Pakistan’s central bank says studying feasibility of issuing its own digital currency

A poster with cryptocurrencies at a store in Caracas, Venezuela, on December 28, 2019. (AFP/File)
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Updated 12 April 2021
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Pakistan’s central bank says studying feasibility of issuing its own digital currency

  • State Bank governor says “comprehensive internal survey” being carried out to learn about trends in other countries
  • Global central banks developing digital currencies to modernise financial systems, ward off threat from cryptocurrencies, speed up payments

KARACHI: Pakistan’s central bank is conducting a “comprehensive internal survey” to study the feasibility of launching a digital currency in the country, the governor of the State Bank of Pakistan said on Monday.  

Global central banks are looking at developing digital currencies to modernise their financial systems, ward off the threat from cryptocurrencies like bitcoin and speed up domestic and international payments. China is one of the most advanced in its effort, and last month proposed a set of global rules for central bank digital currencies, from how they can be used around the world to highly sensitive issues such as monitoring and information sharing.
“There are many things involved and we are conducting a comprehensive internal study that what are the trends in other central banks,” governor State Bank Dr Reza Baqir said while speaking to journalists at the Pakistan Stock Exchange. “When our study would be completed the outcome will be shared … The experience of other central banks and may be the basis for our considerations.”




Pakistan central bank governor Dr. Reza Baqir speaks at a gong ceremony at the Pakistan Stock Exchange in Karachi, Pakistan, on April 12, 2021. (Photo courtesy: Pakistan Stock Exchange)

In an interview to international media last month, Baqir said introducing a digital currency would boost the government’s efforts at financial inclusion and allow it to make “progress in our fight towards anti-money laundering and towards countering terrorism financing.”
The Bank of Japan began experiments this month to study the feasibility of issuing its own digital currency, joining efforts by other central banks that are aiming to match the innovation in the field achieved by the private sector. The first phase of Japan's experiments, to be carried out until March 2022, will focus on testing the technical feasibility of issuing, distributing and redeeming a central bank digital currency (CBDC).

As digital currencies such as bitcoin gain more traction with mainstream companies and investors, and as private efforts like the Facebook-backed Diem seek approval, the onus is on central banks to accelerate plans to issue digital cash to fend off threats to their control over money.

The People's Bank of China is aiming to become the first major central bank to issue a CBDC, part of its push to internationalise the yuan and reduce dependence on the dollar-dominated global banking system.

The European Central Bank is also exploring the introduction of a digital euro, within the next five years. It’s running into opposition from Germany, though, where the Bundesbank worries that a digital euro could pose risks to banks.

A CBDC that gains wide acceptance in international trade and payments could ultimately erode the dollar’s status as the de facto currency of world trade and undermine US influence, many analysts say.

But cybersecurity experts also warn against threats to security as well as privacy risks.
“It provides opportunities for malicious hackers and cyber crooks to carry out frauds, scams, and theft through phishing and ransomware attacks,” Muhammad Khurram Khan, founder & CEO of the Washington DC-based Global Foundation for Cyber Studies and Research, told Arab News. “To build a secure, resilient and privacy-preserving ecosystem, the central bank of Pakistan needs to implement strong data security standards, processes, protocols, and technologies to protect against burgeoning cyber risks.”
“One major challenge associated with digital currencies is the consumer's privacy concerns,” Khan added. “Therefore, the central bank has to make sure to protect the rights of users for their privacy while they make transactions.”


Pakistan launches new pharma export council to boost overseas sales

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Pakistan launches new pharma export council to boost overseas sales

  • Industry aims to raise exports from $700 million to $3 billion
  • Government pledges policy support and facilitation desk

ISLAMABAD: Pakistan has this month established a new Pharmaceutical Export Promotion Council (PharmEx Pakistan) in a bid to expand exports and enhance the global competitiveness of its drug manufacturers, the country’s commerce minister said.

Pakistan’s pharmaceutical industry, valued at about $4 billion domestically, has recorded steady growth in exports in recent years but remains a relatively small player globally.

Commerce Minister Jam Kamal Khan announced the formation of the new council under the Trade Development Authority of Pakistan (TDAP) while addressing a gathering organized by the Pakistan Pharmaceutical Manufacturing Association (PPMA) earlier this month. 

