The forecast for the US Dollar's exchange rate is expected to range between Rs. 320 and Rs. 340 by June 2024.

 

    Topline Securities, a brokerage firm, anticipates the PKR/USD exchange rate in the interbank market to be between Rs. 320 and Rs. 340 by June 2024. Their PKR outlook report notes that recent administrative measures have caused the PKR to appreciate in both the official interbank market and the open market.

    Since the caretaker government assumed power, there has been speculation that the non-political interim administration may permit the Pakistani Rupee (PKR) to align with market forces as per International Monetary Fund (IMF) directives. Consequently, the PKR depreciated by 6 percent (from Rs. 288 to Rs. 307) in the interbank market and declined by 10 percent (from Rs. 296 to Rs. 328) against the USD in the open market between August 14, 2023, and September 4, 2023, as mentioned in the report.

    The recent surge in the USD's value since August 14 was primarily observed in the open and black markets, where the premium (difference between open market and interbank rates) rose from 1-2 percent to 6-7 percent. To address this trend, the caretaker government and the State Bank of Pakistan (SBP) implemented measures to curb demand in the open market.

  

    These measures resulted in a strengthening of the PKR over the past 9 working days. In the interbank market, the PKR appreciated by 4 percent, increasing from Rs. 307 to Rs. 296 against the USD. In the open market, the PKR surged by 10 percent, rising from Rs. 328 on September 4 to Rs. 298 as of September 18.

    Despite this recent recovery, the PKR has been one of the worst-performing currencies in recent years, declining by 22 percent in 2022 and another 23 percent in 2023 against the USD. This decline is attributed to factors such as the external financing gap, challenges in global financial markets, and local political instability, which have placed pressure on foreign exchange reserves (currently below 2-month import cover) and the rupee's value. Regarding the future PKR/USD exchange rate, the survey reveals various expectations among market participants. Approximately 25 percent anticipate it to be in the range of Rs. 340-360, while 21 percent predict a range of Rs. 300-320. In contrast, 12 percent expect it to be lower than Rs. 300, and 5 percent foresee it exceeding Rs. 360. These responses reflect a range of perspectives on the potential value of the Pakistani Rupee.

    In the short term, the report highlights that several factors will influence the Pakistani Rupee (PKR). These include the completion of the IMF review scheduled for November 2023, global oil prices, USD inflows from organizations like the World Bank and Asian Development Bank, the timely rollover of maturing loans, and anticipated foreign direct investment (FDI) in certain sectors.

    According to a recent survey by Topline Research involving key market participants, 38 percent of respondents expect the PKR/USD exchange rate to fall within the range of Rs. 320-340 by June 2024, indicating the currency's potential trajectory.

The Pakistani rupee has strengthened for the 10th consecutive day against the US dollar.

     Today, the Pakistani rupee started at 296 against the US dollar in the interbank market. By noon, it had a bullish trend, reaching as high as 294, marking a gain of approximately Rs. 2 against the dollar. Subsequently, the interbank rate settled around 295 between 1:30 PM and 2:30 PM. Open market rates, which were at 338-335 on Monday, fluctuated in the 294-298 range throughout the day. Since September 4, the open market rate has significantly strengthened by about Rs. 44 against the US dollar. Ultimately, the PKR closed at 295.94, appreciating by 0.3 percent and gaining 90 paisas against the dollar for the day.

    The markets rebounded positively in the new week, ignoring the previous week's sharp increase in petrol prices to Rs. 331.38 and a significant rise in high-speed diesel prices to Rs. 329.18 per liter. The gap between interbank and open market rates has substantially reduced by approximately Rs. 44 in September, with rates fluctuating from 294 to 299 during the week. However, the Pakistani rupee has depreciated by nearly Rs. 75 since January 2023 and over Rs. 122 since April 2022 against the US dollar, despite gaining over 90 paisas against the dollar in recent exchange rate movements. Notably, Pakistan's Real Effective Exchange Rate (REER) declined by 1.5 percentage points to 90.1 in August 2023. This suggests that exports are currently offering favorable returns, but the normalization of production and export growth may take some time following the removal of import restrictions by the federal government three months ago.

    In the interbank market today, the Pakistani Rupee (PKR) showed strength against several major currencies. It gained 24 paisas against the Saudi Riyal (SAR), 24 paisas against the UAE Dirham (AED), 69 paisas against the Canadian Dollar (CAD), Rs. 2.52 against the British Pound (GBP), and 75 paisas against the Euro (EUR). Furthermore, it surged by Rs. 1.24 against the Australian Dollar (AUD) in today's interbank currency market.

