The city will continue to see overcast weather, according to the Met Office, which also noted that the westerly winds had left Sindh.

According to the PMD, Karachi’s current temperature is 28°C, and the air’s humidity is 61%. The wind is blowing quickly out of the west.

“The maximum temperature in Karachi is likely to be 30 to 32°C,” it said. Meanwhile, there’s a chance of light rain in several areas of Sindh.

A day prior, there had been rain and thunderstorms in a number of Karachi neighborhoods, including Mauripur, North Karachi, Gulistane-e-Johar and the neighboring suburbs, Saddar, Soldier Bazar, the Airport, and Clifton.

Surjani Town reported the maximum rainfall of 34 millimeters, while Nazimabad, Gulshan-e-Hadid, Faisal Base, Sharea Faisal, and Keamari received 21.2, 20, and 19 millimeters of rain, respectively.

Subsequently, rainfall totals of 18 mm were reported at Masroor Base, 17 mm at Korangi, 15.7 mm at University Road, 15.1 mm at Old Airport, 15 mm at Saadi Town and North Karachi, 14.4 mm at Orangi Town, 13 mm at Saddar, 12 mm at Malir, 5.5 mm at Defence Housing Society (DHA), and 5 mm at Quaidabad.

The Met Office reported that Jinnah Terminal recorded the lowest amount of rain, 1.2 mm.

It rained in Karachi as predicted, according to Chief Meteorologist Sardar Sarfaraz.

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Punjab sets a Rs. 16 roti price.

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On Sunday, the Punjabi government lowered the cost of rotis from Rs 20 to Rs 16.

“Thank God, the Punjabi government has lowered the cost of roti to Rs16,” stated a post on the social media site X by Punjab Chief Minister Maryam Nawaz Sharif.

According to Maryam Nawaz Sharif, all districts in Punjab and pertinent departments have received instructions to guarantee that this decision is strictly followed.

Previously, on Wednesday, the Punjab cabinet decided to set Rs3,900 per 40kg as the minimum support price for wheat in 2023–2024.

Leading the Punjab government is Chief Minister Maryam Nawaz Sharif, who has approved the Wheat Procurement Policy 2024–25.
Punjab sets the price of its heat support at Rs. 3-900 per 40 kg, according tources.

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How Can I Register Online for the Punjab E-Bike Scheme? Examine the Step-by-Step Guide.

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The Punjabi government has begun the process of registering motorcycles for students in the area on a monthly interest-free payment plan.

At least 19,000 gasoline and 1,000 E-bikes will be given away in the first phase. The Punjab government will cover the applicants’ down payment and markup in installments.

Due to the exorbitant cost of two-wheelers, the Interest-Free Bike Scheme 2024 was created to lessen the financial burden on students.

A Rs. 20,000 down payment is part of the proposal. For two years, students will pay for their bikes in convenient monthly installments. Based on the facts provided, male students will have to pay more than Rs. 11,000 per month, while female students will pay Rs. 7,325 per month.

Whereas petrol bikes would be dispersed in other districts according to population, e-bikes will be given out in Faisalabad, Multan, Bahawalpur, Rawalpindi, and Lahore.

Take these actions to register for the Punjab Motorcycle Scheme:

Visit the authorized website, bikes.punjab.gov.pk.
Locate the section for registration.
Fill out the registration form with the necessary personal data.
Upload any necessary files by following the given instructions.
Verify the accuracy of the information.
Send in the registration form.

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