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Will the dollar rate go further down in Pakistan?

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The dollar rate in Pakistan went down again today after the Pakistani rupee made a remarkable Rs9.8 or more than 4% recovery against the US dollar during Wednesday’s close in the interbank market.

Analysts expect the local unit to continue gaining ground if stability in the country continues.

In a major development, the dollar slumped by 4.19% against the rupee — the highest since November 2, 1998, when the greenback fell by Rs5.10.

Exchange Companies Association of Pakistan (ECAP) Chairman Malik Bostan, speaking on ‘Geo Pakistan‘, said that several factors have played a part in bridging the rupee-dollar parity.

Even today, the rupee continued to gain against the dollar during intraday trade in the interbank market.

Bostan said that apart from the reduction in import bills and army chief General Qamar Javed Bajwa’s telephonic conversation with US Deputy Secretary of State Wendy Sherman to help expedite the International Monetary Fund’s (IMF) loan programme revival, the money lender’s statement has played a key part in the dollar’s fall.

IMF’s Resident Representative for Pakistan Esther Perez Ruiz said in a statement Tuesday that a board meeting is tentatively scheduled for late August once adequate financing assurances are confirmed.

In case the IMF releases the $1.2 billion later in August, Bostan said the dollar could fall to 180-190 against the Pakistan rupee and will continue to break records.

“…this was the actual level of the dollar. Before the political instability in the country and the Punjab by-elections — which upset everything, including the markets — the dollar wasn’t at such highs,” he said.

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The inaugural flight of Azerbaijan Airlines is between Baku and Karachi.

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The national airline of Azerbaijan launched direct flights from Baku to Karachi today. There will be two weekly flights on this route, on Thursdays and Sundays.

The first flight will land in Karachi, and Azerbaijan’s ambassador, Khazar Farhadov, will be there to greet it.

This evening also marks the departure of the inaugural flight from Karachi to Baku, in addition to the arrival of the flight from Baku.

Azerbaijan Airlines said last month that it would be growing its network and flight operations in Pakistan.

Aviation insiders have verified that Azerbaijan Airlines is preparing to launch service to Karachi in the coming month of April.

In addition to its current services in Islamabad and Lahore, the airline plans to launch its Karachi route on April 18, with the inaugural flight anticipated to depart on that date.

Azerbaijan Airlines has been given permission to operate flights on the Karachi route, according to sources within the Civil Aviation Authority (CAA).

Following a bilateral agreement between the two nations, Azerbaijan Airlines has been given permission to extend its operations in Pakistan.

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Fly Jinnah opens a new route internationally.

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Two weekly flights will be the starting frequency of the new route, which will connect the two cities.

According to a representative for Fly Jinnah, the company is pleased to announce the opening of a third international route from Islamabad to Muscat, the capital city of Oman, marking another significant milestone after the successful debut of flights from Islamabad and Lahore to Sharjah.

According to him, this development is in line with our goal of giving our clients more options for reasonably priced, value-driven local and international air travel.

The airline serves five main cities in Pakistan: Karachi, Lahore, Islamabad, Peshawar, and Quetta. Its fleet consists of five Airbus A320 aircraft, all of which are contemporary.

In addition to the current flight path to Sharjah, United Arab Emirates, this new route expands Fly Jinnah’s network of foreign destinations.

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Tajir Dost app: traders don’t seem interested in registering

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To tax retailers in Pakistan, the Tajir Dost app was released. The sources stated that the government hopes to tax 3.5 million merchants through the app.

Ajmal Baloch, the president of All-Pakistan Anjuman-e-Tajran, stated that he made reservations with FBR on the SRO within a week.

The Federal Board of Revenue (FBR), according to him, cannot be a “Tajir Dost” because of its unethical actions.

Baloch believed that since electricity bills allow traders to pay a predetermined advance income tax, further taxes are unnecessary.

The trader, according to him, is already paying thirteen different kinds of taxes on the commercial meter. “A trader already pays between Rs. 15,000 and Rs. 20,000 in taxes annually, but you are requesting Rs. 1,200 per month in taxes.”

Mr. Ajmal summoned representatives of the Federal Board of Revenue (FBR) to a meeting with the trade associations to talk about the indirect taxes that the merchants are paying.

Additionally, he claimed that FBR officers are charging the traders, the majority of whom are less educated, “monthly charges.”

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