Bharat Rakshak

sanjaykumar wrote: ↑15 Jul 2023 21:15 I have noticed it is always positive news. The dollar rises. Never the Pakistani rupee fell again.

Contrary to the general perception that higher inflows would ease pressure on the rupee, the dollar on Tuesday appreciated by a significant margin in both interbank and open markets.

The State Bank of Pakistan (SBP) reported that the dollar surged by Rs 3.78 or 1.34 per cent, to settle at Rs 283.04 from Rs 279.26 a day earlier, the biggest jump in the FY24 so far.

The rising dollar price is against the expectations of both the government and currency experts. With inflows from IMF, Saudi Arabia and UAE, the forex reserves of the SBP went up to $ 8.7bn but the exchange rate reacted opposite to the expected stability.

The currency dealers in the open market quoted the rate at Rs 290 from Rs 286 a day earlier. The Rs 4 increase indicates a bullish grey market offering a Rs 305 rate.

The rupee suffered its seventh consecutive loss against the dollar, depreciating by Rs1.11 in the interbank market on Monday, despite claims of stability and high hopes with the IMF inflow.

Currency dealers said the local currency is now set to decline further without any resistance. The dollar settled at Rs287.92 in the interbank market while it gained Re1 to reach Rs293 in the open market.

During the last seven trading sessions the dollar appreciated by 3.98 per cent, or Rs 11.46.

Currency experts said the dollarisation of the economy has started at a general level, as domestic savers are buying dollars to protect their savings.

disha wrote: ↑27 Jul 2023 04:41 Lot of meme material for Jingoes to nail Bakis...

Merchandise exports fell for the 11th month in a row in July, plunging by 8.6 per cent year-on-year to $2.05 billion, showed data released by the Pakistan Bureau of Statistics on Tuesday.

The export proceeds are declining because of internal and external factors stoking up fears about the closure of industrial units, especially textile and clothing.

On a month-on-month basis, the export proceeds declined 12.68 pc in July.

In FY23, the merchandise exports dipped by 12.71 pc to $27.54 bn from $31.78 bn in FY22, missing the $32 bn target by a wide margin of $4.46 bn.

A_Gupta wrote: ↑31 Jul 2023 05:21 Pakistan is a low-tax paradise.

> As IGC research has shown, with a population of over 100 million, all of the state of Punjab in Pakistan collects less urban property tax than the city of Chennai in India, which is home to about 10 million people.

https://www.theigc.org/blogs/taxing-eff ... -so-little

WHAT the former FBR chief revealed in a TV interview last week only reinforces the perception of a failing oligarchic state. It provides an insight into the vested interests that control the country’s power structure. Irrespective of their political affiliation they unite when it comes to safeguarding their corporate interests.

One such example, as narrated by Shabbar Zaidi, is how some 40 MNAs from the PTI, PPP and PML-N, led by the then foreign minister Shah Mahmood Qureshi, visited his office when the FBR issued a tax notice to a politically influential landowner in Multan, and asked him to withdraw the case. Did he have any choice in the face of such blatant political interference? Obviously not.

It has certainly not been the only such case where the authorities have succumbed under pressure from powerful lobbies seeking exemption from the tax net.

Shabbar Zaidi claims that he faced a similar situation when he tried to bring the tobacco industry in KP into the tax net. He was advised to back off as many of the tobacco barons were members of parliament belonging to the then ruling party, so that some of the richest people could be let out of the tax net because of political compulsions, thus shifting the financial burden onto the populace

It was revealing how the then army chief intervened to block adjustment of property valuation in Defence Housing Authority by the FBR as it affected the property business in the vicinity controlled by military authorities. It was apparently meant to protect the security establishment’s expanding corporate interests. Trading in property allotted to military officers has become a lucrative business. Perks come with the power that the establishment wields. There is certainly no check on its power.

These disclosures by the former FBR chief shows the power of a rent-seeking ruling elite. It shows that the country’s entire power structure is built to serve the corporate interests of powerful ruling classes, both civil and military. The failure to broaden the tax base is a manifestation of the continued stranglehold of a small narrow elite which has left the state with few resources for the development of economic infrastructure. It also makes the country more dependent on foreign aid. For too long, the country has traded on the back of its strategic resources and geopolitical importance, making its rulers totally dependent on international financial aid.

A_Gupta wrote: ↑31 Jul 2023 05:21 Pakistan is a low-tax paradise.

> As IGC research has shown, with a population of over 100 million, all of the state of Punjab in Pakistan collects less urban property tax than the city of Chennai in India, which is home to about 10 million people.

https://www.theigc.org/blogs/taxing-eff ... -so-little

The much-trumpeted Reforms and Resource Mobilisation Commission (RRMC) was unceremoniously sent packing by the last government without giving it time to complete a final report, adding another name to a long list of failed attempts to reform the outdated and shallow taxation system.

