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  • SBP-held forex reserves surge to $7.76 billion in December

    SBP-held forex reserves surge to $7.76 billion in December

    In the week concluding on December 22, 2023, Pakistan witnessed a substantial increase in its total liquid foreign reserves, reaching a noteworthy $12,855.7 million.

    This surge was reported by the State Bank of Pakistan (SBP), which highlighted that the central bank’s reserves saw a remarkable uptick to $7,757.1 million during the same period.

    The SBP revealed that the surge in reserves, amounting to $852 million, was primarily attributed to official inflows from the Government of Pakistan received during the week under review.

    Simultaneously, commercial banks in the country reported net foreign reserves amounting to $5,098.6 million, further contributing to the overall resilience of Pakistan’s financial position.

    This positive development follows the previous week’s figures, ending on December 15, 2023, where the total liquid foreign reserves were recorded at $12,068.4 million.

    During this period, the central bank held reserves worth $6,904.8 million, with commercial banks reporting net foreign reserves of $5,163.6 million.

    In contrast to the positive financial indicators, Pakistan’s auto industry faced significant challenges in 2023, marked by a sharp decline in car sales of up to 55 per cent. Factories involved in manufacturing car parts also experienced a substantial production cut of 70 per cent.

    The persistent challenges in the auto sector were attributed to the exchange rate crisis, causing a decline in income until the previous year.

    The repercussions of reduced car sales were not limited to impacting the national Treasury; they also resulted in a noticeable decrease in revenue from products.

    An essential factor in this context is the adjustment made by automobile companies following a decrease in the value of the US dollar against the Pakistani rupee.

    In the closing months of 2023, these companies responded by slashing the prices of their units, reflecting the dynamic interplay between economic forces and market conditions.

  • ‘Those who have dissociated from PTI through press conferences will not be granted election tickets,’ Barrister Gohar Khan

    ‘Those who have dissociated from PTI through press conferences will not be granted election tickets,’ Barrister Gohar Khan

    Pakistan Tehreek-e-Insaf (PTI) Chairman Barrister Gohar Ali Khan made a significant announcement on Wednesday, stating that PTI leaders who have dissociated from the party through press conferences will not be granted election tickets.

    Speaking to the media outside Adiala Jail in Rawalpindi, Barrister Gohar emphasized the party’s firm decision not to award tickets to individuals involved in such public disassociations, regardless of the number of people involved.

    Highlighting the directives of PTI founder and former Prime Minister Imran Khan, Barrister Gohar mentioned, “Imran Khan has instructed the party to gear up for general elections 2024.”

    In response to the recent Supreme Court order on senior PTI leader Shah Mahmood Qureshi, the PTI chairman emphasized the Election Commission’s responsibility to ensure its implementation.

    He revealed that the commission had requested the party to submit an application concerning Qureshi and other incidents where PTI leaders and activists were targeted.

    Barrister Gohar informed the media about the Peshawar High Court (PHC) order and urged the Election Commission to upload the certificate of PTI’s intra-party elections, assuring that the commission would conduct an investigation. He asserted that if a party’s election symbol is revoked, it is equivalent to its dissolution, and only the Supreme Court holds the authority to make such decisions.

    Earlier on December 26, PTI Punjab Acting President Hammad Azhar commented on the issue, stating that the fate of PTI leaders who held press conferences and parted ways with the party would be decided by Imran Khan on a case-to-case basis.

    Azhar mentioned that many individuals who had dissociated through press conferences wished to return to the party, and Imran Khan would personally decide on their return.

    He also demanded release of all political workers, “Stop turning the criminal justice system into a joke. Release all political prisoners. My colleagues have languished in jails for more than 7 months despite being innocent. I myself have been falsely nominated as an accused in dozens of Fake FIRs despite being not present on any single incident mentioned (one overly imaginative mind even listed me as chucking petrol bombs on mall road). End this madness and release all. Stop rearresting ppl after bail. Stop booking ppl in fake cases after arbitrarily arresting them for holding political association with PTI. Let the people of Pakistan decide who will govern them.”

  • Dhund nay kar dia safar mushkil

    Dhund nay kar dia safar mushkil

    A thick blanket of heavy fog has descended on different parts of Pakistan, severely impacting visibility and causing widespread transportation disruptions.

