Tag: currency

  • Guess what a Pakistani air hostess was smuggling in her socks

    Guess what a Pakistani air hostess was smuggling in her socks

    A video of a Pakistani air hostess being detained by police while trying to smuggle cash hidden in her socks has emerged online.

    The incident has raised concerns about security and professionalism among airline staff. There have been numerous issues and blunders involving PIA staff in the recent past, including cases of misconduct and operation failures. But smuggling and such illegal activities are few and far between and instead involve individuals rather than any systemic flaws.

    The uniform the person in the video is wearing resembles that of state carrier PIA.

    Here is the video of Air hotess:

  • Pakistan’s currency in circulation surges by Rs252.98 billion

    Pakistan’s currency in circulation surges by Rs252.98 billion

    The State Bank of Pakistan (SBP) has released provisional figures on Monetary Aggregates, revealing notable shifts in the country’s monetary landscape.

    As of March 8, 2024, the currency in circulation has seen a significant weekly increase, climbing by Rs252.98 billion to reach Rs8.66 trillion. This marks a substantial change within a short span.

    In contrast, the overall trend for the current fiscal year indicates a decrease in currency circulation, with a drop of Rs485.71 billion compared to the figure recorded at the end of June 2023, which stood at Rs9.15 trillion.

    Turning to broad money (M2), a key indicator of money supply in Pakistan, there has been a noteworthy decline of Rs206.59 billion week-on-week, bringing the total to Rs32.48 trillion by March 8, 2024.

    However, when juxtaposed with June 2023, M2 has experienced a significant increase, rising by Rs957.18 billion from the previous fiscal year’s end balance of Rs31.52 trillion.

    The ratio of currency in circulation to M2, a crucial metric for understanding liquidity dynamics, stood at 26.67%, indicating a slight uptick compared to the previous week’s 25.73% and a decrease from the June 2023 figure of 29.02%.

    Meanwhile, total deposits held with banks have shown mixed trends. The latest data reveals a weekly decrease of Rs468.69 billion, amounting to Rs23.69 trillion.

    However, on a fiscal year-to-date basis, there has been an overall increase of Rs1.43 trillion.

    It’s important to note that these deposit figures exclude certain categories such as inter-bank deposits, government deposits, and those from foreign entities.

    Currency in circulation encompasses the total value of banknotes and coins held by both the general public and financial institutions.

    In Pakistan, M2 serves as the primary measure of broad money, encompassing various forms of currency and deposits.

    From a liability perspective, M2 comprises currency in circulation, total non-government sector deposits (including resident foreign currency deposits), and other deposits held with the SBP.

    On the asset side, M2 includes the net domestic assets and net foreign assets of the banking system, incorporating both the SBP and scheduled banks.

  • Plastic currency coming soon in Pakistan?

    Plastic currency coming soon in Pakistan?

    Negotiations between Pakistan and the IMF mission for the next instalment of a vital loan will continue to proceed today.

    According to sources quoted by Geo news, IMF officials will be briefed on FBR reforms, tax collection and other issues, as well as more immediate measures to increase tax collection in the current financial year.

    Sources say that State Bank officials will brief the IMF delegation on the plan to issue new plastic notes to prevent fake currency.

    Such currency notes are being used in Far Eastern countries and Switzerland.

    The IMF will also be briefed on reports issued under the United Nations Anti-Corruption Convention.

    The IMF had set a condition for Pakistan to prepare a report from experts on the efficiency of anti-corruption institutions.

    This condition has to be implemented by the Ministry of Interior and Ministry of Law.

    The IMF will also be briefed on improving the efficiency of government institutions and privatisation.

  • Pakistan Customs officials foil attempt to smuggle PKR 1.5 crore in gold and cash

    Pakistan Customs officials foil attempt to smuggle PKR 1.5 crore in gold and cash

    Customs officials made a significant seizure of gold and cash at Jinnah International Airport in Karachi on Tuesday. 

    Acting on a tip-off, the officials intercepted a passenger scheduled to depart for Hong Kong on Thai Airways flight TG-342, suspected of carrying a substantial amount of undeclared valuables.

    Following the tip-off, Customs personnel conducted a thorough search of the passenger’s belongings, uncovering over $40,000 (PKR 11 million) in assorted foreign currencies, along with 21 tolas of gold coins and jewelry. 

    The combined value of the confiscated items is estimated to be approximately $56,000 (PKR 15 million).

    The detained passenger failed to declare the cash and gold, a requirement for amounts exceeding $10,000 (PKR 2.78 million), when leaving Pakistan, leading to allegations of money laundering and smuggling. An FIR has been filed, and the investigation is ongoing.

  • SBP seeks design ideas from students, designers for new banknotes

    SBP seeks design ideas from students, designers for new banknotes

    In a significant move to enhance security features and align with technological advancements, the State Bank of Pakistan (SBP) has kicked off the process of designing and issuing a new series of banknotes covering all existing denominations.

    The SBP, in an official statement released on Tuesday, emphasised the complexity of the issuance process, which involves multiple meticulous steps and stages that demand careful planning and coordination among various stakeholders. Despite the general timeline of 2-3 years for launching a new banknote series, the SBP aims to expedite the process and complete it within the next two years.