Railway fares have been raised for the second time in a month.

 

    Pakistan Railways is raising fares by 5 percent for various types of trains, including mail/express, intercity, saloons, and parcel trains. This fare hike follows a government announcement of higher petroleum product prices. It's important to note that short lead passenger trains, shuttle trains, and long lead trains covering 1 to 250 kilometers will not be affected by this fare increase.

    Starting from September 19, 2023, Pakistan Railways will implement a 5 percent fare increase across various types of trains. The updated fare table will apply at stations, booking/reservation offices, and for advance reservations, with details available on their website. This marks the second fare increase in just over a month, with a 10 percent increase introduced in August 2023 following rising fuel costs. Additionally, earlier in September, postal and motorcycle transportation rates were raised by 5 percent as well.

The sentence conveys that repairing Apple iPhones has become more affordable.

    Apple has surprised the industry by significantly reducing repair charges for the iPhone 15 Pro and Pro Max, particularly for back glass replacement, making it much cheaper. This change is attributed to Apple's focus on enhancing repairability through easier internal design, resulting in more affordable repairs. The repair charges for the iPhone 15 series are now $169 for the iPhone 15 Pro and $199 for the iPhone 15 Pro Max, a notable reduction compared to the higher fees of $499 and $549 for the iPhone 14 Pro and iPhone 14 Pro Max, respectively.

    The sentence highlights a remarkable 63.4% reduction in repair costs between the iPhone 14 Pro and iPhone 15 Pro models, as well as a similarly substantial 63.5% decrease between the iPhone 14 Pro Max and iPhone 15 Pro Max.

    While some users of the iPhone 14 Pro Max may wish this cost reduction had happened earlier, it's still a positive change for all iPhone users. However, in Pakistan, where official Apple repair support is lacking, the improved reparability of the iPhone 15 Pro should lead to more affordable third-party repair options.

 

The FIA has uncovered a staggering Rs. 7 billion worth of assets in a Rawalpindi plaza owned by a property tycoon

    The FIA conducted a raid at Burj-e-Noor Plaza in Rawalpindi, owned by property tycoon Sheikh Iftikhar Adil, uncovering a remarkable Rs. 7 billion in foreign currency, primarily in dollars, hidden in basement lockers. This discovery raised suspicions of connections with prominent figures in the media and real estate sectors, and the sheer volume of cash made counting it a challenging task for the FIA team.

Sheikh Iftikhar Adil, known for his interests in Daily Asas and Al-Haram City, had established multiple high-tech lockers within the plaza. The FIA, astonished by the large number of these lockers, had to seek assistance from other agencies. Acting on a tip-off and supported by substantial evidence of wrongdoing, the FIA's Banking Circle conducted a raid, discovering 13 high-tech lockers packed with cash, leading to the immediate arrest of two individuals.

Before conducting the raid, the team conducted a week-long surveillance of the area and observed a peculiar small iron gate in the building's parking lot. Upon further investigation, they uncovered a hidden door behind exterior walls. This hidden space contained 13 fully loaded lockers and was equipped with security cameras.

Tensions rose as the FIA team tried to seize the money, with the building's owner opposing the confiscation and insisting it should stay. The FIA team remained resolute and declined to yield, leading to an escalation. To defuse the situation, the FIA called the police for assistance, and they have since submitted a preliminary report to their superiors.

The FBR has released detailed instructions for paying immovable property taxes.

    

    The FBR has published comprehensive guidelines on its website for taxpayers to make immovable property tax payments as per section 7E of the Income Tax Ordinance 2001. These guidelines cater to both registered and unregistered users, offering step-by-step instructions. Users must input specific property details such as location, ownership authority, construction status, and covered area.

    The paragraph discusses the process for declaring property value and tax calculation. It mentions that the Lahore High Court's judgment has led to Section 7E no longer applying in its jurisdiction, regardless of filer status. The FBR has also removed the need for exemption certificates for certain taxpayer categories, as outlined in Circular No. 3 of 2023. It clarifies that these rules don't apply within the Lahore High Court's jurisdiction unless the court's decision changes. Non-resident individuals, including non-resident Pakistanis, are exempt from taxes under Section 7E. Additionally, the requirement for exemption certificates from Inland Revenue Commissioners has been relaxed, as detailed in the circular.

    The paragraph discusses the validity of an explanatory circular issued by the FBR for property sales and transfers until an automated system is developed. It states that the conditions from Circular No. 1 of 2023-24 regarding obtaining a certificate from the Commissioner do not apply in certain situations. However, the transferring authority must maintain a record of seller/transferor data and relevant documents for properties within these situations, which will be shared with the Chief Commissioner IR.

