Business

Gold loses shine as price falls for second consecutive day

Published

12 months ago

Farwa

The gold rate declined for the second consecutive day in Pakistan on Friday in line with changes in the international market.

Data provided by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the rate of gold (24 carats) fell by Rs6,500 per tola and Rs5,573 per 10 grams to reach Rs230,800 and Rs197,874, respectively.

The yellow metal’s value had reached a record high on May 10 amid increased political uncertainty and violence following Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan’s arrest.

Meanwhile, the international gold rate decreased by $33 to settle at $2,005 per ounce.

Analysts have said the international rate will continue to fluctuate during May because of uncertainty surrounding the raising of the United States debt ceiling by Congress.

Meanwhile, gold prices have been reaching new highs in Pakistan almost every other day due to a number of factors — economic and political turmoil, high inflation, and currency depreciation. People prefer to buy the yellow metal in such times as a safe investment and a hedge.

The government is yet to sign a staff-level agreement with the International Monetary Fund (IMF) for the release of a crucial economic bailout despite several months of talks, with international agencies warning that Pakistan risks default following the end of the current loan programme.

The country’s foreign exchange reserves are at a critically low level — not enough for even one month’s imports — and the rupee touched a new low of Rs300 against the US dollar on May 11.

Besides this, inflation has reached a record level and is the highest in South Asia while violent protests have been flaring up for days after the PTI chairman’s arrest.

Business

There are US$13,280.5 million in foreign exchange reserves in Pakistan.

Published

3 days ago

Farwa

According to a representative for the central bank, as of April 19, 2024, the nation’s total liquid foreign reserves were valued at US$ 13,280.5 million. A loss of US$74 million left the State Bank of Pakistan’s foreign reserves at US$7,981.2 million.

Commercial banks have $5,299.3 million in reserves for Pakistan.

In the week that concluded on April 12, the State Bank of Pakistan’s (SBP) foreign exchange reserves increased by $14.4 million to $8.055 billion.

“In a weekly statement, SBP stated that it has repaid US$ 1 billion in principal and interest on Pakistan’s International Bond, which matures this week.”

But at $13.374 billion, the nation’s total reserves decreased by $68 million. In the same way, commercial banks’ reserves dropped to $5.319 billion, a reduction of $82 million.

Business

NIMA seminar to increase Pakistan’s ship recycling industry’s capacity

Published

3 days ago

Farwa

According to a release, important players from a range of maritime industries attended the conference to discuss issues facing the shipping sector.

It further stated that the symposium cleared the path for the resurgence of a sustainable future in ship recycling.

Participants in the conference included representatives of the Gadani Ship Breaking Labour Union, PSBA, KS&EW, KPT, PMSA, GEMS, and the federal and Balochistani governments.

Furthermore, global perspectives and ideas were offered by international specialists such as Rabia Razzaque from UN-ILO and Professor Raphael Baumler from the World Maritime University.

The seminar emphasized Pakistan’s capacity to emerge as a pioneer in the field of environmentally friendly ship recycling.

In order to protect the environment and the safety of employees, the participants emphasized the importance of following international standards and regulations.

During his speech, Chief Guest Senator Nisar Ahmed Khoro emphasized the importance of the maritime industry’s resurgence and the crucial necessity for coordinated efforts from all parties involved.

A new age of economic prosperity, worker safety, and environmental responsibility for Pakistan’s maritime industry was called for as he urged the stakeholders to work together on a comprehensive SENSREC program.

Vice Admiral Ahmed Saeed (Retd), the president of NIMA, emphasized the significance of environmental stewardship and safety in ship recycling procedures.

Business

Inflows into the Roshan Digital Account surged to $7.660 billion on March 24.

Published

3 days ago

Farwa

According to the data, remittance inflows for the month of March totaled US$ 182 million, whereas they were US$ 141 million in February and US$ 142 million in January 2024.

Millions of Non-Resident Pakistanis (NRPs), including those who own Non-Resident Pakistan Origin Cards (POCs), can now engage in banking, payment, and investing activities in Pakistan with the help of these accounts, which offer cutting-edge banking solutions.

According to a statement from the State Bank of Pakistan, the number of accounts registered under the program increased by 11,091 from 668,701 accounts in February 2024 to 679,792 accounts in March 2024.

As of March 2024, the central bank reported that foreign nationals of Pakistan have invested US $312 million in Naya Pakistan Certificates, US $528 million in Naya Pakistan Islamic Certificates, and US $31 million in Roshan Equity Investment.

It is important to note that former prime minister Imran Khan introduced the Roshan Digital Account initiative in September 2020 with the goal of giving Pakistanis living abroad access to digital banking services for the first time.