KARACHI: All preparations were in place for the wedding of her son, school teacher Salma Iqbal said, except one: she could no longer afford to buy jewelry for the bride as the price of gold hit a historic high in Pakistan this week.
On Wednesday the local bullion price hit an all-time high of Rs72,200 per tola (11.66 grams of gold) after adjustment for the devaluation of the Pakistani rupee against the dollar, trading at an all-time low at PKR 141.3953 in the interbank market.
Inflation at its highest in Pakistan in more than five years, shocking many Pakistanis who voted for Prime Minister Imran Khan and his promise to eradicate poverty, create jobs and build an Islamic welfare state.
“I am coming back without placing an order after arguments with the jeweler,” Iqbal said as she left a jewelry store on Karachi’s busy Tariq Road. “He is asking for PKR 72,200 a tola which is beyond my savings.”
The Pakistani rupee has witnessed 35 percent depreciation since December 2017 while financial experts foresee a further 6 percent devaluation by the end of 2019 as the country negotiates a bailout package with the International Monetary Fund.
“Though in the international bullion market the price of gold has not witnessed a sharp increase, in the local market the impact of the falling rupee has been adjusted accordingly,” said Hajji Haroon Rasheed Chand, the President of the All Sindh Sarafa Jewellers Association.
The high rates are hurting both buyers and sellers.
“Business is down almost 70 percent as the purchasing power of people is diminishing,” Adnan Qadri, the director of Qadri Gems and Jewellery, said pointing at deserted jewelry shops in the Saddar area of Karachi. “Those who used to buy 10 tola now buy only 5 tola while purchasers of 5 tola are down to 2 tola and those who would buy 2 have resorted to getting silver jewelry.”
Jeweler Arif Chotani said the business had slowed down to a large extent due to price fluctuations.
“We are facing an extremely difficult situation in delivering orders,” he said. “We are paying from our own pocket in this situation.”
Abdul Khalid Haroon, the CEO of Al Insaf Jewellers, said gold was not settling “at any level” due to the instability of the rupee.
“We book orders at 10 percent advance but when prices shoot up it erodes our profit,” Haroon said. “People now find alternatives in the form of artificial jewelry. Most of our day is spent waiting for customers.”
“The local market is not for local buyers,” he added, “The government now should facilitate exports.”
In Pakistan, glittering gold becomes dreary business as prices at all-time high
In Pakistan, glittering gold becomes dreary business as prices at all-time high
- On Wednesday, the price of gold hit all-time high of Rs72,200 per 11.66 grams of gold
- Inflation at its highest in Pakistan in more than five years
Pakistan calls for transport connectivity, trade corridors between D-8 developing nations
- PM Sharif is in Cairo to attend Eleventh Summit of D-8 countries, hold bilateral meetings with world leaders on forum’s sidelines
- Pakistani PM will also and attend a special meeting on the ongoing conflict in the Middle East with a focus on Palestine and Lebanon
ISLAMABAD: Pakistani Prime Minister Shehbaz Sharif on Thursday called for better transport connectivity and trade corridors between member states from the D-8 developing group of nations to boost regional trade and economic cooperation.
Sharif arrived in Cairo on Wednesday to lead the Pakistan delegation at the Eleventh Summit of D-8 countries, hold bilateral discussions with multiple world leaders on the sidelines of the forum and attend a special meeting on the ongoing conflict in the Middle East, with a focus on Gaza and Lebanon.
The D-8 grouping promotes economic and development cooperation among Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan, and Türkiye. Key areas of cooperation are agriculture, trade, transportation, industry, energy and tourism.
The bloc’s latest summit is themed “Investing in Youth and Supporting SMEs: Shaping Tomorrow’s Economy.”
“Connectivity is a force multiplier and is rightly hailed as a vehicle for peace and prosperity,” Sharif said as he addressed the summit. “We need to explore the possibilities of developing and enhancing transport connectivity among D-8 member states for building efficient intra-trade corridors and reliable supply chains.
In this regard, the Pakistan, Iran and Turkiye corridor is an excellent project for very efficient connectivity.”
The Islamabad-Tehran-Istanbul Road Transport Corridor is a cross-border trade initiative aimed at improving road transport links and providing more efficient movement options for goods between South Asia, the Middle East and Europe.
Pakistan naval chief holds defense cooperation, regional security talks on visit to Oman
- Oman is the nearest Arab country to Pakistan, because of which they share a maritime boundary
- Last week, the Pakistan navy conducted joint naval exercises and drills with the Royal Oman ship ‘Alseeb’
ISLAMABAD: Pakistani naval chief Admiral Naveed Ashraf is on an official visit to Oman to discuss defense cooperation, smuggling and regional maritime security, the military’s media wing said on Thursday.
Oman is the nearest Arab country to Pakistan, because of which they share a maritime boundary. Pakistan shares a unique ‘blood bond’ with Oman, one third of whose population originates from Pakistan’s Balochistan province, while the southwestern port city of Gwadar, which is 200 nautical miles from Oman, was transferred to Pakistan in 1958, before which it had remained gifted to the Sultan of Oman for 175 years.
