KARACHI, April 25, 2022 – The State Bank of Pakistan (SBP) has issued the official exchange rates for customers on Monday, April 25, 2022.
(more…)Author: Faisal Shahnawaz
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Ripple to Pak Rupee on April 25, 2022
The exchange rate of Ripple (XRP) against the Pakistani Rupee (PKR) stood at Rs125.62 as of 11:20 AM Pakistan Standard Time (PST) on April 25, 2022. This figure marks a decline from the previous day’s closing rate of Rs131.18, reflecting a downward trend in the cryptocurrency market.
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Dogecoin to Pak Rupee on April 25, 2022
KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs24.04 on April 25, 2022 at 11:10 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs24.71 at closing on April 24, 2022.
The rate of Dogecoin in US Dollar (USD) is $0.13 on April 25, 2022 at 11:10 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.13 at closing on April 24, 2022.
Disclaimer: All data and information are provided for informational purposes only. The data has not been provided for trading purposes or financial, investment, tax, legal, accounting, or other advice. In the case of trading, it is advised to consult your broker or financial representative to verify pricing before executing any trade. The exchange rate does not constitute investment advice. Further, it is not a recommendation to buy, sell or hold any security or financial product.
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Pakistan surrenders to IMF, agrees to remove subsidies
KARACHI: Pakistan government has agreed to remove subsidies on various items granted by the previous government in order to continue loan program under International Monetary Fund (IMF).
The IMF issued the following statement on April 24, 2022:
“We had very productive meetings with the Finance Minister of Pakistan Miftah Ismail over Pakistan’s economic developments and policies under the Extended Fund Facility (EFF) program.
“We agreed that prompt action is needed to reverse the unfunded subsidies which have slowed discussions for the 7th review.
READ MORE: Tax amnesty launched for setting up new industrial units
“Based on the constructive discussions with the authorities in Washington, the IMF expects to field a mission to Pakistan in May to resume discussions over policies for completing the 7th EFF review.
“The authorities have also requested the IMF to extend the EFF arrangement through June 2023 as a signal of their commitment to address existing challenges and achieve the program objectives.”
The previous PTI government had announced to provide massive relief to the public by deciding not to increase the petroleum prices and electricity tariff.
READ MORE: IMF to agree on Pakistan’s industrial promotion package
Imran Khan, chairman of Pakistan Tehreek I Insaaf and recently removed from the slot of Prime Minister through a no-confidence vote on February 28, 2022 announced reduction in prices of petroleum products and electricity tariff and further announced to freeze the reduced rates till upcoming federal budget 2022/2023.
READ MORE: Pakistan cuts petroleum prices amid Russia-Ukraine War
The previous government provided the relief by slashing prices of petroleum and electricity to provide massive relief to the people.
The government is absorbing losses of billions of rupee every month due to subsidies supply of petroleum products and electricity.
The new government, although, retained the prices fixed by the previous government for the fortnight started on April 16, 2022. However, recent development clearly indicated that the present government had agreed to the IMF to withdraw the incentives given to the public of the Pakistan.
READ MORE: New government keeps petroleum prices unchanged
Analysts believed that withdrawal of subsidy will be inflationary.
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Bitcoin to Pak Rupee on April 24, 2022
KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs7,445,492.61 on April 24, 2022 at 5:13 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs7,411,515.29 at closing on April 23, 2022.
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Ripple to Pak Rupee on April 24, 2022
KARACHI: The exchange rate of Ripple (XRP) in Pak Rupee (PKR) is Rs133.33 on April 24, 2022 at 5:08 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs133.74 at closing on April 23, 2022.
The rate of Ripple in US Dollar (USD) is $0.71 on April 24, 2022 at 5:08 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.71 at closing on April 23, 2022.
Disclaimer: All data and information are provided for informational purposes only. The data has not been provided for trading purposes or financial, investment, tax, legal, accounting, or other advice. In the case of trading, it is advised to consult your broker or financial representative to verify pricing before executing any trade. The exchange rate does not constitute investment advice. Further, it is not a recommendation to buy, sell or hold any security or financial product.
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Dogecoin to Pak Rupee on April 24, 2022
KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs25.34 on April 24, 2022 at 5:02 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs25.19 at closing on April 23, 2022.
The rate of Dogecoin in US Dollar (USD) is $0.14 on April 24, 2022 at 5:02 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.13 at closing on April 23, 2022.
Disclaimer: All data and information are provided for informational purposes only. The data has not been provided for trading purposes or financial, investment, tax, legal, accounting, or other advice. In the case of trading, it is advised to consult your broker or financial representative to verify pricing before executing any trade. The exchange rate does not constitute investment advice. Further, it is not a recommendation to buy, sell or hold any security or financial product.
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Pakistan’s CAD hit $13.17 billion in July – March
KARACHI: Pakistan’s current account deficit (CAD) hit record $13.17 billion during first nine months (July – March) 2021/2022, according to balance of payment (BoP) data released on Saturday.
The current account deficit for July – March 2021/2022 widened to $13.169 billion as compared with the deficit of $275 million in the corresponding months of the last fiscal year, the State Bank of Pakistan (SBP) said.
READ MORE: Pakistan’s CAD mounts to $12 billion in eight months
The massive widening of current account deficit may be attributed to sharp increase in imports and repayment of external debt.
The trade deficit widened by 71 per cent to $35.52 billion during first nine months of the current fiscal year as compared with $20.8 billion in the corresponding period of the last fiscal year, according to Pakistan Bureau of Statistics (PBS).
READ MORE: Current account deficit widens to $11.58 bn in 7MFY22
Import bill of the country recorded an increase of 49 per cent to $58.87 billion during July – March 2021/2022 as compared with $39.49 billion in the same period of the last fiscal year. On the other hand exports of the country also grew by 25 per cent to $23.35 billion during the first nine months of the current fiscal year as compared with $18.68 billion in the corresponding period of the last fiscal year.
The inflows of workers remittances increased to $22.95 billion during July – March 2021/2022 as compared with $21.43 billion in the corresponding period of the last fiscal year.
READ MORE: Pakistan’s current account deficit balloons to $9.1 bn
The current account deficit for the month of March 2022 widened to $1.028 billion as compared with the deficit of $369 million in the last year and deficit of $519 million in February 2022.
Pakistan’s current account deficit had reached dollar $4.45 billion in fiscal year 2019/2020. However the deficit shrank to $2.82 billion in fiscal year 2020/2021.
READ MORE: Pakistan’s CAD balloons to $7.1 billion in five months
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SBP issues KIBOR rates – April 23, 2022
KARACHI: State Bank of Pakistan (SBP) on Saturday issued the Karachi Interbank Offered Rates (KIBOR) as on April 23, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 12.23 12.73 2 – Week 12.27 12.77 1 – Month 12.48 12.98 3 – Month 13.37 13.62 6 – Month 13.69 13.94 9 – Month 13.66 14.16 1 – Year 13.68 14.18 -
SBP’s customer exchange rates – April 23, 2022
KARACHI, April 23, 2022 – The State Bank of Pakistan (SBP) has released the official exchange rates for customers on Saturday, April 23, 2022.
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