Sir, according to Pakis on their mainstream media channels, "Mayoosi Failana" is a crime under Islam and (and hence not Kosher on TV censored by ISPR).saip wrote:OK. Target Indian Rupee:Paki Rupee 1:3. met in the open market.
One Indian Rupee worth 3 Pakis
sanjaykumar wrote:BTW the Pakistani rupee is literally cheaper then toilet paper. One dollar will give you two hundred thirty five wipes.
KARACHI: The industrialists in the country fear closure of industry in the wake of restrictions on the customs tariff chapter 84 and 86 imports. If import of machinery and the parts is halted, the industry would stop running gradually, they say mentioning some of the sectors have slashed their productions as they are in a difficult situation in the face of growing currency crisis.
The State Bank Foreign Exchange Department (FEOD) has made customs tariff chapter 84, 85 import payments conditional on its approval. The commercial banks, after this State Bank’s condition, are not making dollars available to the importers. After the circular issued by the FEOD on July 5, the import of every kind of plant and machinery, capital goods and raw material has stopped. Some 2000 consignments are stuck at different ports and almost same number of consignments is on its way.
The industrialists say they need a supply chain to run industry, adding big industries require raw material all the time. The State Bank’s decision severely affected the auto industry, mobile phone manufacturing and big industries negatively. The most concerned are those industrialists whose consignments have reached at the port and are being asked by the suppliers to pay the bill. Though importers have the money but are unable to send the amount to them. Those who import goods under Cash Against Document (CAD) are of the view their clients are getting angry with them as they are not able to make payment timely.
They say they can’t tell the suppliers we are not getting dollars, as it’s against the interest of the country. “But, as a result we will not get imported goods in future”, they say.
Before discussing how to move forward from where we are, let us look at some numbers. Debt servicing as budgeted for FY23 amounts to 80.5 per cent of the federal government’s net revenues. Unless there are major structural reforms, the country cannot run without borrowing; and that too is an amount nearly equivalent to the federal government’s net revenue. Our total debt to revenue ratio is 600 per cent (which means we are not producing enough to pay off our debt). Around two-thirds of our total debt is domestic, whereas one-third (amounting to $90 billion) is external. This means one-third of our debt liabilities get negatively affected every time the rupee loses its value against the dollar. Likewise, two-thirds of our debt liabilities (domestic debt) get negatively affected when there is an increase in the State Bank’s interest rate. Unfortunately, we are observing both a depreciation of the rupee and an increase in the interest rate for the past few months.
Pakistan’s total external financing need for FY23 is $33.5 billion, out of which, public debt maturities are about $21 billion. Pakistan would have to arrange (borrow) a substantial amount of dollars for debt retirement in FY23. Similar payments are required for years to come. Let us zoom in: out of the $21 billion, $9 billion is to be paid to bilateral creditors (mainly Saudi Arabia and China) and $5 billion to (primarily Chinese) commercial banks.
Now it is time for some optimism however farfetched it seems. Because hey we have echaandee to maintain.The unabated rupee depreciation has triggered a vicious cycle of speculative/panic buying and hoarding of dollars, resulting in further depreciation. Businesses are unable to plan and make decisions because of currency volatility. Their ‘long-term’ horizon has shrunk to a few weeks, beyond which they cannot predict a probable return in the real term. Consumers, on the other hand, are feeling both anguish and anger as their purchasing power shrinks with the rupee depreciation.
The bad news is that under Pakistan's current economic conditions, economic stability within or without an IMF programme would require restructuring the country’s finances; interest rates and taxes would probably rise, and government spending would decline. It would also require heavy-handed actions to preserve foreign currency, limiting energy consumption, restricting imports, and controlling the appetite for building nonproductive foreign debt.
The good news is that both the ousted PTI and the incumbent coalition governments in Pakistan, albeit reluctantly, took and are still taking many of those mentioned above unpopular but much-needed decisions. This is where Pakistan’s response to the economic meltdown differs from Sri Lanka’s, and that’s why Pakistan will avoid a default.
We have witnessed that the previous and incumbent governments had to rely on the IMF for a bailout. The forthcoming government would also do the same as the state of the economy is not going to improve overnight.
We propose forming an economic security council comprising the prime minister, the finance minister, leaders of the opposition in the National Assembly and Senate, all four chief ministers, and representatives from the top military brass {Haniji, in a normal country one would ask why should the military be involved in this economic security council? For example, are they going to bomb IMF headquarters if funds are not released soon?}. Together, they should come up with a macroeconomic stability roadmap that no one among them opposes for the sake of opposition.
