The State Bank of Pakistan (SBP) has reported an increase of $51 million in its foreign exchange reserves, which reached $9.153 billion for the week ending August 2. The central bank has not disclosed the source of this inflow.
This rise marks the second consecutive week of increases in the SBP’s reserves, which had previously declined significantly from $9.42 billion on July 12 to $9.027 billion on July 19.
Overall, the country’s total foreign exchange reserves have risen to $14.472 billion, with $5.318 billion held by commercial banks.
The SBP’s reserves are a key indicator of financial stability. By the end of the fiscal year 2024, reserves had increased to $9.389 billion, a substantial rise from $4.44 billion in June 2023. This increase has contributed to stabilising the exchange rate and boosting confidence among foreign investors.
The exchange rate has remained stable for the past four months, attracting significant foreign investment. In this period, inflows into domestic bonds have reached their highest levels since before the Covid-19 pandemic, with $258 million received in July and $230 million in May.
Looking ahead, financial analysts anticipate that the SBP’s reserves could reach up to $13 billion by the end of 2025, supported by new inflows from an IMF loan programme.
The Government of Pakistan has released a postage stamp with the title of ‘Azm-e-Istehkam’ and an image of Arshad Nadeem on the occasion of Independence Day on the instructions of Pakistan Prime Minister Shehbaz Sharif.
The stamp has the image of Minar-e-Pakistan in the postage stamp and Pakistan’s freedom struggle and its symbolic importance are also highlighted.
Arshad Nadeem defeated defending champion Neeraj Chopra in the Olympic men’s javelin title in Paris on Thursday to win Pakistan’s first medal after in 32 years after 1992.
He made the country famous by throwing the javelin at 92.97 meters, breaking the Olympic record of more than 2.50 meters.
Before his stunning victory, Pakistan had never won an individual gold medal at the Olympics. Pakistan won gold medals in 1960, 1968 and 1984. Before Arshad, only two Pakistani athletes had won individual medals, including a bronze medal in wrestling in 1960 and a bronze medal in boxing in 1988.
Arshad will be back in Pakistan at 1AM on Sunday morning.
Olympics gold medalist Arshad Nadeem will return home tonight after his record breaking javelin gold medal. His success is being celebrated across the country, with Pakistanis eager to welcome their hero.
The Olympic gold medalist will arrive from Istanbul at Lahore Airport at 1:00 am tonight. Apart from the Pakistan Olympics Association, government officials will also welcome him.
He pulled off an Olympic record-breaking throw of 92.97 meters in the javelin competition, the first time in the 77-year history of Pakistan that a single man has won a gold medal for the country. Arshad is being showered with love, praise and monetary gifts.
The Pakistani diaspora has sent $3 billion back home in July, 48 percent higher than the previous year, The News has reported. State Bank Pakistan (SBP) data shows that remittances from Saudi Arabia increased by 56 percent to $761 million in July, while those from the United Arab Emirates increased by $611 million. The percentage reflected a 94 percent surge from the UAE compared to July 2023.
Remittances from the United Kingdom totaled $443 million, a 45 percent increase from the previous year. Workers also sent $300 million from the United States, a 24 percent hike from last July. The research director at AKD Securities Limited, Awais Ashraf said, ‘’This increase is mainly due to the movement of worker remittance into the formal channel, spurred by the reduced rate difference between exchange companies and the interbank market’’.
Throughout FY24, Pakistan posted a current account deficit of $681 million, equivalent to 0.2 percent of the gross domestic product.
Renowned actress Mahira Khan recently shared her favorite gift from her husband, Salim Karim, and it’s rather unexpected.
In a video tour of her closet with her digital magazine, ‘Mashion,’ Mahira talked about the gifts she loves to give and receive. She said, “Even though I’m not a miser, I love giving people handwritten notes and letters instead of just material things.”
When it comes to receiving gifts, Mahira said, “My husband gives me really nice presents, but I love all the beautiful bangles he gives me every week.” She also joked about losing her latest gift, saying, “I think someone stole it, and whoever did will go to hell because my husband thinks I lost it on purpose, but I didn’t.”
Fans on social media are enjoying Mahira Khan’s fun side and wisecracks.
Pakistan Tehreek-e-Insaf (PTI) Secretary General Omar Ayub lashed out at military and spy agencies on Saturday, calling on the state institutions to “stay within limits.”
“Politicians are also bound to do their politics within the constitutional parameters,” said the PTI leader while talking to media in Lahore.
He also clarified that no deal has been struck between Imran Khan and the establishment, blaming the ruling coalition for trying to create rifts between the army and the nation.
Meanwhile, another top PTI leader, Shah Mahmood Qureshi, said in a conversation with reporters at Kot Lakh Pat jail that he has been in politics for 41 years. However, not a single case had been registered against him. But after 9 May, he faced several cases.
“A dozen cases were lodged against me in a year. Whether anyone likes it or not, Imran Khan is a reality. There will be no stability if they do not accept this reality.”
Commenting on cooling political heat, the former foreign minister said national leaders should bar themselves from calling their rivals ‘’traitors’’.