“The pharmaceutical sector has huge export potential, and PharmEx Pakistan is just one or two steps away from becoming operational,” Khan was quoted as saying by state-run Pakistan Television, adding that the government would continue to facilitate the industry in achieving higher international sales.

At the event, PPMA Chairman Touqeer ul Haq said the new council would work as a public-private initiative to strengthen compliance with international standards, improve market access, and showcase Pakistani products abroad.

Haq identified Afghanistan as a critical export destination and welcomed minister Khan’s assurance of better coordination to keep cross-border trade smooth.

In addition to the new council, the government will also set up an Exporter Facilitation Desk at the ministry of commerce to resolve urgent problems faced by pharma exporters and ensure direct support when needed, minister Khan said.

The setting up of PharmEx is part of Islamabad’s broader push to diversify exports beyond traditional sectors such as textiles, rice and sports goods, amid persistent current account pressures and the need to earn more foreign exchange.

According to PPMA data, pharmaceutical exports increased from $270 million in 2020–21 to about $355 million in the current fiscal year 2024–25, and industry leaders say the country has the potential to reach $3 billion in annual exports if regulatory hurdles and market access barriers are addressed.

Pakistan produces over 90 percent of its medicines locally, supplying a large portion of the country’s health care needs and serving niche markets in Afghanistan, Central Asia and parts of Africa and the Middle East.

The industry, however, faces challenges such as high input costs, regulatory bottlenecks, and tough global competition.


‘This is a culture’: TikTok murder highlights Pakistan’s unease with women online

Updated 15 June 2025
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‘This is a culture’: TikTok murder highlights Pakistan’s unease with women online

  • Sana Yousaf was shot dead outside her house in the capital Islamabad by a man whose advances she had repeatedly rejected
  • Violence against women is pervasive in Pakistan, according to the country’s Human Rights Commission

ISLAMABAD: Since seeing thousands of comments justifying the recent murder of a teenage TikTok star in Pakistan, Sunaina Bukhari is considering abandoning her 88,000 followers.

“In my family, it wasn’t an accepted profession at all, but I’d managed to convince them, and even ended up setting up my own business,” she said.

Then last week, Sana Yousaf was shot dead outside her house in the capital Islamabad by a man whose advances she had repeatedly rejected, police said.

News of the murder led to an outpouring of comments under her final post — her 17th birthday celebration where she blew out the candles on a cake.

In between condolence messages, some blamed her for her own death: “You reap what you sow” or “it’s deserved, she was tarnishing Islam.”

Yousaf had racked up more than a million followers on social media, where she shared her favorite cafes, skincare products and traditional shalwar kameez outfits.

TikTok is wildly popular in Pakistan, in part because of its accessibility to a population with low literacy levels. On it, women have found both audience and income, rare in a country where fewer than a quarter of the women participate in the formal economy.

But as TikTok’s views have surged, so have efforts to police the platform.

Pakistani telecommunications authorities have repeatedly blocked or threatened to block the app over what it calls “immoral behavior,” amid backlash against LGBTQ and sexual content.

TikTok has pledged to better moderate content and blocked millions of videos that do not meet its community guidelines as well as at the request of Pakistan authorities.

After Yousaf’s murder, Bukhari, 28, said her family no longer backs her involvement in the industry.

“I’m the first influencer in my family, and maybe the last,” she said.

Only 30 percent of women in Pakistan own a smartphone compared to twice as many men (58 percent), the largest gap in the world, according to the Mobile Gender Gap Report of 2025.

“Friends and family often discourage them from using social media for fear of being judged,” said a statement from the Digital Rights Foundation (DRF).

In southwestern Balochistan, where tribal law governs many rural areas, a man confessed to orchestrating the murder of his 14-year-old daughter earlier this year over TikTok videos that he said compromised her honor.

In October, police in Karachi, in the south, announced the arrest of a man who had killed four women relatives over “indecent” TikTok videos.

These murders each revive memories of Qandeel Baloch, dubbed Pakistan’s Kim Kardashian and one of the country’s first breakout social media stars whose videos shot her to fame.

After years in the spotlight, she was suffocated by her brother.

Violence against women is pervasive in Pakistan, according to the country’s Human Rights Commission, and cases of women being attacked after rejecting men are not uncommon.

