Tag: Saudi Arabia

Smuggling of US dollars to Afghanistan hurting Pakistan's economy Karachi: The Pakistani currency is under pressure owing to the ongoing political unrest in the country and the smuggling of US dollars to Afghanistan, media reports said on Tuesday. "Pakistan is currently dealing with problems on several fronts, the political crisis being the first and biggest one. The dollar crisis is also connected with it," Malik Bostan, the Chairman of the Exchange Companies Association of Pakistan (ECAP), said at a news conference, The News reported. About $2 billion goes to Afghanistan from Pakistan in the form of official and unofficial trade, misuse of Afghan transit trade, smuggling and through the borders, claimed Bostan, adding that these factors are burdening Pakistan's foreign exchange reserves. Currently, Pakistan's economy is suffering irreparable harm because of the Afghan transit trade, which has grown significantly. A significant portion of the dollars travelling from Pakistan to Afghanistan passes through the Afghan transit trade, and both Afghan and Pakistani traders are involved in this anti-national activity, he added, The News reported. To lower the import bill, the government imposed high duties on many luxury goods. "Our traders and importers thought that why should they pay a 200 per cent duty to the Pakistani government," Bostan said, adding that they operate a global network, accepting payments through hundi/hawala in Dubai, London, Europe, America, Saudi Arabia, and everywhere else. "They bring their items here in the name of Afghan transit, travelling from our port to Afghanistan and then returning to Pakistan in small trucks. Numerous importers from Pakistan who participate in this atrocious practice not only fail to pay import duties, which costs the national exchequer billions of rupees, but also prevent dollars from entering the country," he said. When the Afghan Taliban established a transition government in August 2021, the Pakistani rupee was trading at 155, the country's foreign exchange reserves were $22 billion, and its import bill was $4.5 billion. According to Bostan, today the rupee has fallen to almost 225 in the interbank market and 235 per dollar in the free market, The News reported. He claimed that every month, about $3 billion in remittances were sent to Pakistan. The remittance flows have now decreased to $2 billion. "Where does this monthly $1 billion go? Because we are paying remittances at 225 rupees for every dollar, this $1 billion per month has become the sight of Afghan transit. The hawala/hundi operators are giving those 270 for every dollar," Bostan said. IANS Pakistan, Afghanistan, economy

International

Pakistani rupee depreciates by Rs 1.8 against US dollar in interbank & open markets

July 25, 2023

Karachi: The Pakistani rupee lost value to the US dollar in the interbank and open markets Tuesday as the initial ...

Sports

Paris Saint-Germain accept world-record 259m pounds bid for Kylian Mbappe from Saudi club Al-Hilal: Report

July 25, 2023

New Delhi: Ligue 1 club Paris Saint-Germain have accepted Saudi Arabian side Al Hilal's world-record bid of 259 million pounds ...

International

Peace talks stalled over payment dispute with Saudi: Yemen’s Houthi militia

July 25, 2023

Sanaa: Yemen's Houthi militia said that peace talks with Saudi Arabia have been put on hold because of a dispute ...

North Korea confirms test-firing of Hwasong-18 intercontinental ballistic missile

National

NSA Ajit Doval bats for collective steps to overcome cybersecurity challenges

July 24, 2023

New Delhi: National Security Advisor Ajit Doval Monday called for collective efforts to deal with challenges emanating from cybersecurity at ...

Sports

Saudi Arabian soccer team Al-Hilal makes record $332 million bid for France striker Kylian Mbappe

July 24, 2023

Sydney: After missing out on Lionel Messi, Saudi Arabian soccer team Al-Hilal made a record 300 million euro ($332 million) ...

Metro

Odisha govt requests Indian envoy in Saudi to rescue 33 Odia workers

July 21, 2023

Bhubaneswar: The Odisha government has requested the ambassador of India at Riyadh in Saudi Arabia for the rescue and repatriation ...

International

Turkey, UAE sign 13 agreements worth $50.7billion

July 20, 2023

Ankara: Turkey and the UAE have signed 13 bilateral agreements worth $50.7 billion during the visit of Turkish President Recep ...

Russia - Gulf Cooperation Council - Iran

International

Iran summons Russian envoy over comments on Persian Gulf territorial dispute in a rare spat

July 12, 2023

Dubai: Iran summoned Russia's ambassador Wednesday after Moscow released a joint statement with Arab countries earlier this week challenging Iran's ...

International

Cash-strapped Pakistan receives $ 2 billion from Saudi Arabia: Finance Minister Ishaq Dar

July 11, 2023

Islamabad: Pakistan has received deposits of $ 2 billion from Saudi Arabia, Finance Minister Ishaq Dar said Tuesday, ahead of ...

International

Saudi Arabia, France sign MoU to strengthen energy cooperation

July 10, 2023

Riyadh: Saudi Arabia and France have signed a memorandum of understanding (MoU) to strengthen cooperation in the energy sector, with ...

Page 6 of 33 Prev 1 … 5 6 7 … 33 Next

Editorial

Too Little, Too Late

November 26, 2024

The shadow of Donald Trump, with trade and economic uncertainties linked to his return to the White House in January...

November 25, 2024

I n what appears to be a pro-incumbency mandate, the Mahayuti coalition led by the BJP swept the Maharashtra Assembly...

November 24, 2024

“India and Bangladesh share deep-rooted bonds of history, language, culture, and a multitude of other commonalities. The outstanding nature of...

November 23, 2024

Since its second term, the Modi government has retained top civil servants beyond retirement for ‘continuity in policymaking’. Weeks after...

Tag: Saudi Arabia

Archives

Editorial