He further stated, ‘’We have been distributing traitors certificates for 75 years.”
Shahroz Sabzwari has shared the cutest birthday message for his younger daughter, Zahra, as she turns two.
On Friday morning, the actor posted an adorable video of adorable toddler on Instagram to celebrate her birthday.
In the video, with the song “Little Hands” playing in the background, Shahroz wrote, “Happy Birthday, Mama and Baba’s life. May you have many, many more, INSHA ALLAH.” He and his wife, Sadaf Kanwal, added, “We love you a lot,” along with a heart emoji.
The video quickly went viral, getting lots of likes and sweet birthday messages from fans and other celebrities.
Shahroz Sabzwari and Sadaf Kanwal welcomed Zahra in August 2022.
Following pressure from Bangladeshi student protesters, the Chief Justice of Bangladesh, Obaidul Hasan, has decided to resign “in principle.”
Local media reports that hundreds of protesters surrounded the Supreme Court in Dhaka and gave Chief Justice Obaidul Hasan a one-hour ultimatum to resign.
The protesters had announced that they would storm the judges’ residences if they did not resign.
Justice Obaidul Hasan will submit his resignation after consulting the President this evening.
He called for a full court meeting with the judges of both divisions.
On the other hand, Bloomberg’s report states that Bangladesh Bank Governor Abdul Rauf resigned from his position yesterday. However, he resigned for personal reasons.
Chief Traffic Officer (CTO) Lahore, Amara Azhar, has ordered the display of the national flag on all government vehicles and motorcycles.
In a statement Azhar announced that traffic police are making extensive arrangements for Independence Day. During the celebrations, additional personnel will be deployed at Greater Iqbal Park, Wagah, and other key locations.
She also mentioned that special measures are being implemented to address issues such as wheeling and racing.
The CTO stated that temporary speed bumps will be installed to manage traffic during Independence Day celebrations.
The poor, rural hometown of Algerian boxer Imane Khelif erupted in joy on Friday as she won gold at the Paris Olympics in the face of a major gender controversy.
Cheers of Khelif’s name and the country’s famous chant “one two three, viva l’Algerie” broke out in Biban Mesbah, a town of around 6,000 people.
“It’s Algeria’s victory,” her father, Omar Khelif, told reporters as he watched the fight on a giant screen along with the rest of the village around 300 kilometers (185 miles) southwest of Algiers.
Villagers fired shots into the air in honour of 25-year-old Khelif’s first Olympic medal following her victory over China’s Yang Liu in the women’s 66kg final.
Imane after winning a Gold medal
The jubilation also spread to the capital Algiers, where crowds invaded the city center, celebrating the victory with fireworks and a chorus of car horns.
Algerian President Abdelmadjid Tebboune joined the celebrations on social media site X, saying: “We are all proud of you, Olympic champion Imane, your victory today is Algeria’s victory and your gold is Algeria’s gold.”
Ahead of Khelif’s fight, hundreds of volunteers turned out in Biban Mesbah to help prepare for the big night.
Despite scorching temperatures of 46 degrees Celsius (114 degrees Fahrenheit), the men carried out a vast clean-up operation while dozens of women were busy cooking a giant couscous.
“We agreed to give the village a new face and breathe new life into it, with the victory of Imane Khelif,” her cousin Mounir Khelif, 36, told AFP.
“We all helped each other, some bringing couscous, others oil and vegetables, while those who couldn’t help with provisions helped with the preparation,” said Amina Saadi, 52, a mother of six.
“We are all united behind Imane Khelif, who has honored Algeria, that’s the least we can offer her,” she said.
The boxer has been the victim of a social media hate campaign that portrays her as a “man fighting women.”
“I’m a strong woman with special powers. From the ring, I sent a message to those who were against me,” she said Friday after her win.
The gender controversy ignited in the French capital when Khelif defeated Angela Carini in 46 seconds in her opening bout, the Italian reduced to tears and abandoning the fight after suffering a badly hurt nose.
Algerians from all walks of life have showed their solidarity with Khelif, irritated that her father was forced to show her birth certificate to journalists to prove she was born a girl.
Amar, father of Algerian boxer Imane Khelif, gestures during an interview with Reuters outside his house, in Tiaret province, Algeria, on Friday. – REUTERS PIC
Khelif’s international career took off with her participation at the Covid-delayed Tokyo Olympics in 2021, where she finished fifth in her weight class.
In 2023, she made it to the semifinals of the world championships in New Delhi.
But then she was disqualified following gender eligibility testing by the International Boxing Association, which is not recognized by the International Olympic Committee and is not running the sport in Paris.
From a family of limited means, she spoke before the Games of the difficulty of her life in “a village of conservative people” in semi-desert surroundings. Imane said that her father initially found it difficult to accept her boxing.
Imane’s family
“I came from a conservative family. Boxing is not a widely practiced sport by women, especially in Algeria,” she told Canal Algerie a month before the Games, smiling readily and her voice soft.
In an interview with UNICEF, she said she used to sell scrap metal and her mother sold homemade couscous to pay for bus tickets to a nearby town.