    As an initial step towards the design process, the SBP has organised an art competition for the new banknote series. This competition is expected to yield diverse and creative ideas and themes that will form the basis for the subsequent phases of development.

    The finalised concepts will be shared with renowned professional banknote designers, who will be selected through a competitive process to transform these ideas into the final printable designs for each denomination.

    The final designs will then undergo scrutiny by the federal government for approval, ensuring that they meet the necessary standards and security features. The SBP assured the public that the existing banknote series would continue to remain in circulation even after the introduction of the new series.

    Any decision regarding the withdrawal of the existing banknotes will be executed gradually and in a phased manner, contingent upon the successful issuance and sufficient circulation of the new banknotes.

    The central bank highlighted that the periodic introduction of new banknote series, occurring approximately every 15–20 years, is a common practice among central banks. This practice aims to bolster the integrity of banknotes and integrate the latest technological developments in design and security features, ensuring a secure and reliable currency system for the nation.

  • Gold price in Pakistan goes up by Rs1,600 per tola

    Gold price in Pakistan goes up by Rs1,600 per tola

    On Tuesday, gold prices in Pakistan experienced a notable surge, aligning with the upward trend in the global market.

    The precious metal reached a valuation of Rs221,300 per tola in the domestic market, marking a substantial gain of Rs1,600 throughout the day.

    As reported by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the 10-gramme gold was traded at Rs189,729 after witnessing an increase of Rs1,372. This movement follows a Rs300 decrease per tola in gold prices on the preceding Monday.

    In the international arena, gold exhibited a rise of $12 on Tuesday, reaching $2,094 per ounce with an additional premium of $20, as communicated by APGJSA.

    Conversely, silver maintained stability at Rs2,680 per tola in the local market amidst these fluctuations in gold prices.

  • Pakistani rupee closes at Rs277.41 as US dollar recovers by nearly Rs2 in interbank trade

    Pakistani rupee closes at Rs277.41 as US dollar recovers by nearly Rs2 in interbank trade

    The US dollar appears to have bounced back on Wednesday at the opening of interbank trade, as it gained 31 paisas. The American currency closed at Rs277.41 after gaining Rs1.97 against the local unit. The dollar was exchanged for Rs275.75 at the start of the trading session on Wednesday.

    However, later the greenback gained even more value with Rs1.31 in interbank trade and was being traded at Rs276.75. In just a short while, the currency gained even more strength with Rs1.56 and was traded at Rs277.

    Owing to the strengthening of the dollar in the interbank trade, the currency’s value stopped falling in the open market also. Its value remained stable at Rs280 in the open market. On Tuesday, the greenback had lost a massive Rs10 in the interbank market.

    On the other hand, the Pakistan Stock Exchange continued its bullish trend. The shares of energy, oil and gas, and refinery companies were shared in the market.

    The stock exchange retained its limit of 44,000 points on Wednesday morning. The KSE-100 index rose with 472 points to 44,030 points. At the start of the trading session, the index gained 200 points to reach 43,770 points.

  • Pakistani rupee records slight increase against US dollar, settles at Rs285.99

    Pakistani rupee records slight increase against US dollar, settles at Rs285.99

    The State Bank of Pakistan reported that the Pakistani Rupee (PKR) maintained an upward trajectory against the US dollar in the interbank foreign exchange market on Tuesday.

    The PKR experienced a gain of Rs0.072 against the greenback, resulting in a closing rate of Rs285.99. This marks an improvement from the previous day’s closing rate of Rs286.71.

    Experts attribute the rise in the dollar’s value to the government’s successful fulfillment of all conditions set by the International Monetary Fund (IMF).

    Prime Minister Shehbaz Sharif recently engaged in his fourth communication with the IMF Managing Director, Kristalina Georgieva, within a span of six days.

    It is worth noting that Pakistan’s ninth review by the IMF under the 2019 Extended Fund Facility, which aims to secure the release of $1.2 billion in funds, is still pending. With only three days remaining until the programme’s expiry on June 30, there is a pressing need to conclude the review process promptly.

  • Pakistan rupee recovers by one paisa against US dollar

    Pakistan rupee recovers by one paisa against US dollar

    According to the State Bank of Pakistan (SBP), the Pakistani rupee (PKR) strengthened by Rs0.01 against the US dollar in the interbank market on Tuesday.

    The local currency managed to recover and closed at Rs284.96.

    In contrast, the dollar is being traded at Rs290 in the open market.

    It’s worth noting that the rupee had reached a record low of Rs298.93 against the US dollar last week.

    Market speculation suggests that the rupee’s gains were further supported by reduced demand for foreign currency, resulting from a significant import payment between May 9 and 11, coinciding with the period of heightened political drama in the country.

    Reports indicate that the substantial dollar payment for imports had been arranged by the oil refineries. Oil imports constitute approximately one-fourth of the total import bill for a month.

    Earlier, the rupee experienced a sharp decline of 4.71 per cent or Rs14.09 in just two days (May 10-11), hitting a record low of Rs298.93/$ due to worsening political turmoil and deteriorating law and order following the arrest of former Prime Minister Imran Khan. However, the rupee managed to recover some of its losses after Khan’s release on May 12, as ordered by the court.