    Adverse weather conditions have compelled authorities to take precautionary measures, resulting in the closure of main highways and affecting air travel.

    The impact of the fog extends beyond Lahore, spreading as far as Mandi Bahauddin, Pindi Bhatian, Kot Addu, and Uch Sharif.

    Residents and commuters in these regions are urged to exercise caution and adhere to any instructions issued by local authorities.

    Sialkot and its surrounding regions, including Pasrur, Daska, and Sambrial, are grappling with reduced visibility levels, significantly disrupting traffic flow. Commuters are advised to stay informed about the latest weather updates and road closures to ensure their safety.

    The fog has not only affected ground transportation but has also disrupted air travel. Multiple flights have been canceled, and others delayed, impacting cities in Sindh and Punjab.

    The closures of major motorways, including the M2, M3, M4, M5, and M11, further compound transportation challenges.

    In addition to the transportation disruptions, the air quality in Lahore has deteriorated, earning the city the unfortunate distinction of being the most polluted in the world.

    Meanwhile, dense fog in various cities of Sindh and Punjab has led to operational challenges for flights. The Pakistan International Airliner (PIA) spokesperson emphasizes the importance of obtaining flight information from the PIA Call Centre before heading to the airport, considering the potential disruptions caused by the fog.

    Over the past week, a total of 32 flights destined for Faisalabad, Multan, Lahore, and other Punjab airports had to be redirected to Islamabad International Airport due to the prevailing fog conditions.

    “Severe fog ongoing in the country has affected PIA flights from Lahore, Multan and Sialkot airport,” the airline’s spokesperson, Abdullah Khan, said in a statement, adding the PIA apologized for any inconvenience caused due to these operational challenges.

    “Low visibility and intensity of fog pose difficulties in flight operations,” he added. “Flights from Lahore, Multan, and Sialkot may be canceled, changed or delayed due to fog.”

    Khan noted that flight operations were usually affected in these cities in winter.

    “All passengers are urged to obtain information about their flights from the PIA call center before heading to the airport,” he added.

    Unusual Winter Conditions Across Northwest India:

    Meanwhile, across Northwest India, including Punjab and Uttar Pradesh, a thick blanket of fog has descended, impacting visibility levels. Despite the fog, winter temperatures are milder than usual for this time of the year.

    The India Meteorological Department (IMD) reports that night temperatures in north-western states remain higher than normal, with at least 2-3°C above-normal readings in several regions. Delhi recorded a minimum temperature of 7.8°C, one degree above normal, with daytime temperatures reaching 22°C.

    Meteorologists attribute the warmer winter to the absence of strong western disturbances, traditionally responsible for winter rainfall over North India. Additionally, global warming is increasingly influencing weather patterns throughout the year, delaying the onset of winter and reducing the intensity of cold waves.

  • Mureeds of Shah Mehmood Qureshi protest against ‘ill-treatment’ by police

    Meher Bano Qureshi, daughter of Pakistan Tehreek-e-Insaf (PTI) Vice Chairman Shah Mahmood Qureshi, said that the treatment being handed out to her father is unbearable for his “mureeds.”

    She was a guest on a podcast on the digital channel of Hum News.

    The mureeds of Shah Mehmood Qureshi protested on Thursday against the ill-treatment of police and the ‘bogus’ case against him.

    “The people of Umarkot came out of fear. Peaceful protest of Ghousia Jamaat followers and Pakistan Tehreek-e-Insaaf workers in Umarkot against the humiliation and bogus arrest of Makhdoom Shah Mehmood Qureshi by the Rawalpindi police.”

    @ik.imrankhan00 عمرکوٹ کی عوام خوف کے بت توڑ کر نکل آئی۔ کل راولپنڈی پولیس کی جانب سے مخدوم شاہ محمود قریشی کی تذلیل کرنے اور بوگس گرفتاری کے خلاف عمرکوٹ میں غوثیہ جماعت کے مریدین اور پاکستان تحریک انصاف کے کارکنان کا شہر میں پر امن احتجاج #ReleaseSMQ#releaseimrankhan #سیاسی_انتقام_بند_کرو #PakistanUnderFascism #foryou ♬ original sound – pti offical

    “The people of Khipro on the streets against oppression! Full peaceful protest of Ghousia Jamaat Khipro on ill-treatment of Shah Mehmood Qureshi and arrest in the bogus case.”

