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Remittances from Pakistan up by 1% in January 2024: SBP

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KARACHI: According to data released by SBP on Monday, remittances sent by Pakistani workers abroad increased by 1% MoM basic to $2.53 billion in January 2024 from 26% in the same month the previous year.

However, in the first seven months of FY2023–24, remittances decreased by 3%. During that time, Pakistanis living abroad sent $15.80 billion.

Saudi Arabia was the highest contributor with $580.7 million, followed by the United Arab Emirates, the United Kingdom, and the United States of America.

According to a State Bank of Pakistan (SBP) study, during the first five months of the current fiscal year (2023–24), Pakistan’s exports of products and services to China increased by 39.44% as compared to the same time previous year.

According to SBP data, total exports to China from July to November of 2023–24 were $1223.532 million, compared to $877.444 million in exports during the same period in 2022–2023.

Year over year, the amount of goods sent to China increased from $199.058 million in November 2022 to $271.316 million in November 2023, a 36.29% increase.

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Karachi’s street crimes see an 11% increase in 2023: HRCP

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Details indicate that the HRCP voiced concerns about the rising incidence of street crimes in Karachi in its most recent report.

According to the research, Karachi had an 11% increase in street crimes in 2023—from 80,000 in 2022 to over 90,000 in 2023.

In 2023, 134 persons lost their lives while fending off robberies and other events, according to the HRCP report, while hundreds more were hurt.

The research also claimed that 2,336 cars and almost 59,000 motorcycles were stolen from individuals in 2023.

The HRCP highlighted worries about the province of Sindh’s general status of law and order as well. It was reported that 3,296 police encounters occurred last year—the largest number of encounters in a single year in Sindh.

As a result of the recent spike in street crime incidences in Karachi, the Inspector General of Police (IGP) has established a specialized squad and launched a targeted operation to combat the city’s criminal population.

The top police officers in the city conducted a high-level meeting under the direction of Inspector General of Police (IGP) Sindh, Ghulam Nabi Memon.

A team of 67 Karachi police officers—60 of whom will be sent from other districts—as well as seven elite SIU members were given the strategic task of managing the most critical cases by IGP Memon at the meeting.

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Petrol prices are likely to drop significantly beginning May 16.

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According to sources, the government is set to decrease petrol prices by Rs 14 per litre and diesel prices by Rs 10 on May 16 for the next fortnight’s revision.

Last month, the government reduced the price of fuel and high-speed diesel by Rs5.45 and Rs8.42 per fortnight, respectively.

The current fuel price is Rs288.49 per litre, while the HSD price is Rs281.96.

Meanwhile, oil prices fell further on Monday, as signs of sluggish fuel consumption and comments from U.S. Federal Reserve officials dimmed optimism for interest rate reduction, which may slow growth and reduce fuel demand in the world’s largest economy.

Brent crude prices down 25 cents, or 0.3%, to $82.54 a barrel, while US West Texas Intermediate crude futures fell 19 cents, or 0.2%, to $78.07 per barrel.

Oil prices also declined on signals of poor demand, according to ANZ analysts, as gasoline and distillate inventories in the United States increased in the week before the start of the driving season.

Refiners throughout the world are dealing with falling diesel profitability as new refineries increase supply and warm weather in the northern hemisphere and weak economic activity reduce demand.

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IHC suspends the naan and roti price reduction notification.

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The head of the Naanbai Welfare Association petitioned IHC Justice Tariq Mahmood Jahangiri.

In their petition, the Naanbai Welfare Association said that the controller general reduced the price of roti from Rs25 to Rs16 and naan from Rs30 to Rs20.

The association claimed that the relevant authorities did not consult them before making the decision. He informed the court that the decision was made without their input and that the new pricing were too low.

The district administration official informed the court that the controller of general pricing and suppliers was given the authority to determine the prices of necessary commodities such as naan and roti.

Following a legislative modification, the functions were delegated to the controller general.

Barrister Umar Aijaz Gilani, the lawyer for the Naanbai Association, argued that the controller general’s powers were not governed by Section 3 as stated in the notification.

He noted that rent and grain prices are high in Islamabad. The court queried the Islamabad district government, which was the association, about the pricing of flour before lowering the costs. “Order was passed justice to make people happy.”

Later, the court ordered a detailed answer in the matter and stayed the notification of lowering the prices of naan and roti in Islamabad until May 6.

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