ISLAMABAD: Pakistan has launched an operation against dollar hoarding and currency speculation trade, information minister Fawad Chaudhry said on Friday, in a bid to stabilize the exchange rate which has lost about 25 percent of its value over the past year.
The announcement came just hours after finance minister Asad Umar ruled out a further devaluation of the rupee, urging people to invest in the stock market and not waste money buying dollars.
“Government has directed FIA [Federal Investigation Agency] to launch a full fledged operation against Dollar hoarding, and speculative currency trade,” the information minister said in a Twitter post. “The operation is being launched in coordination with State Bank and Ministry of Finance.”
The FIA is empowered under the Foreign Exchange Regulation Act to initiate action against illegal money changers and export of the dollars through illegal means.
“We have to wait for the government’s instruction for the crackdown against dollar hoarding,” Abid Qamar, a spokesman for the State Bank of Pakistan, told Arab News, declining further comment.
Pakistan’s consumer price inflation rose in March to its highest since November 2013, adding to economic headwinds besetting Prime Minister Imran Khan’s government.
Inflation rose to 9.41 percent year-on-year, up from 8.21 percent in February, lifted by sharp rises in food, fuel and transport costs that have squeezed household budgets.
Last month, the central bank lifted its key policy rate by 50 basis points to 10.75 percent, citing continuing inflationary pressures as well as high fiscal and current account deficits.
Consumer price inflation has also jumped sharply over the past year, climbing from under 4 percent at the start of 2018.
Energy costs in particular have risen sharply, hit by a series of devaluations of the rupee, and the government on Sunday announced a 6 rupee rise in petrol prices to 98.88 rupees a liter.
Traditionally, Pakistan has kept its exchange rate over-valued, incurring losses to the economy, the finance minister said. The rupee should be aligned with its fundamentals and its benchmark should be the real effective exchange rate (REER), finance minister Umar said on Friday.
He added that there were no demands for what the exchange rate should be in the talks with the IMF.
Zafar Paracha, general-secretary of the Exchange Companies Association of Pakistan, said the crackdown against dollar hoarding would not help bring down the exchange rate unless the government controlled it in the interbank market.
“The government should first amend the foreign exchange regulation act to set a certain limit on the amount of foreign currency or rupees that one can keep at home,” he told Arab News.
He said the FIA crackdown against illegal money changers, “who have been enticing people to buy dollars” may be effective for some time but that is not a permanent solution to deal with it.
The Forex Association of Pakistan on Friday urged all exchange companies in the country to sell the US dollar to only “authentic customers who need the dollar genuinely” including people going abroad for medical treatment, education and pilgrimage.
“If people stop buying the dollar for a few days, its exchange rate will come down automatically,” Malik Bostan, president Forex Association of Pakistan, told Arab News.
“The dollar is currently appreciating due to the gap in supply and demand … the supply of the dollar at the moment is four to five million dollars daily against the demand of seven to eight million dollars,” he said, “The government should focus on addressing this gap instead of creating further panic in the market through crackdown.”
Pakistan launches operation against dollar hoarding to stabilize exchange rate
Pakistan launches operation against dollar hoarding to stabilize exchange rate
- Operation aimed at stabilizing the exchange rate which has lost about 25 percent of its value over the past year
- State bank and finance ministry will jointly coordinate the crackdown
Riyadh hosts first fashion exhibition for Pakistani designers, raising hopes for collaboration
- The fashion exhibition will kick off on Saturday, featuring renowned names like Deepak Perwani and HSY
- Organizers say 80 percent of designers are from Pakistan, while the rest will participate from India and UAE
KARACHI: Riyadh will host its first-ever fashion exhibition spotlighting Pakistani designers on Saturday, with organizers saying the event will pave the way for stronger cultural and creative ties between Saudi Arabia and Pakistan.
The inaugural Riyadh Fashion Couture 2024, scheduled for November 16, is the brainchild of co-founders Sharmeen Ehsan, Ayesha Mohsin and Adnan Bashir Khan, who bring decades of experience in event management.
The exhibition will showcase emerging and established designers, with 80 percent of participants from Pakistan and the remainder from India, the United States, Dubai and Saudi Arabia.
Organizers hope the initiative will foster greater collaboration between the Pakistani and Saudi fashion industries.
“The purpose of hosting a Pakistani designers’ exhibition in Riyadh is to foster cultural exchange, promote the rich heritage of Pakistan, and create a platform for collaboration between the fashion and design industries of both nations,” Ehsan said while speaking to Arab News on Friday.
“For the first time, Riyadh will host a curated exhibition majorly featuring Pakistani designers, offering a fresh perspective on fashion and design from a region that has traditionally been underrepresented in the Saudi fashion scene,” she said, adding a majority of designers will be from Pakistan.
The designer lineup from Pakistan features renowned names such as Deepak Perwani, HSY, Agha Noor, Sadaf Amir, Maliha Studio, Anam Akhlaq and Komal Lakhani, among others.