According to the Forex Association of Pakistan (FAP), the rupee lost 4.48, or 1.89 per cent, compared to yesterday’s close of 236.02 by 12:03pm.
Consequently, the rupee was trading at 240.5 against the greenback.
Exchange Companies Association of Pakistan General Secretary Zafar Paracha laid the blame squarely on the country’s political situation and the government’s lack of action.
hain? Are you saying that the awaam of bakistan is more powerful than the selector faujpartha wrote:..
Pliss to pray he becomes PM of Pakistan again.
That would be a sure shot way of losing the overseas vote he was trying so hard to get.. overseas bakis are only slightly more intelligent than local bakis, but even they know that sending money to bakistan is throwing it down the drain.partha wrote:..
kaptaan gave a speech where he claimed if he comes back to power he will cancel IMF deal and secure funds from overseas Pakis..
KARACHI: The Pakistani rupee hit a new all-time low of over Rs242 against the US dollar in the inter-bank market around midday on Thursday. The currency has plunged almost 15% (or Rs31.31) during the past 10 working days.
So 1 PKr less than 33 paise, Ak PhyrDilbu wrote:The run rate is in T20 league now.
Rupee's downward spiral continues, inter-bank rate at Rs242KARACHI: The Pakistani rupee hit a new all-time low of over Rs242 against the US dollar in the inter-bank market around midday on Thursday. The currency has plunged almost 15% (or Rs31.31) during the past 10 working days.
I got this from Paki site207.10 Pakistani Rupee
Jul 28, 2:09 PM UTC ·
United States Dollar
United States Dollar
207.10
Pakistani Rupee
Pakistani Rupee
Paki speed has got google confused too. Ise kehte hain performance. Boiyz are playing superb.Varuna wrote:^^ Interesting. Google is also showing this:
Atmavik wrote: GoogleGlitch
Pakis will take it as a +ve that google cares abt there fake currency
g.sarkar wrote:Everything is fine in Pakistan, thank you:
https://www.dawn.com/news/1698169/to-ac ... or-privacy...
To AC or not to AC: The middle classes’ struggle for privacy
..summer is scorching heat made worse by load shedding.
For the middle classes, summer is also a choice, a rather difficult one at that, between comfort and privacy — the dilemma posed by the AC wala kamra.
......
Gautam
vimal wrote:Kaptaan o kaptaan,
come back to maidaan,
Hit kaafir dollah for six,
Match is still not fixed,
After the match do say,
How well the boiyz play
ramana wrote:Its PKR/$240
i.e. 1 rupee equals PKR3 or 1 PKR= 0.33 paise.
Soon it will be PKR = 0.25 paise or char anna.
For ref in 1947 1 Rupee= IPKR= 1$
That's a good idea.. and then the PKR notes themselves can be exported, as tissue paper, to Amreeka, thus helping to bring in precious dollars.vera_k wrote:At this point, wouldn't it make sense for Pakistan to adopt US dollar or Chinese yuan as the local currency?
It would simplify matters immensely, as any $s or yuan Pakistanis lay hands on can be used directly. Foreign aid negotiations can also be simplified to number of printing presses and currency paper to be supplied.
ISLAMABAD: From August 01, 2022, there may be an increase in petrol and diesel prices by Rs10-17 per litre despite the fact that prices of petroleum products and crude oil remained just a little lower. However, the increase has been estimated upwards just because of the fact that the exchange rate has gone crazy.
According to sources, the hike by Rs10 in petrol and Rs16-17 in diesel prices has been estimated without the inclusion of the petroleum levy (PL). And in case the government increases the petroleum levy of Rs5 per litre on petrol, then Mogas price has been projected at Rs15 per litre and diesel at Rs23 per litre. The expected rise in POL prices has also been worked out without the inclusion of an increase in dealers’ margins (DMs) on POL price by Rs2.10 per litre on petrol and Rs2.87 per litre on diesel to Rs7 per litre approved by ECC here on Thursday. And if Rs2.10 in the price of petrol is added, then its price may increase 17.10 per litre and Rs2.87 is added, then diesel price may go up to Rs25.87 per litre.
