KARACHI: The foreign exchange reserves of the country fell by $151 million to $26 billion by the week ended October 01, 2021 as compared with $26.151 billion a week ago, the State Bank of Pakistan (SBP) said on Thursday.
The foreign exchange reserves of the SBP declined by $126 million to $19.169 billion by the week ended October 01, 2021 as compared with $19.295 billion by the week ended September 24, 2021.
The foreign exchange reserves held by commercial banks also declined by $25 million to $6.831 billion as compared with $6.856 billion a week ago.
KARACHI: Saqib Naseem has been elected unopposed central chairman of Pakistan Yarn Merchants Association (PYMA) while Javed Asghar elected senior vice chairman for the year 2021-22.
KARACHI: Karachi Chamber of Commerce and Industry (KCCI) on Thursday expressed deep grief and sorrows over loss of human lives in earthquake, which jolted the Baluchistan province last night.
In a joint statement issued, Chairman Businessmen Group and Former President KCCI Zubair Motiwala, Vice Chairmen BMG Tahir Khaliq, Haroon Farooki, Anjum Nisar and Javed Bilwani, General Secretary BMG AQ Khalil, President KCCI Muhammad Idrees, Senior Vice President KCCI Abdul Rehman Naqi and Vice President KCCI Qazi Zahid Hussain noted that 20 people have fallen prey to the earthquake in Baluchistan and more than 300 people including women and kids have been injured whereas hundreds of houses were also damaged in various areas including Quetta, Sibbi, Pishin, Muslim Bagh, Ziarat, Qila Abdullah, Sanjavi, Zhob and Chaman.
They said that our brother and sisters, particularly those inhabiting in far-flung and impoverished areas of Baluchistan province, should not be left alone in this hour of grief and need. It is the duty of everyone to help and support the affectees during the most difficult time of their lives.
BMG leadership and KCCI Office Bearers, while appreciating the quick response of the government and armed forces, said that the government and the military forces were doing a fine job by promptly undertaking rescue operation and immediately dispatching relief goods and medical teams to the quake-hit areas of Baluchistan.
BMG leadership and KCCI Office Bearers, while praying for the wellbeing of people affected by the natural disaster as well as their recovery from the trauma and pain, offered heartfelt condolences to those families who lost their loved ones in this tragic incident.
They also appealed the fellow businessmen and industrialists to donate generously in whatever way they can for supporting the affectees of Baluchistan earthquake.
KARACHI: The stocks have gained 213 points on Thursday owing to drop in coal prices, which helped the cement sector to lead in today’s trading. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 44,586 points as against previous day’s closing of 44,373 points.
Currency experts attributed the recovery in rupee value to measures taken by the SBP a day earlier.
The SBP imposed restrictions on persons traveling to Afghanistan. The central bank allowed persons traveling Afghanistan to carry only $1,000 per person per visit with a maximum annual limit of $6,000.
The SBP also made it mandatory for exchange companies to undertake biometric verification for foreign currency sale or purchase transactions above $500.
Currency experts said that rising dollar demand for import payment had deteriorated the rupee value. They said that panic buying for dollars was seen during the day after the report of a massive surge in import bill during the first quarter of the current fiscal year.
The import bill of the country registered a record increase of 65 per cent to $18.63 billion during July – September of the current fiscal year as compared with $11.28 billion in the corresponding period of the last year.
The higher import bill also widened the trade deficit significantly. The trade deficit ballooned by 100 per cent to $11.66 billion during the quarter under review as compared with the deficit of $5.81 billion in the same period of the last year.
Since the start of the current fiscal year the rupee was under pressure. The high dollar demand for import payment may be attributed to ease in cases of coronavirus cases and enhanced industrial and commercial activities.