Indian designers include Pam Mehta, Asma Gulzar, and Vibha Jewel, specializing in bridal couture and semi-formals.
“This exhibition will provide employment opportunities for local models, makeup artists and local designers,” Ehsan said.
“It will be a groundbreaking event for Riyadh, as it marks the first-ever showcasing of contemporary Pakistani design talent in the city,” she continued. “It will set the stage for future collaborations and growth in an emerging Middle Eastern fashion scene which has huge potential to grow.”
One of Pakistan’s most prominent designers, Deepak Perwani, who is already in Saudi Arabia for the exhibition, said this was the first time he was taking his collection to Riyadh.
“We have been showing in Dubai, Doha and Bahrain all the time but this is the first time we are doing it in Riyadh,” he told Arab News.
“I am sure there will be a market,” he added. “There is always a first time to try. There is a massive Pakistani and Indian population there. We are open to all diasporas but primarily I’m assuming it will be Pakistani diaspora who will come to us because they already know us.”
Perwani informed he will be exhibiting the winter collection, evening wear and semi-formal wear for the upcoming shadi and festive season.
Pakistani actress Sajal Aly, known for her role in the recently concluded and critically acclaimed drama serial “Zard Patton Ka Bunn,” will serve as the guest of honor at Riyadh Fashion Couture 2024.
“Riyadh is an emerging market and a burgeoning fashion hub with immense growth potential,” the event’s co-founder Ehsan said. “This exhibition will serve as a unique opportunity to showcase creativity, craftsmanship and innovation of Pakistani designers in various fields, including fashion, textiles, jewelry, interior design and accessories.”
Pakistan’s army chief flags non-state actors, disinformation as threats to global peace
- General Asim Munir says Pakistan expects Kabul not to allow its soil to be used for militancy
- He says absence of regulation over freedom of expression is deteriorating moral values
ISLAMABAD: Chief of Army Staff General Asim Munir on Friday identified violent non-state actors and the spread of disinformation as significant challenges to global peace while addressing a gathering in the federal capital, where he reaffirmed Pakistan’s commitment to promoting international stability.
The army chief made the remarks during a special session of the Margalla Dialogue, an annual conference that convenes policymakers, scholars and experts to discuss critical national, regional and global issues, where he highlighted Pakistan’s role in fostering global peace.
Organized by the Islamabad Policy Research Institute (IPRI), a local think tank, the conference provided a platform for the army chief to emphasize Pakistan’s contributions and express concerns about the issue of cross-border militancy.
“Terrorism by violent non-state actors and state-sponsored entities remains a significant global challenge,” the state-owned Associated Press of Pakistan (APP) news agency reported him as saying.
“We expect the Afghan interim government to ensure that Afghan soil is not used for terrorism against Pakistan and to take strict measures in this regard,” he added.
The army chief’s statement comes against the backdrop of a surge in militant violence in Pakistan’s western provinces bordering Afghanistan.
Officials in Islamabad have frequently accused Afghan authorities of “facilitating” cross-border attacks by armed factions, such as the banned Tehreek-e-Taliban Pakistan, which target civilians and security personnel— an allegation Kabul denies.
APP reported the army chief stated that Pakistan would not become part of any global conflict and would continue to play its role in promoting international peace and stability.
General Munir acknowledged the role of technology in disseminating information, though he cautioned that it also facilitated the rapid spread of disinformation.
He asserted that without comprehensive laws and regulations, disinformation and hate speech could destabilize political and social structures.
“Absence of proper regulations for freedom of expression is leading to the deterioration of moral values in societies worldwide,” he added.
The army chief expressed optimism about the country’s future, noting that about 63 percent of Pakistan’s population is under the age of 30, adding that the country was endowed with immense natural resources and had emerged as a major global agricultural producer.
He highlighted Pakistan’s significant role in the global freelancing industry and noted that its geographical location and seaports could position it as a vital trade hub for countries around the world.
Pakistan suspends mobile Internet in Balochistan, citing ‘public safety’ amid rising violence
- People in Balochistan say mobile Internet has been down for about three days in different areas
- PTA announcement comes days after a suicide bombing at a crowded railway station in Quetta
QUETTA: The Pakistan Telecommunications Authority (PTA) announced the suspension of mobile Internet services in various parts of the restive southwestern Balochistan province on Friday, saying the decision was taken to “ensure public safety” amid a surge in militant violence over the past several months.
The announcement follows a deadly suicide bombing at a crowded railway station in Quetta, the provincial capital, which killed at least 28 people, including Pakistani soldiers, and injured dozens of others.
The attack was claimed by the Balochistan Liberation Army (BLA), an outlawed separatist group that has targeted Chinese nationals in an effort to undermine the multibillion-dollar Pakistan-China Economic Corridor (CPEC) projects.
The BLA, the largest of several ethnic insurgent groups battling the Pakistani state, alleges that the province’s rich gas and mineral resources are unfairly exploited, a claim the government denies.
“The general public is hereby informed that, under the directives of authorized departments, mobile Internet services have been temporarily suspended in certain areas of Balochistan,” the PTA said in an official statement.