“This isn’t one crazy man, this is a culture,” said Kanwal Ahmed, who leads a closed Facebook group of 300,000 women to share advice.

“Every woman in Pakistan knows this fear. Whether she’s on TikTok or has a private Instagram with 50 followers, men show up. In her DMs. In her comments. On her street,” she wrote in a post.

In the fifth-most-populous country in the world, where 60 percent of the population is under the age of 30, the director of digital rights organization Bolo Bhi, Usama Khilji, says “many women don’t post their profile picture, but a flower, an object, very rarely their face.”

“The misogyny and the patriarchy that is prevalent in this society is reflected on the online spaces,” he added.

A 22-year-old man was arrested over Yousaf’s murder and is due to appear in court next week.

At a vigil in the capital last week, around 80 men and women gathered, holding placards that read “no means no.”

“Social media has given us a voice, but the opposing voices are louder,” said Hira, a young woman who joined the gathering.

The capital’s police chief, Syed Ali Nasir Rizvi, used a press conference to send a “clear message” to the public.

“If our sisters or daughters want to become influencers, professionally or as amateurs, we must encourage them,” he said.


Pakistan evacuates 450 pilgrims as Israel and Iran strike at each other

Updated 25 min ago
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Pakistan evacuates 450 pilgrims as Israel and Iran strike at each other

  • Foreign minister says arrangements underway for return of over 150 Pakistani students from Iran, stranded pilgrims in Iraq also being assisted
  • Iran has said at least 138 people have been killed in Israel’s onslaught since Friday, including 60 on Saturday, half of them children

ISLAMABAD: Islamabad has facilitated the evacuation of at least 450 Pakistani pilgrims from Iran and is arranging the safe return of more than 150 Pakistani students, Foreign Minister Ishaq Dar said, as Israel and Iran launched fresh attacks on each other overnight into Sunday, killing scores.

Thousands of Pakistani zaireen (pilgrims) travel annually to Iran and Iraq to visit holy sites. Many have been stranded since Friday when Israel launched a massive wave of attacks targeting Iranian nuclear and military facilities but also hitting residential areas, sparking retaliation and fears of a broader regional conflict.

“Evacuation of 450 Pakistani zaireen from Iran has been facilitated as of yesterday,” Dar, who is also the deputy premier, said in a post on social media platform X.

“Arrangements are being made for the safe evacuation of Pakistani students (154 in the first batch) currently residing in Iran.”

Dar said Pakistan’s embassy in Iraq was also in touch with stranded Pakistani pilgrims after Iraq closed its airspace in response to the regional security situation.

“Measures are underway to ensure their safe stay in Iraq and possible evacuation,” the deputy prime minister said, adding that a crisis unit set up at the foreign ministry was operating around the clock.

“Our embassies in the region are closely coordinating all necessary efforts to support Pakistani nationals and zaireen,” Dar said.

Since Friday. Pakistan’s government has repeatedly urged its citizens to postpone travel to Iran and Iraq until the security situation improves. 

On Saturday, Islamabad issued a formal travel advisory asking Pakistanis to avoid travel to Iran “for a limited period” due to the Israeli attacks.

Pakistan has condemned the Israeli strikes, calling them an unjustified violation of Iranian sovereignty, and has urged the international community to help de-escalate tensions through dialogue.

Iran has said at least 138 people have been killed in Israel’s onslaught since Friday, including 60 on Saturday, half of them children, when a missile brought down a 14-story apartment block in Tehran.

The Israeli military has warned Iranians living near weapons facilities to evacuate after both Israeli Prime Minister Benjamin Netanyahu and US President Trump said Israel’s attacks would intensify, not abate.


Pakistani religiopolitical party to organize anti-Israel ‘million march’ in Hyderabad today

Updated 15 June 2025
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Pakistani religiopolitical party to organize anti-Israel ‘million march’ in Hyderabad today

  • Jamiat Ulama-e-Islam Pakistan party says caravans of supporters arriving in Hyderabad from all over Sindh 
  • Protest takes place in backdrop of surging tensions Middle East tensions amid Iran-Israel military conflict

KARACHI: A leading religiopolitical party, Jamiat Ulama-e-Islam Pakistan, (JUI-F) announced it would organize a “million march” in the southern city of Hyderabad against Israel today, Sunday, to express solidarity with the people of Palestine. 

