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  • Pakistan’s forex reserves decline by $59 million to $7.64 billion due to debt payments

    Pakistan’s forex reserves decline by $59 million to $7.64 billion due to debt payments

    The State Bank of Pakistan (SBP) reported a weekly decrease in foreign exchange reserves, with a decline of $59 million, bringing the total to $7.64 billion as of September 22, according to data released on Thursday.

    The overall liquid foreign reserves of the country amounted to $13.16 billion, with commercial banks holding net foreign reserves of $5.52 billion.

    The central bank attributed this reduction in reserves to debt repayments, stating, “During the week ending on September 22, 2023, SBP’s reserves decreased by $59 million to $7,636.7 million due to debt repayments.”

    Notably, Pakistan’s central bank reserves had increased by $56 million the previous week, following four consecutive weeks of decline, during which SBP reserves had dwindled by a cumulative total of $416 million.

    In July, SBP’s reserves received a boost when Pakistan received approximately $1.2 billion as the first tranche from the International Monetary Fund (IMF), following approval of a new $3-billion stand-by arrangement. Additionally, inflows from Saudi Arabia and the UAE contributed to the increase.

    Despite these positive developments, the central bank’s reserves have come under pressure due to ongoing debt repayments, increased import payments following the easing of restrictions, and a lack of fresh inflows.

  • Things will get more expensive amidst soaring petroleum prices: Finance Ministry

    Things will get more expensive amidst soaring petroleum prices: Finance Ministry

    Due to the persistent escalation in energy and petroleum prices, it is anticipated that inflation will maintain its elevated trajectory in the months ahead.

    In its latest monthly economic update, the Ministry of Finance has presented a forecast indicating that inflation is poised to remain at an elevated level during the upcoming months. The report projects inflation to fall within the range of 29 per cent to 31 per cent for the month of September 2023, primarily attributing this surge to the notable uptick in prices of petroleum products and electricity.

    Furthermore, the report identifies several contributing factors to this inflationary pressure, including the possibility of surging transportation costs, a dearth of essential services and commodities, and the depreciation of the dollar, which has had a mitigating effect on imported inflation.

    In response to these challenges, the finance ministry has implemented rigorous measures to combat illegal currency exchanges and stockpiling activities while actively working to stabilise the exchange rate.

    The report also highlights a global trend of decreasing food grain prices, albeit with notable exceptions such as rice and sugar, whose prices have surged due to the ongoing conflict between Russia and Ukraine.

  • Pakistani rupee set to become best performer against US dollar following record-low recovery

    Pakistani rupee set to become best performer against US dollar following record-low recovery

    In September, Pakistan’s rupee emerged as the global front-runner in currency performance, driven by the interim government’s vigorous measures to curb illicit US dollar trading.

    According to a comprehensive report by Bloomberg, the Pakistani rupee has experienced a remarkable surge of nearly 6 per cent during this month, a notable accomplishment given the downward trajectory of most other currencies like the Thai baht and South Korean won against the strengthening US dollar, fueled by expectations of prolonged high US interest rates.

    On Thursday, the rupee exhibited resilience by rising 0.1 per cent, reaching Rs287.95 per dollar after hitting a record low of approximately Rs307 earlier in the month.

    Khurram Schehzad, the Chief Executive Officer of Alpha Beta Core Solutions Pvt. Ltd., a financial consultancy located in Karachi, commented on the situation, highlighting the prevalence of leakages through informal channels such as hawala and hundi trade, which are common in South Asia.

    Schehzad noted, when the USD rate reverses, everyone from hoarders to exporters, who have been holding onto their export proceeds, starts offloading their dollars.

    The Bloomberg report underscores the Pakistani government’s intensified efforts to crack down on illegal dollar trading, which have significantly contributed to the rupee’s resurgence.

    In addition to these measures, the central bank has raised capital requirements for smaller exchange companies and mandated large banks to establish their exchange entities, aiming to enhance transparency and oversight in the retail foreign exchange market.

  • A major actor from the Harry Potter movies has passed away

    A major actor from the Harry Potter movies has passed away

    British thespian Michael Gambon, best known for playing the beloved headmaster Dumbledore in ‘Harry Potter’ movies has passed away at the age of 82, BBC has reported.

    In a statement released to the press, the actor’s widow Lady Gambon, and son Fergus, said the actor suffered from a bout of pneumonia, and passed away with family members next to him at a local hospital.

    Gambon was best recognised for his performance in six of he eight Harry Potter films, where he played headmaster Albus Dumbledore, a mantle he took up after the death of veteran actor Richard Harris in 2003.