Citizens will see an extra cost of up to Rs 11.5 per unit in their August bills for the electricity they consumed in June after the national power regulator, Nepra, allowed distribution companies to charge an additional Rs 155 billion to compensate for the higher fuel generation cost in June.
On Tuesday, the government announced an increase of Rs 7.91 per unit in average base tariff across the country in three phases starting with effect from July. It has also approved Rs 1.55 per unit increase in base tariff across the country under a quarterly adjustment.
I don't sense much panic in the ruling elite. As per diplomatic sources, Pakistan has enough forex for just 3 weeks of imports but army is engineering judicial coups against a provincial govt. Maybe they have secured a conditional deal with IMF hence confident of some dollar inflows soon.Anujan wrote:
KARACHI: After Moody’s and Fitch, the S&P Global Ratings on Thursday revised the outlook on Pakistan’s long-term ratings to negative from stable.
The S&P affirmed its ‘B-’ long-term and ‘B’ short-term sovereign credit ratings on Pakistan, as well as ‘B-’ long-term issue rating on the country’s senior unsecured notes and Sukuk Trust Certificates.
“Pakistan’s external position weakens against a backdrop of higher commodity prices, tighter global financial conditions, and a weakening rupee,” said the agency.
The rupee fell to an all-time low in the open market on Friday, trading as high as 250 against the dollar, according to data shared by the Forex Association of Pakistan (FAP).
A handout provided by FAP showed the rupee was trading at 250 against the greenback at 1:10pm but then recovered slightly to reach 247 by 4:20pm.
However, the local currency made small gains in the interbank after nearly two weeks of consistent decline in consecutive sessions.
Ek Paav ka Dollar !!!Manish_P wrote:There you are folks... PKR reaches 250.
Boiz are hitting it out of the park
Yawn - PKR falls to historic low of 250 in open market due to ‘profiteering’
The rupee fell to an all-time low in the open market on Friday, trading as high as 250 against the dollar, according to data shared by the Forex Association of Pakistan (FAP).
Tactical brilliance again.nachiket wrote:Bajwa himself is now openly begging the Americans for $1.2bn.
https://asia.nikkei.com/Politics/Intern ... bt-default
I think it is now beyond such "paltry" sums like $1.2 billion. They need massive amounts, but no one seems to be willing bakras. If they are unable to raise the loan (more like a gift, as they will not return it), we will see hyper inflation of the kind we saw in Zimbabwe or Germany in 1920s.nachiket wrote:Bajwa himself is now openly begging the Americans for $1.2bn.
https://asia.nikkei.com/Politics/Intern ... bt-default
As funny as this whole situation is, I think most of the recent fall in value is due to a combination of speculation and typical paki political chaos. This will get reversed to an extent after Showbaaz sells their asses to the Sheiks. That is an elusive bit of non-debt forex inflow that the pakis will salivate over. Once they get the IMF bailout restarted, the Saudis and Chinese will restart their loan programmes too and it will be back to business as usual for a while with the PKR climbing to 210 or so again till the next inevitable crisis. And a crisis there will be because I fully expect the current govt. to restart fuel and electricity subsidies as soon as they get some money to avoid Showbaaz from getting thrown out on his Musharraf or worse by the angry Abduls.
The headlines and articles are a bit misleading.g.sarkar wrote:I think it is now beyond such "paltry" sums like $1.2 billion. They need massive amounts, but no one seems to be willing bakras. If they are unable to raise the loan (more like a gift, as they will not return it), we will see hyper inflation of the kind we saw in Zimbabwe or Germany in 1920s.nachiket wrote:Bajwa himself is now openly begging the Americans for $1.2bn.
https://asia.nikkei.com/Politics/Intern ... bt-default
As funny as this whole situation is, I think most of the recent fall in value is due to a combination of speculation and typical paki political chaos. This will get reversed to an extent after Showbaaz sells their asses to the Sheiks. That is an elusive bit of non-debt forex inflow that the pakis will salivate over. Once they get the IMF bailout restarted, the Saudis and Chinese will restart their loan programmes too and it will be back to business as usual for a while with the PKR climbing to 210 or so again till the next inevitable crisis. And a crisis there will be because I fully expect the current govt. to restart fuel and electricity subsidies as soon as they get some money to avoid Showbaaz from getting thrown out on his Musharraf or worse by the angry Abduls.
Gautam
On a second thought $1.2bn could be the amount Bajwa wants for retirement.