“During the meetings, the security situation in the Indian Ocean and joint defense cooperation were discussed,” the military’s media wing said after Ashraf had separate meetings with the minister of the Royal Office of the Sultanate of Oman, and the commanders of the Omani Royal Navy and National Defense College.
“Naval Chief highlighted the role of Pakistan Navy in preventing piracy and smuggling,” the statement said. “Pakistan Navy is a strong supporter of promoting maritime security in collaboration with other regional countries.”
Last week, the Pakistan navy conducted joint naval exercises and drills with Royal Oman ship ‘Alseeb.’ The bilateral naval exercise, “Samar Al-Tayeb,” is conducted regularly between the navies of the two nations.
Asian Development Bank approves $7.5 million to boost health care in Pakistan’s northwest
- Funds will aid in revamping hospitals, improving service delivery, modernizing equipment across secondary health facilities
- The ADB has committed over $52 billion to Pakistan, one of its founding members, since 1966 in public, private sector loans
ISLAMABAD: The Asian Development Bank (ADB) has approved $7.5 million to enhance health care systems in Pakistan’s northwestern Khyber Pakhtunkhwa province, Pakistani state media reported on Thursday.
The funds will support the mega project of revamping of Non-Teaching District Headquarters hospitals across the province, the Radio Pakistan broadcaster reported.
“It would also improve service delivery, and modernize equipment across secondary health care facilities,” the report read.
The regional development bank has committed over $52 billion to Pakistan, one of its founding members, since 1966 in public and private sector loans, grants and other forms of financing to promote inclusive economic growth in the country.
On Dec. 14, Pakistan signed a loan agreement with the ADB for the Integrated Social Protection Development Program additional financing amounting to $330 million.
India to play Champions Trophy on neutral ground, not Pakistan
- In return, Pakistan will also play upcoming ICC tournaments hosted by India in other countries, yet to be decided
- The agreement will extend to ICC Women’s Cricket World Cup 2025 hosted by India, ICC Men’s T20 World Cup 2026
KARACHI: India will play next year’s Champions Trophy matches on neutral ground after refusing to visit tournament host and arch-rival Pakistan, the International Cricket Council said Thursday following weeks of wrangling.
In return, Pakistan will also play upcoming ICC tournaments hosted by India in other countries, yet to be decided.
“India and Pakistan matches hosted by either country at ICC Events during the 2024-2027 rights cycle will be played at a neutral venue, the ICC Board confirmed,” said a statement released by the body.
“This will apply to the upcoming ICC Men’s Champions Trophy 2025 (hosted by Pakistan).”
The agreement will extend to the ICC Women’s Cricket World Cup 2025 hosted by India, and the ICC Men’s T20 World Cup 2026 hosted by India and Sri Lanka, the statement added.
The announcement ended a month-long stand-off over the Champions Trophy, after India told the ICC it will not send its team to Pakistan because of security fears and political tension.
Pakistan did, however, play in India during the 2023 ICC World Cup hosted there.
Pakistan issues visas to 84 Indian Hindu pilgrims to visit Katas Raj temples
- 900-year-old Katas Raj temples are one of the holiest sites in South Asia for Hindus
- In 2021, Pakistan opened the Kartarpur corridor as a visa-free crossing for Indian Sikhs
ISLAMABAD: The Pakistan High Commission in New Delhi has issued visas to 84 Indian Hindu pilgrims to visit the Shri Katas Raj temples in the Chakwal district of the eastern Punjab province from Dec. 19 till Dec. 25, Pakistani state media reported this week.
The 900-year-old Katas Raj temples, one of the holiest sites in South Asia for Hindus, form a complex of several temples connected by walkways that surround a pond named Katas that Hindu sacred texts say was created from the teardrops of Shiva as he wandered the Earth inconsolable after the death of his wife Sati.
The complex is located in the village of Katas some 110 km (70 miles) south of the Pakistani capital of Islamabad.
“The issuance of pilgrimage visas is in line with the policy of Government of Pakistan to facilitate visits to religious shrines and promoting interfaith harmony,” the APP news agency reported, citing a statement from the Pakistani high commission.
Under the 1974 Pakistan-India Protocol on Visits to Religious Shrines, each year thousands of Sikh and Hindu pilgrims from India visit Pakistan to attend religious festivals and events.
Pakistan’s chargé d’affaires Saad Ahmad Warraich wished the pilgrims “a spiritually rewarding yatra and a fulfilling journey,” according to the APP report.
In 2021, Pakistan opened the Kartarpur corridor as a visa-free crossing allowing Indian Sikhs to visit the temple just 4km (2.5 miles) inside Pakistan where Sikhism’s founder Guru Nanak died in 1539. Many Sikhs see Pakistan as where their religion began as Nanak was born in 1469 in a small village near the eastern Pakistani city of Lahore.
The Kartarpur corridor marked a rare thaw in relations between the two nuclear-armed foes and neighbors.