    It also clarifies that Section 7E of the Ordinance doesn't apply to properties owned by specific entities like local authorities, development authorities, builders, and developers involved in land development and construction, provided they are registered with the Directorate General of Designated Non-Financial Business and Professions (DNFBP). Additionally, Section 7E provisions do not apply to properties acquired in the first year if tax under section 236K has been paid by the purchaser. In such cases, the seller/transferor must furnish a Computerized Payment Receipt (CPR) with specific details to the transferring authority.

    Section 7E of the Income Tax Ordinance 2001 does not apply to immovable properties allocated to certain categories of individuals, including martyrs and their dependents, Pakistan Armed Forces personnel, government employees who died in service, war-wounded individuals in government service, ex-servicemen, and current government personnel. For these individuals, the requirements outlined in Circular No. 1 of 2023 for providing evidence to the transferring authority are not applicable.

 

Lampedusa: Ursula von der Leyen and Giorgia Meloni's visit to the island addresses concerns over migrant boat arrivals

     Ursula von der Leyen, the European Commission President, visited a migrant reception center on Italy's Lampedusa Island following a request from the country's prime minister for EU assistance in dealing with small boat arrivals.

    More than 8,000 migrants have recently arrived on Lampedusa Island, causing Italian Prime Minister Giorgia Meloni to express concerns about unsustainable pressure on Italy. European Commission President Ursula von der Leyen recognized the issue as a European challenge and pledged increased support for transferring migrants out of Lampedusa. Both leaders emphasized the need for a collective European response, with Meloni highlighting the significance of addressing illegal immigration as an epoch-making challenge for the future of Europe.

    Tragic incidents involving infants have occurred amid the migrant crisis on Lampedusa Island. A newborn baby's body was found on a migrant boat, and it is suspected that the child was born during the journey from North Africa. The circumstances surrounding the death are under investigation. Additionally, a five-month-old baby boy drowned in a capsized boat carrying migrants from North Africa. Italian PM Giorgia Meloni advocates for a European Union naval blockade to prevent further boat crossings in the Mediterranean. The Italian Red Cross is struggling to manage the influx, with a reception center designed for 400 arrivals now accommodating about 2,500 people.

    Volunteers and staff have been tirelessly providing meals and assisting in the transfer of new arrivals to Sicily and other locations. Italy has seen a significant increase in migration, with nearly 126,000 migrants arriving this year, double the number compared to the same period in 2022.

    Italian PM Giorgia Meloni urged European Commission President Ursula von der Leyen to recognize the gravity of the situation and accelerate the implementation of an agreement with Tunisia, a key departure point for African migrants heading to Europe. The EU deal, signed in July and supported by €110 million, aims to combat smuggling, strengthen borders, and facilitate the return of migrants.

    The surge in arrivals sparked protests among some Lampedusa residents who opposed plans to construct a new tent camp for migrants. Concerns were voiced about the island's future, with one protester highlighting the protective instincts of parents in uncertain times.

    Protesters on Lampedusa expressed their opposition to the establishment of tent camps, sending a message to both Europe and the Italian government, emphasizing the fatigue of Lampedusa residents. Activist Jasmine Lozzelli argued that the migrant issue is not about numbers but rather about how the reception system is managed. She advocated for more effective rescue operations using larger ships and redirecting migrants to mainland Italy instead of overwhelming the island, believing that placing migrants on Lampedusa exacerbates the emergency situation.

PIA successfully secures a Rs. 17 billion bank loan, ensuring timely payment of employees' salaries.

    Following a significant achievement, Pakistan International Airlines (PIA) has successfully disbursed employee salaries, thanks to the recent acquisition of a substantial Rs. 17 billion bank loan.

    As reported in Dawn, PIA's administrative operations are now operating seamlessly, reflecting the positive impact of securing this essential financial backing. This development underscores the airline's commitment to its workforce and its ongoing efforts to stabilize its financial position.

    Citing PIA's spokesperson, the latest report reveals that following the successful acquisition of the loan, Pakistan International Airlines has been able to promptly disburse employee salaries, resulting in a seamless operation of its flight services. With these vital funds secured, PIA is not only ensuring its workforce is compensated but is also poised to meet other critical financial obligations, including payments to fuel companies and the procurement of spare parts for aircraft maintenance and repair.