    Gambon was recognised as ‘The Great Gambon’ in acting circles. He recieved an Emmy nomination in 2010 for his performance in Jane Austen’s ‘Emma’ as well as a Tony nomination in 2010 for his role in David Hare’s paly ‘Skylight’.

    Gambon was knighted for his services to the entertainment industry in 1998.

    Harry Potter stars have expressed grief on social media at the actor’s passing. James Phelps, who played Fred Weasley in the fantasy franchise released a statement, sending prayers to the actor’s family.

    Several Twitter users mourned the loss of the actor by sharing some profound quotes said by Albus Dumbledore in the movies.

  • Nawaz Sharif will appear in court after his address at Minar-e-Pakistan

    Nawaz Sharif will appear in court after his address at Minar-e-Pakistan

    Former Prime Minister Nawaz Sharif, who is set to return to Pakistan after a prolonged absence, will address a rally at Minar-e-Pakistan the day after his arrival, followed by a court appearance.

    Rana Sanaullah, the President of the Pakistan Muslim League-Nawaz (PML-N) in Punjab, stated that party head Nawaz Sharif is scheduled to arrive in Lahore on October 21. On the first day of his return, he will kick off the PML-N’s election campaign with a speech at Minar-e-Pakistan. Following this, he will appear in court on the next day.

    It is worth noting that the Interim Prime Minister had previously stated that legal opinions would be sought regarding Nawaz Sharif’s return, and his homecoming would be conducted in accordance with Pakistan’s laws. Various legal aspects surrounding his return will need to be considered.

    On the other hand, Khurram Dastgir Khan, a leader of the PML-N, remarked that Nawaz Sharif left the country by choice after the consent of two courts and will now return based on the same judicial consent.

    Previously, caretaker Interior Minister Sarfaraz Bugti had stated that if Nawaz Sharif did not receive bail from the court, he would be arrested. He opined that Nawaz Sharif might even prefer to surrender himself, as there is no need for a large-scale operation to apprehend one individual.

    Reacting to the Interior Minister’s statement, Rana Sanaullah, called the statement “crossing the line.”

    Rana Sanaullah stated, “Sarfaraz Bugti should see how the matter concluded when former Interior Minister Sheikh Rashid gave his statement. There is no political agenda on the part of the caretaker government. It is a positive development that Nawaz Sharif wants to rejoin Pakistan’s politics.”

    In response, Bugti clarified that his statement had been taken out of context and manipulated for political purposes. He emphasized that the government had no political agenda and welcomed Nawaz Sharif’s return to Pakistani politics.

    The anticipation surrounding Nawaz Sharif’s return has generated significant political interest, as observers closely monitor developments leading up to his homecoming and subsequent political activities.

  • Minor housemaid missing from Pir’s house

    Minor housemaid missing from Pir’s house

    It has been a month since a minor housemaid working at an influential pir family in Karachi went missing.

    The girl’s father, Ayaz Chandio, fears that his 16-year-old daughter, Aqsa Chandio, has either been killed or sold by her employer.

    Aqsa went missing on August 15 and as the father filed a complaint, Darakhshan police registered an FIR under Section 365-B (Kidnapping, abducting or inducing woman to compel for marriage etc) of the Pakistan Penal Code on August 17.

    Ayaz spoke with Times, a Sindhi news channel, expressing fears that Aqsa has either been killed or sold by the frmale employer.

    The employer had informed Ayaz Chandio of Aqsa’s disappearance after which he came to the coastal city from Khairpur. However he has claimed that he was detained at the family’s house for two days.

    He also said that the neighbour recalled that they could hear Aqsa’s cries and screams every night.

    The employer’s brother threatened Ayaz and warned him that he would not be able to return to his village, Pir Jo Goth, if he highlighted the disappearance.

    He has also complained that the police have not been taking the case seriously.

    According to DIG-South Syed Asad Raza, Aqsa was kidnapped from the Seaview apartment on August 15.

    The police constituted a special team, probed some suspects and arrests were expected very soon.

    According to investigators, Aqsa had a mobile phone that she secretly used which infuriated her employees. Ayaz was called but by the time he arrived, Aqsa had left.

    The mobile phone is currently in police’s custody.

  • ‘Daku’ bnaya ishq nay

    ‘Daku’ bnaya ishq nay

    Love can make a daku out of a normal guy.

    A private bank’s cash van carrying Rs 6 crore and 35 lacs was robbed on September 19 in Karachi’s Korangi area.

    The suspect, Zohaib, has not been arrested yet.

    According to investigative authorities, Zohaib was the employee of a private security company, and had been working in Karachi since the past 10 months. He left his job two months ago to get married to his love.

    Officials revealed that after reaching his wedding destination in Okara, Zohaib found out that the girl he was interested in had already gotten married elsewhere.