The march will take place as tensions in the Middle East surged late Friday night after Israel attacked Iran’s nuclear facilities and military leadership. Iran’s prominent nuclear scientists and the chief of its Revolutionary Guards paramilitary force were killed in the attack, which Tehran said claimed 78 lives and injured over 300. 

Iran has since then conducted retaliatory strikes against Israel. So far, at least nine people in Israel have been killed and over 300 others injured since Friday, as per media reports. 

In a statement released to the media, a JUI-F spokesperson said the party’s caravans from all over the southern Sindh province are gathering at Hyderabad’s Qasim Chowk venue for the protest. 

“A strong protest will be held against Israel and solidarity will be expressed with the Palestinians,” the statement said. 

Israel has killed over 55,000 Palestinians in Gaza since Oct. 7, 2023, as per the Gaza Health Ministry. Israeli forces have destroyed vast areas of the territory and displaced about 90 percent of Gazans.

In recent weeks, more than half of Gaza has been transformed into a military buffer zone that includes the now mostly uninhabited southern city of Rafah.

Israel’s war on Gaza has incited anger in various countries across the world, including Pakistan. Various civil rights organizations and political parties such as the Jamaat-e-Islami, have held large gatherings in Karachi, Lahore, Islamabad and other parts of the country to denounce Israel’s military campaigns in the Middle East. 

JUI-F chief Maulana Fazlur Rehman will address participants of the rally, the party said. 

“Strict security arrangements are in place in Hyderabad,” the statement said. “Supporters gathered at the Qasim Chowk venue are highly enthusiastic.”

Israel says it attacked Iran in a bid to discourage the Islamic country from developing nuclear weapons. Israel sees Iran’s nuclear program as a threat to its existence. It said the bombardment was designed to avert the last steps to the production of a nuclear weapon.

Tehran insists the program is entirely civilian and that it does not seek an atomic bomb. The UN nuclear watchdog, however, reported Iran this week as violating obligations under the global non-proliferation treaty.

Pakistan has criticized Israel in strong words and repeatedly said Iran has the right to retaliate under the United Nations Charter. Islamabad has also vowed to offer diplomatic support to Iran at international forums. 
 


Over 11,410 Pakistani Hajj pilgrims return from Saudi Arabia

Updated 15 June 2025
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Over 11,410 Pakistani Hajj pilgrims return from Saudi Arabia

  • Another 4,995 Pakistani Hajj pilgrims to return via 20 flights on Sunday, says religion ministry 
  • Pakistan sent over 115,000 pilgrims under both government, private schemes for Hajj this year

ISLAMABAD: A total of 11,418 Pakistani pilgrims have returned in the post-Hajj flight operation so far, the country’s religion ministry said on Sunday. 
Pakistan began its post-Hajj flight operation with the arrival of PIA flight PK-732 in Islamabad on June 11, carrying 307 pilgrims. The country is expected to conclude the operation on July 10, with the last flight carrying Hajj pilgrims to land in Islamabad.
This year’s Hajj took place from June 4 to June 9, drawing millions of pilgrims to the holy cities. Pakistan sent over 115,000 pilgrims under both the government and private schemes. 
“As of Saturday, June 14, a total of 11,418 pilgrims have returned home,” a spokesperson of Pakistan’s Ministry of Religious Affairs and Interfaith Harmony said in a statement. “On Sunday, June 15, another 4,995 pilgrims will arrive in the country through 20 flights.”
The spokesperson said six flights carrying Hajj pilgrims will each land in both Islamabad and Lahore, while four will arrive in Karachi, three in Multan and one in Quetta on Sunday.
Of the 20 flights, eight will be operated by the state-run Pakistan International Airlines, five by Saudia, four by Airblue, two by AirSial and one by Serene Air.
“Despite global air traffic disruptions, Pakistan’s post-Hajj flight operation is successfully going on,” the ministry said, referring to the recent diversion of flights due to the ongoing Iran-Israel conflict. 
The spokesperson advised Pakistani pilgrims to ensure their return journey remained a “smooth” one by maintaining discipline.
“Pilgrims should ensure their baggage weight complies with the limit stated on their air tickets,” he said, advising pilgrims to reach their respective airports in Saudi Arabia six to eight hours before departure.