The government’s crackdown on black market dollar trading has strengthened the rupee, but traders say under-the-counter deals have swiftly shifted to smartphones and home deliveries instead. Many unlicensed exchange shops have been shut since July 22, when the military spy agency summoned representatives of the sector to explain the US dollar’s rising cost in the open market. Soon after, raids
The Pakistan Business Forum (PBF) on Monday claimed that both interest and exchange rates were being kept artificially high without economic justification, and appealed to Prime Minister Shehbaz Sharif to ensure a correction to support growth and stability. In a statement, PBF Chief Organiser Ahmad Jawad asserted that the fair value of the US dollar was around Rs260, while prevailing inflation
Amid a persistent surge in sugar prices, the government on Monday decided to enforce strict monitoring of sugar stocks and deploy officials at each sugar mill to oversee inventory levels and ensure uninterrupted supply in line with commitments made by the Pakistan Sugar Mills Association (PSMA). The move comes as part of broader efforts to curb hoarding and restore market stability. A grievance
Banks and exchange companies are facing mounting pressure to lower the dollar rate below prevailing market levels, according to sources in the financial sector. An important meeting in Islamabad on Monday, involving senior officials from the State Bank of Pakistan (SBP), the Ministry of Finance, and bankers, discussed measures to stabilise the exchange rate and reduce the dollar’s price. How
Federal Minister for Planning Ahsan Iqbal expressed concern on Monday over the current formula for distribution of divisible pool resources under the National Finance Commission (NFC) award, arguing that it places an undue burden on the federal government. He urged the provinces to develop a consensus to help ease the fiscal strain on Islamabad. Speaking to reporters at the Karachi Press Cl