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Govt set to introduce digital currency to stabilse rupee

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  • Digital currency will be issued on government’s guarantee.
  • Central Bank Digital Currency is conducting feasibility analysis.
  • Digital currency to save expenses incurred on printing of currency notes.

KARACHI: The government has decided to launch digital currency in a bid to save currency printing and distribution costs, The News reported on Tuesday.

The digital currency will also help in appreciating rupee value, improving the economy, and making extensive financial transactions.

The value of the digital currency will be on par with the Pakistani rupee like a unit of Chinese digital currency, which is equal to one Chinese Yuan.

Supported by the State Bank of Pakistan, the Pakistani digital currency will be issued on the government’s guarantee like currency notes. The SBP has started working on introducing the digital currency and it is getting the services of the experts.

A dedicated department — Central Bank Digital Currency — is conducting the cost benefits and feasibility analysis of the digital currency for smooth transactions after its launching. 

The government wants to gradually replace currency notes with digital currency but also wants to keep the digital currency and currency notes in parallel with the ratio of 80:20 so that in case of any unforeseen situation, an alternate in the form of currency notes is available.

The digital currency will also save expenses incurred on printing of currency notes, distributing them into different cities, and destroying old notes. Besides, every transaction made through digital currency will be documented, which will help enforce monetary policy effectively.

Digital currency also has a huge potential to foster cross-border trade and investment, while providing unbanked individuals with access to financial services.

It also has the potential to significantly improve the financial industry’s efficiency, resiliency, and reliability, according to the World Bank. Blockchain is one type of distributed ledger.

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April FDI in Pakistan increased to $358.8 million, according to SBP

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The inflow for April was $358.8 million, up 177% from $132 million in April FY23. Still, that was 39% more than the $258 million from March.

China was the largest investor, with $439.3 million in FDI from the nation between July and April of FY24—the greatest amount—as opposed to $604 million during the same period of FY23. In April, China accounted for $177 million of the total investment.

With $51.93 and 51.89 million invested in Pakistan, the United Arab Emirates and Canada came in second and third, respectively.

The power industry was the main draw for foreign investors in FY24, which ran from July to April. This period’s FDI in the power industry was $637.5 million, compared to $776.2 million the previous year. From $338 million to $460 million this year, Hydel Power garnered more attention.

Continue reading: In FY23–24, Pakistan’s per capita income increased to $1680.

According to a separate data released on Wednesday, Pakistanis’ per capita income increased to $1680 in FY2023–2024.

The size of the national economy grew from $341 billion to $375 billion in the current fiscal year, according to figures made public by PBS.

Throughout this fiscal year, Pakistanis’ yearly per capita income increased by Rs 90,534; the monthly rise was Rs 7,544.

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OGRA forbids the purchase or sale of inferior LPG cylinders.

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The 313 LPG marketing and 19 cylinder-producing companies received notices from the OGRA, which described the act of refilling inferior LPGO cylinders as harmful.

Avoid supplying LPG to unlicensed distributors, the OGRA has cautioned LPG marketing companies. Only approved distributors will be able to sell and buy LPG going forward, per the notification, which states that new SOPs have been developed for the LPG industry.

Additionally, the warning said that the decision was made in an effort to preserve both lives and the business in response to an increase in cylinder blast occurrences.

Price reductions of Rs 20 per kilogramme for liquefied petroleum gas (LPG) were implemented in Quetta on May 3.

There is a reduction of Rs 20 on LPG prices, which means that the price per kilogramme drops from Rs 280 to Rs 260.

The costs of LPG were reduced by Rs 20 per kilogramme earlier, bringing the total decrease to Rs 40 per kilogramme over a few weeks. This is something worth noticing.

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PIA announces a significant student discount.

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According to an airline spokesman, the national flag carrier has recently raised the baggage allowance to 60 kg.

Currently, PIA flies one flight per week on Sundays between Islamabad and Beijing.

The discount may be useful to students who intend to spend their summer vacations in Pakistan or who wish to return home after earning their degrees.

Before, students who wanted to visit China could now receive a 27% reduction on their fares through PIA.

On Eid ul Fitr, the national flag airline also reduced the cost of domestic flights by 20% for both economy and executive economy classes.

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