    In a statement provided by relatives to investigative authorities, it was mentioned that the suspect was distressed due to the failed love affair and became a robber.

    Investigative authorities further revealed that Zohaib returned to Karachi and rejoined the same security company. He robbed a bank’s cash van in September and is still on the run.

  • 15-year-old British school girl murdered while trying to protect friend

    15-year-old British school girl murdered while trying to protect friend

    A 15-year-old school girl has been stabbed to death in South London by a 17-year-old boy on Wednesday when she was on her way to school. According to the Evening Standard, the crime took place near Croydon’s Whitgift shopping sector, when the boy arrived at a bus stop to give flowers to his former girlfriend- a friend of the victim.

    The friend rejected the flowers after which an argument rose between the two, leading to the victim intervening. The murderer then pulled out a foot-long knife and stabbed her to death.

    The Metropolitan Police arrested the murderer within 75 minutes in New Addington and placed him under custody. Met Police Commissioner Sir Mark Rowley called the murder “senseless” and “impossible to comprehend”, adding that officers arrived within two minutes at the scene of the crime to provide first aid to the victim.

    The BBC reported Mayor of London, Sadiq Khan, said that he was “absolutely heartbroken” by the murder, stressing that he would remain in touch with the Met Police commissioner.

    Friends and family members of the victim have described the school girl as a bright pupil who had a promising future ahead of her. Family friend Adama Dumbuya, told Sky News the victim was a lovely little girl.

    “It’s just really sad. She was such a lovely little girl. I’m a parent myself. She was just really lovely the few times I’ve met her. She’s just a very nice girl and very polite.”

    The victim’s aunt Marian described her as an aspiring lawyer:

    “She went to a private school paid by my sister and had a great future ahead of her. She wanted to be a lawyer. She also loved gymnastics and doing her hair. We are a big family and will support each other. We are devastated.”

    “We can’t comprehend the heartbreak of the last 24 hours. She went to school and didn’t come home. It hasn’t sunk in. My sister is not feeling good, this is a tragedy.”

  • ‘Overwhelmed with the love’: Pakistani cricket team thanks Indian fans for Hyderabad welcome

    ‘Overwhelmed with the love’: Pakistani cricket team thanks Indian fans for Hyderabad welcome

    Pakistani Twitter users were howling in delight on Wednesday when viral videos showed the glowing reception the Pakistani cricket team received in India. Tweeps were delighted with hilarious Indian paparazzi who seem to have adopted Babar Azam, calling him ‘Babar bhai’. Now, Pakistani cricketers have responded to the warm welcome they received from Indian fans, thanking all those who showed up to support them.

    Captain Babar Azam shared a picture of the reception, and wrote: “Overwhelmed with the love and support here in India.”

    Batsman Mohammad Rizwan thanked fans for the welcome, and said he was looking forward to the next month as the competition begins.

    Prodigious fast bowler Shaheen Afridi said he was happy with the welcome the cricket team had recieved

    Batsman Imam ul Haq shared a picture of his arrival in Hyderabad on Instagram, writing: “Thankyou for the warm welcome Hyderabad.”

    The ICC ODI World Cup will begin in India in October 5, with the first match to be played between defending champions England and finalists New Zealand in Ahmedabad. Pakistan’s first match will be against the Netherlands on October 6.

  • FIA cracks down on luxury car showrooms in Karachi over money laundering suspicions

    FIA cracks down on luxury car showrooms in Karachi over money laundering suspicions

    On Thursday, the Commercial Banking Circle team of the Federal Investigation Agency (FIA) executed a seizure of four high-end vehicles at a Karachi-based car showroom.

    The owner of the establishment was unable to furnish credible documentation regarding the vehicles’ importation, raising suspicions of their involvement in a trade-based money laundering operation.

    The FIA has embarked on a comprehensive inquiry into the proprietors of car showrooms in Karachi, honing in on trade-based money laundering—an illicit stratagem that exploits international trade transactions as a conduit for unlawful financial transfers.

    In a recent enforcement operation, the FIA confiscated a quartet of opulent automobiles, including a Land Cruiser and an Audi, from a showroom situated on Khalid bin Waleed Road. Despite repeated requests, the showroom owner failed to comply with the FIA’s summons.

    The agency has further dispatched notifications to the proprietors of thirteen other car showrooms in Karachi, intensifying its scrutiny of this matter.

    Earlier in the week, the FIA conducted a search at the residence of a businessman by the name of Aziz Seekha in Karachi. This operation yielded a substantial haul of both foreign and Pakistani currency, alongside prize bonds, underscoring the agency’s ongoing efforts to combat financial irregularities.