KARACHI: Free fall in Pakistani Rupee (PKR) continued on Tuesday as the US dollar hit PKR 226.15 in interbank foreign exchange market.
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Pakistani traders making $2 billion imports monthly by misusing Afghan transit trade
KARACHI: Pakistani traders misusing Afghan Transit Trade by importing about $2 billion worth import monthly, claimed by Malik Mohammad Bostan, Chairman Exchange Companies and Forex Association of Pakistan at a press conference on Monday.
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Rupee depreciates to PKR 225.82 against dollar in interbank
KARACHI: Pakistani Rupee (PKR) has depreciated by 18 paisas against the dollar on Monday to end at PKR 225.82 in the interbank foreign exchange market.
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Pakistan may surprise in next petroleum price revision on Dec 31
ISLAMABAD: Pakistan may surprise in next revision of petroleum prices scheduled on December 31, 2022 amid political uncertainty and mounting inflationary pressure.
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Pakistan’s official forex reserves plummet to about one month import cover
KARACHI: Official foreign exchange reserves of Pakistan have reduced to provide about one month import cover, according to data released by the State Bank of Pakistan (SBP).
The official foreign exchange reserves of the State Bank fell to $6.12 billion by week ended December 16, 2022.
READ MORE: Pakistan foreign exchange reserves ease to $12.57 billion
Whereas, the import bill of the country for the month of November 2022 was recorded at $5.18 billion, according to Pakistan Bureau of Statistics (PBS).
This shows the official foreign exchange reserves of the country have capacity to provide import cover for only 1.2 months. The benchmark foreign exchange reserves of a central bank should be at a level to provide three months import cover.
READ MORE: Pakistan official forex reserves plunge multi years low to $6.72 billion
The central bank said that its foreign exchange reserves fell by $584 million to $6.12 billion by week ended December 16, 2022 when compared with $6.70 billion a week ago i.e. December 09, 2022.
State Bank attributed the decline in official reserves to external debt repayment. The current level of reserves witnessed multi years low as the SBP reserves were seen at $7 billion in April 2014.
The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by week ended August 27, 2021. Since then the official reserves of the SBP dropped by $14.026 billion.
The total foreign exchange reserves of the country slipped by $570 million to $12 billion by week ended December 19, 2022 when compared with $12.57 billion a week ago.
READ MORE: SBP foreign exchange reserves fall to $7.5 billion
The country’s foreign exchange reserves hit all-time high of $27.228 billion on August 27, 2021. Since then the foreign exchange reserves have declined by $15.228 billion.
The foreign exchange reserves held by commercial banks however recorded a nominal increase of $10 million to $5.88 billion by week ended December 16, 2022 as compared with $5.87 billion a week ago.
The critical low level of the foreign exchange reserves may further put pressure on the exchange rate, said analysts at KASB Research.
READ MORE: Pakistan official reserves fall to around 1 ½ months import coverage
Plummeting foreign exchange reserves amidst high debt servicing obligations will likely exert considerable pressure on the Pak Rupee (PKR).
As per the SBP, REER has again crossed the 100 mark, driven by Pakistan’s high inflation environment.
As debt servicing exerts additional pressure on the PKR, the analysts believed the currency may depreciate to PKR 265 to the US dollar by end of the current fiscal year.
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Old design banknotes to become worthless after December 31
KARACHI: The State Bank of Pakistan (SBP) has again reminded the general public of demonetizing old designed banknotes will not be legal tender after December 3, 2022.
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FBR issues SRO to impose 5pc regulatory duty on yarn amid protest
ISLAMABAD: Federal Board of Revenue (FBR) has issued a SRO to impose regulatory duty at 5 per cent on import of polyester yarn despite protest by business community.
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Dar directs FBR to achieve true tax potential
ISLAMABAD: Finance Minister Mohammad Ishaq Dar has directed Federal Board of Revenue (FBR) to achieve true tax potential in the country.
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Tax offices to observe extended working hours on Dec 30-31 for collection
Islamabad: The Federal Board of Revenue (FBR) has announced that tax offices will remain open on December 30-31, 2022, to accommodate the year-end rush for the collection of duties and taxes.
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Pakistan issues official petroleum prices applicable till Dec 31
Pakistan has issued official petroleum prices that will remained applicable till December 31, 2022. The official prices of petroleum products from December 16, 2022 to December 31, 2022 are:
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