“This measure has been taken to ensure public safety, given the security situation in these areas,” it added.
The PTA statement did not specify the areas where mobile Internet services have been suspended, nor was there any clarification from other departments on whether the government was planning an operation against militants in these regions.
However, mobile Internet has already been down in the province’s Kech, Panjgur, Gwadar, Khuzdar, Loralai, Dukki, Ziarat, Harnai and Zhob districts for the last three days, causing significant hardships for students and the business community in these areas.
“Hundreds of students and businesses have been affected by the mobile Internet suspension,” Abdul Majid Dashti, a lawyer based in Turbat, told Arab News, adding that cellphone Internet had been down for nearly three days in the area.
Sadaqat Baloch, a journalist in Pakistan’s coastal town of Gwadar, which is central to CPEC, said authorities suspended mobile Internet in the area a day after the Quetta railway station bombing.
“People of the Makran region, including Khuzdar, are now deprived of mobile Internet, which has been creating problems for them,” he added.
The provincial government’s spokesperson was unavailable for comment on the recent mobile Internet suspension.
Pakistan felicitates Palestinians on 36th independence anniversary, reaffirms support
- Palestinians proclaimed the Declaration of Independence on Nov. 15, 1988, in Algiers
- Pakistan calls support to the Palestinian cause a ‘consistent facet’ of its foreign policy
ISLAMABAD: Pakistan on Friday felicitated the people of Palestine on the 36th anniversary of the Declaration of Independence, saying its support for the Palestinian cause has been the most consistent feature of the country’s foreign policy.
Proclaimed on November 15, 1988, during a meeting of the Palestine National Council in Algiers, the Declaration of Independence envisioned a sovereign Palestinian state in the West Bank and Gaza Strip, with Jerusalem as its capital.
It marked an important movement in the Palestinian struggle for self-determination and has since been a symbol of their aspirations for statehood.
“On the occasion of Declaration of Independence Day of the State of #Palestine, we extend our heartiest felicitations to its people and the Government,” the foreign office said in a social media post.
“Pakistan’s unflinching support to the Palestinian cause has been a consistent facet of our foreign policy,” it added. “We reaffirm our strong commitment to the Palestinian right to self-determination and our unwavering support for the establishment of an independent, viable, and contiguous state of Palestine, with Al-Quds-Al-Sharif as its Capital.”
The anniversary comes as the death toll in Gaza has surpassed 43,700 since the beginning of Israel’s military campaign more than a year ago, displacing nearly the entire population of the Palestinian territory.
Most of those killed in Israeli airstrikes and ground offensives are reported to be women and children, while the international community fears that the conflict could spread to the rest of the Middle East.
The situation has also exacerbated humanitarian concerns, with the United Nations warning of an impending famine in the besieged territory, where residents face acute shortages of food, water and medical supplies.
Muslims in Pakistan’s smog-shrouded Punjab province pray for rain
- The special prayer was held at over 600 government-run mosques in the province
- Punjab grapples every winter with smog, but the situation has worsened recently
LAHORE: Pakistan’s Punjab province declared a health emergency due to toxic smog on Friday, banning construction, shutting schools for another week and moving universities online, while hundreds of thousands of Muslims prayed for rain and forgiveness.
The faithful gathered at over 600 government-run mosques in the province for “Namaz-e-Istisqa,” a voluntary prayer for rain often offered in times of calamities, said Talha Mahmood, spokesman for the provincial Religious Affairs department.
“Today, we prayed for rain to decrease smog, though it is caused by humans’ own mistakes,” said Muhammad Ejaz, 48, who led prayers at a mosque in the sprawling provincial capital Lahore, adding the prayer aimed at seeking God’s forgiveness for people’s sins.
The province, Pakistan’s most populous, grapples every winter with smog, but air pollution has worsened in recent years, as a result of cold air trapping dust, low-grade diesel fumes and smoke from illegal stubble burning on fields.
Sajid Bashir, spokesman for the provincial Environment Department, attributed this year’s severe pollution to a lack of rain in September and October.
“Last year, rain spells reduced particulate matter; this year, we’re still waiting,” he said on Friday.
Lahore has topped Swiss group IQAir readings as the world’s most polluted city, for most of the week.
Punjab Senior Minister Marriyum Aurangzeb, announcing smog-reduction measures at a press conference, said the government had ordered the closure of construction, brick kilns, and furnace-based plants in Lahore and the city of Multan.
She said there would be a complete three-day lockdown from next Friday if the situation does not improve.
Last week the province ordered schools to close until Nov. 17, and on Friday the shift to online learning was extended for another week. Colleges and universities will also shut down, moving to virtual classes.
Authorities have already banned entry to parks, zoos, playgrounds and other public spaces.
Other parts of South Asia are also dealing with high levels of pollution and Punjab blames neighboring India for contributing to its hazardous air quality. New Delhi, the world’s most polluted capital, has banned non-essential construction, moved children to virtual classrooms and asked residents to avoid using coal and wood from Friday.