    @teamsmq کھپرو کے عوام ظلم کے خلاف سڑکوں پر! شاہ محمود قریشی کے ساتھ ناروا سلوک اور بوگس مقدمے میں گرفتاری پر غوثیہ جماعت کھپرو کا بھرپور پرامن احتجاج۔ #ReleaseSMQ ♬ original sound – riShi

    Makhdoom Shah Mahmood Qureshi is the Sajjada Nasheen of Shrine Hazrat Bahauddin Zakariya (R.A).

    After Hur and Sarwari Jamaats, the Ghousia Jamaat has the most influence in Sindh.

    Pir Pagara is the Sajjada Nashin for Hur Jamaat and Makhdum Amin Fahim for Sarwari Jamaat.

    Their “gaddis”- religious centers- are in Pir Jo Goth and Hala.

    While the gaddi for Qureshi’s followers is in Multan, the city used to be a part of Sindh till 1818 when Maharaja Ranjit Singh captured it. Hence, a large number of Bahauddin Zakariya’s followers are from Sindh.

    A few former parliamentarians in Sanghar, Hyderabad, and Tando Allahyar districts are diehard followers of Ghosia Jamaat, who were elected in the 2008 elections because of their influence in the community.

    Besides Tharparker, Sanghar, Tando Allahyar, Ghotki, Umerkot, Larkana, Kamber Shahdadkot, Shahdadpur, Mirpurkhas, Badin, Thatta and Jacobabad districts also have a large following of the Ghousia Jamaat.

  • Gold price in Pakistan registers Rs2,200 per tola single-day surge

    Gold price in Pakistan registers Rs2,200 per tola single-day surge

    On Thursday, the price of gold in Pakistan once again saw an upward trend, mirroring the global surge in rates. 

    The valued yellow metal reached Rs222,800 per tola in the domestic market, marking a noteworthy single-day gain of Rs2,200. 

    The 10-gramme gold, as reported by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), was traded at Rs191,015 following an increase of Rs1,886.

    This escalation follows a Rs1,000 per tola rise in gold prices in Pakistan on the preceding Wednesday. 

    Internationally, gold prices experienced a $20 increment, reaching $2,105 per ounce (with a premium of $20), as highlighted by APGJSA. 

    Concurrently, silver rates remained constant at Rs2,680 per tola in the local market.

  • Pakistani rupee extends winning streak against US dollar for 12th straight session

    Pakistani rupee extends winning streak against US dollar for 12th straight session

    The Pakistani rupee continued its upward trend against the US dollar for the 12th consecutive session, appreciating by 0.1 per cent in the inter-bank market on Thursday. 

    The State Bank of Pakistan reported that the rupee settled at Rs281.93, marking an increase of Re0.27. A day earlier, the rupee had experienced a slight gain, closing at Rs282.20 against the US dollar.

    In a related development, the Ministry of Finance acknowledged the persistent challenge of higher markup payments. The ministry stressed the importance of both revenue enhancement and prudent expenditure control.

    Internationally, the US dollar faced substantial losses on Thursday, poised for a yearly decline after two years of robust gains. 

    Anticipation of interest rate cuts from the Federal Reserve in the coming year influenced market sentiments. As the year concludes, limited market activity is expected until the New Year due to thin liquidity.

    The dollar index, measuring the US currency against six rivals, reached a five-month low of 100.81. It declined by 0.5 per cent on Wednesday and is on track for a 2.6 per cent decrease this year, breaking a two-year trend of strong gains. I

    Investors are closely monitoring the timing of potential interest rate cuts from the Fed, with markets indicating an 89 per cent chance of a cut in March 2024, according to the CME FedWatch tool. Futures suggest up to 158 basis points of Fed easing in the coming year.

    Oil prices, a significant indicator of currency parity, stabilised on Thursday following a previous sharp decline. 

    Concerns about shipping disruptions along the Red Sea route eased, despite escalating tensions in the Middle East. 

    Brent crude futures rose by 2 cents to $79.75 a barrel, while US WTI crude futures traded 3 cents lower at $74.08 a barrel, rebounding from a nearly 2 per cent drop on Wednesday as major shipping firms resumed operations in the Red Sea.