    Additionally, the report emphasizes that lease payments for aircraft have resumed as well. It's noteworthy that PIA's financial challenges are substantial, with liabilities amounting to Rs. 743 billion or $2.5 billion, surpassing its total assets by a factor of five, as indicated by Bloomberg's data compilation.

 

In 2023, the price of petrol has surged by Rs. 116 per liter.

The price of petrol/Fuel in Pakistan has surged by more than Rs. 116 (One Hundred and Sixteen Rupees) per liter since the beginning of the year 2023. It started the year at Rs. 215 (Two Hundred and Fifteen Rupees) per liter and it has now reached to Rs. 331 (Three Hundred and Thirty One Rupee) per liter, marking a significant increase of Rs. 116 (One Hundred and Sixteen Rupees)

    Additionally, the high-speed diesel has also experienced a substantial price hike during the same period of time, rising from Rs. 228 (Two Hundred and Twenty Eight Rupees) per liter to Rs. 330 (Three Hundred and Thirty Rupees) per liter, an increase of Rs. 102 (One Hundred and Two Rupee).

During the caretaker administration Government, which commenced on Tuesday 15th August 2023, there has been a substantial increase in fuel prices. The price of petrol has surged by Rs. 59 (Fifty Nine Rupees) per liter, while high-speed diesel has seen an increase of Rs. 56 (Fifty Six Rupees) per liter.

    This surge began with an initial hike on Tuesday 15th August 2023, with petrol prices rising by Rs. 18 (Eighteen Rupees) per liter and high-speed diesel by Rs. 20 (Twenty Rupees) per liter.

    Subsequently, on Friday 01st September 2023, another increase occurred, with petrol prices climbing by Rs. 15 (Fifteen Rupees) per liter and high-speed diesel by Rs. 19 (Nineteen Ruppes) per liter. The most recent review of petroleum prices witnessed the largest jump, with petrol prices surging by Rs. 27 (Twenty Seven Rupees) per liter to reach Rs. 332 (Three Hundred and Thirty Two Rupees), while high-speed diesel increased by Rs. 18 (Eighteen Rupees) per liter to reach Rs. 330 (Three Hundred and Thirty Rupees).

1. * "Petrol price increase in 2023"
2. * "Rs. 116 per liter petrol price hike"
3. * "Fuel price surge in 2023"
4. * "Rising petrol prices in 2023"
5. * "Current year petrol price trend"
6. * "2023 fuel cost update"
7. * "Petrol rate change in 2023"
8. * "2023 petrol cost increase"
9. * "Yearly petrol price shift"
10. " Fuel price update in 2023"

 

In August, more than 90,000 Pakistanis departed the country in pursuit of international job opportunities

    In the initial eight months of 2023, over 540,000 Pakistanis departed their homeland in pursuit of improved employment prospects abroad. This information stems from data acquired from the Bureau of Emigration & Overseas Employment, indicating that 540,282 Pakistanis had registered for overseas employment during this period, extending until August of the current calendar year.

    "In August, over 90,000 Pakistanis left the country in pursuit of jobs abroad, bringing the total for the year to 540,110 departures. This included laborers, drivers, engineers, accountants, doctors, and teachers, with the majority being unskilled workers. Saudi Arabia, the United Arab Emirates, Oman, and Qatar were among the top destinations, with Malaysia, Bahrain, Romania, Greece, and Iraq also attracting Pakistani workers."

    By July, 450,110 Pakistanis had already left the country seeking employment opportunities abroad. In August, an additional 90,000 Pakistanis departed, totaling 540,110 for the year. The departing individuals spanned various professions, including laborers, drivers, engineers, accountants, doctors, and teachers, with the majority falling into the unskilled category. Saudi Arabia, the United Arab Emirates, Oman, and Qatar were the primary destinations, with Malaysia, Bahrain, Romania, Greece, and Iraq also attracting Pakistani workers.

    The Bureau of Emigration & Overseas Employment data specifically covers individuals who have registered with the Bureau for employment purposes. It does not include those who go abroad for education or through direct immigration routes. Notably, in the previous year, 832,339 Pakistanis went abroad for employment, marking the highest number since 2016.

1. * "Pakistanis leaving for international jobs in August"
2. * "August emigration statistics for Pakistan"
3. * "Pakistani job seekers abroad in August"
4. * "Overseas employment trends for Pakistanis in August"
5. * "International job opportunities for Pakistanis in August"
6. * "August migration data for Pakistani job seekers"
7. * "Pakistanis seeking employment abroad in August"
8. * "August overseas job migration from Pakistan"
9. * "August departures for international jobs by Pakistanis"
10. * "Pakistanis going abroad for work in August"