The RRMC could not make its impact in the absence of political backing and its recommendations, some of them having potential of generating huge revenue, were simply thrown in the bin by the Pakistan Democratic Movement (PDM) government.

Former finance minister Ishaq Dar had set up the commission in December last year to review budget proposals, reduce size of the informal economy and consider the possibility of making the Federal Board of Revenue (FBR) an autonomous entity. However, a day before leaving office, Dar gave the go-ahead to de-notify the commission, headed by Ashfaq Tola, who had been given the status of minister of state.

The RRMC had given some robust proposals, which if accepted would have saved the salaried class from additional taxation. The salaried class paid over Rs 264 billion in income tax in the last fiscal year compared to Rs 74 billion paid by the country’s richest exporting class that earned $ 27.7 billion in the year.

“When compared to India, the situation seems to be drastically different. In India, 90% of tax was paid by 22% of total filers, whereas in Pakistan, only 3.5% of filers contributed 90% of income tax collection,” said the report. (# if the miniscule elite are not paying then shouldnt this be even better than india? Maybe the formal salaried class in bakistan is also a very minuscule entity... vast awaam of bakistan is informal labour )

Pratyush wrote: ↑27 Jul 2023 15:32 Is it lost in anyone that the actor is a BJP MP

The Pakistani rupee fell by Rs3.42 against the US dollar during interbank trade on Wednesday, extending its losses from the previous day.

The local currency dropped 1.16 per cent in the interbank market to close at Rs 294.93 against the greenback, according to the State Bank of Pakistan data.

In the open market, the dollar was being traded for Rs 303.50 around 12:24pm.

A-o-A PKR scaling new heights

yawn - https://www.dawn.com/news/1770442/rupee ... -interbank
The Pakistani rupee fell by Rs3.42 against the US dollar during interbank trade on Wednesday, extending its losses from the previous day.

The local currency dropped 1.16 per cent in the interbank market to close at Rs 294.93 against the greenback, according to the State Bank of Pakistan data.

In the open market, the dollar was being traded for Rs 303.50 around 12:24pm.
Dubai and Kabul market rates should be around the Rs 310-320 mark....

Reacting to a major increase in petroleum prices by the interim government, business leaders on Wednesday warned that the decision will cause the closure of 50 per cent of industrial units and trigger mass unemployment.

The increase will fuel the existing inflationary pressures and raise the costs of living and manufacturing, they said.

Karachi Chamber of Commerce and Industry (KCCI) President Mohammed Tariq Yousuf said the fresh hike in fuel prices will further intensify the hardships of consumers.

He claimed that 50 pc of industrial units have already closed down operations while the remaining are battling for their survival.

“We fear that the rest of 50 pc industries will also shut down due to the exorbitant energy tariffs,” he said, urging the government to bring down petroleum and electricity prices to lower production costs.

Atmavik wrote: ↑22 Aug 2023 07:05 PKR has reached 297as per google. Our prediction of Virender sehwag like innings is coming true. Hope the Pindi boys bring back Dar so that the Kabul rate reaches Brian Lara territory

Manish_P wrote: ↑22 Aug 2023 09:34

Atmavik wrote: ↑22 Aug 2023 07:05 PKR has reached 297as per google. Our prediction of Virender sehwag like innings is coming true. Hope the Pindi boys bring back Dar so that the Kabul rate reaches Brian Lara territory

Dar used to manipulate the inter-bank rate to keep it artificially down (hence the galloping kabul rate). Without him the interbank rate will reach Brian Lara territory steadily...

At the moment the Pindi boys are busy raking in the american moolah due to Amir Khan orders for artillery shells and rockets to Pakraine.

1 dollar = 299.01 Pakistani rupees

It seems they will achieve ‘Abki 300 Paar’ before BJP & Modi.

Citing State Bank of Pakistan data, Bloomberg reported that Pakistan rupee dropped 0.6% to 299.01 per dollar on Tuesday, according to State Bank of Pakistan data. The previous record close was 298.9 per dollar, central bank data showed.

Dilbu wrote: ↑11 May 2023 15:02 AK Phyrr!!
PKR crosses mark of 300 per USD in open market

May 11, 2023 (MLN): The Pakistani rupee (PKR) has surpassed the psychological barrier of 300 per USD as the local unit is being traded at PKR 301 per USD in the open market.

fanne wrote: ↑24 Aug 2023 23:20 VS made 309 and was out. What will happen once pkr REACHES 309? TSP out?

RCase wrote: ↑25 Aug 2023 05:44 ^^^
TFTA TSP will always do better than SDRE VS. The rate at which the Pakirats are fleeing the ship, it will be 'ALL OUT'!