  • Lollywood to Parliament; Film star Noor enters politics

    Lollywood to Parliament; Film star Noor enters politics

    Former Pakistani actress Noor Bukhari, is all set to venture into politics. She has joined the Istehkam-e-Pakistan Party (IPP) and has submitted papers for a reserved seat for women.

    Noor personally visited the Punjab Election Commission office to confirm her nomination papers. The verification process for her papers has been successfully completed.

  • President Cup; Shahnawaz Dahani takes a hat-trick

    President Cup; Shahnawaz Dahani takes a hat-trick

    In the match played between Sui Northern Gas Pipelines Limited (SNGPL) and State Bank of Pakistan (SBP) in the President’s Cup 2023, fast bowler Shahnawaz Dahani, who played for SNGPL, made his debut in the tournament and got the first hat trick. His hat trick included the wickets of Ramiz Aziz, Mohammad Imran, and Kashif Bhatti.

    Not only did he take his first hat-trick, he also took five wickets in an innings for the first time in first-class cricket. The SBP (State Bank of Pakistan) batting line-up was in trouble when the fast bowler took a brilliant hat trick. At that time State Bank scored 133 runs for the loss of 7 wickets in 45 overs.

    The 25-year-old fast bowler has faced limited opportunities in international cricket due to recent injuries.

  • In a first, women to contest general elections in Shangla and Buner

    In a first, women to contest general elections in Shangla and Buner

    Dr. Sawera Prakash has become the first Hindu woman to contest from Buner, while Nadia Sher Khan has become the first woman to contest from Shangla, Swat.

    The elections, scheduled for February 8, mark a significant step towards inclusivity and representation in the region, traditionally known for its conservative values.

    Dr. Sawera Prakash, who has submitted nomination papers for both reserved seats of the National and Provincial assemblies, is affiliated with the Pakistan People’s Party (PPP) for an impressive 35 years. She is now set to create history as the first woman to contest elections for the provincial assembly from constituency PK-25 on a general seat, reports Samaa News.

    The PPP, recognising her potential, urged her father Dr. Om Prakash, an active political and social worker, to bring his daughter into the political arena. Her father is known for his dedication to the welfare of humanity, and has played a pivotal role in serving both public and private sector health centers, reports Dawn.

    In Shangla, for the first time, Pakistan Tehreek-i-Insaf MPA Nadia Sher Khan of Saidu Sharif, Swat, has submitted nomination papers for the Shangla’s PK-30 constituency. She is running for the general elections on Pakistan Tehreek-i-Insaf-Parliamentariticket.
    A tough competition is expected between PTI and PML-N in this district.

  • India may miss Davis Cup match hosted by rival Pakistan

    India may miss Davis Cup match hosted by rival Pakistan

    India may be forced to forfeit a Davis Cup play-off hosted by rival Pakistan, with the local tennis association saying Thursday the team was waiting on New Delhi’s approval to travel.

    The nuclear-armed neighbours have fought several wars since winning independence from British rule in 1947, and sporting contests between the two have long been the victim of their enduring animosity.

    The All India Tennis Association (AITA) asked the sports ministry for approval to travel to Pakistan after a request to shift the fixture to a third country was rejected by the International Tennis Federation tribunal.

    “The proposal is still pending with the ministry and we are awaiting a decision,” AITA secretary-general Anil Dhupar told AFP.

    Pakistan Tennis Federation president Salim Saifullah Khan said 18 members of the Indian squad had requested visas for the World Group 1 clash scheduled for February 3-4.

    “We have all the arrangements put in place. They will be given the best security and accommodation,” he told AFP. “Let politics be kept away from sports and better sense prevail.”

    New Delhi last hosted the Pakistani tennis team in 2006 and the Indian Davis Cup team last travelled to Islamabad in 1964, according to news outlet India Today.

    Local media reports said a 2019 match was moved to Kazakhstan, with the AITA citing political tensions as the reason for the request.

    Sports matches between India and Pakistan are rare owing to decades of hostility between the two nations.

    They share one of the world’s great sporting rivalries in cricket, by far the most popular sport in both countries.

    But their teams have not played a bilateral series in more than a decade, and typically only face each other in larger tournaments.

    India refused to travel to Pakistan for the 50-over Asia Cup in September, a move that forced its neighbour to partially relinquish hosting duties to Sri Lanka.

    Pakistan travelled to India the following month for the Cricket World Cup after its request to stage some matches in a third country was rejected.