Tag: foreign currency
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Karachi currency mafia suspected of hiding over $50 million in homes
Amidst the ongoing nationwide efforts to combat currency smuggling, primarily involving US dollars, reliable sources have disclosed that over $50 million has been discreetly stored away by a network associated with illicit currency dealings in homes scattered across Karachi.
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FIA cracks down on luxury car showrooms in Karachi over money laundering suspicions
On Thursday, the Commercial Banking Circle team of the Federal Investigation Agency (FIA) executed a seizure of four high-end vehicles at a Karachi-based car showroom.
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Commercial importers forced to suspend food and drink imports due to dollar shortage
In a significant development impacting the country’s economy, commercial importers in Pakistan have announced their decision to suspend the import of all eatables and beverages starting from June 25. The move comes as a result of the unavailability of dollars, with banks refusing to provide the necessary foreign currency to importers.
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Pakistan rupee recovers by one paisa against US dollar
According to the State Bank of Pakistan (SBP), the Pakistani rupee (PKR) strengthened by Rs0.01 against the US dollar in the interbank market on Tuesday.
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Pakistan fails to meet Hajj quota due to rising inflation and dollar shortage
On Wednesday, sources within the Ministry of Religious Affairs reported that the government has decided to return Pakistan’s quota of Hajj pilgrimage to Saudi Arabia due to a shortfall of applications caused by rising inflation. This year marked the first time a quota for Hajj pilgrimage was available in the country, but the shortage of…
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Mohammad Hafeez’s DHA Lahore residence robbed of foreign currency
Cricketer Mohammad Hafeez’s residence in the Defence Housing Authority (DHA) Lahore was burglarised by robbers on Tuesday. The cricketer and his family were not present at the time of the incident as they were in Islamabad for the Pakistan Super League (PSL) matches. As per reports, the robbers broke into the house by cutting the…
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SBP reduces cash-carrying limits by 50% for international travel
The State Bank of Pakistan (SBP) said in a statement that the cash-carrying limitations on foreign currency for international travel have been cut in half to $5,000 (or equivalent in other foreign currencies) each visit and $30,000 per year for individuals aged 18 and over. Under-18s (minors) will be subject to a 50 per cent…
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Hyundai-Nishat announces a hefty price hike following KIA
Hyundai-Nishat Motors raised the pricing of its Tucson variants by Rs1.1 million, citing the decline in the currency as the primary cause, following Lucky Motor Corporation’s price increases for its KIA-brand vehicles. After an increase of Rs1.1 million price increase for the c, the Hyundai Tucson FWD model is now offered for Rs6.89 million. The…
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Pakistani rupee plunges to Rs227 against US dollar at midday trading
On Thursday, the rupee’s decline against the US dollar reached an all-time low of Rs227 in the interbank market. Experts blame the losses on political unrest and the fact that the dollar is bolstering against other currencies as well, according to DAWN. On Wednesday, the rupee had a closing value of Rs224.92. According to the…
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Interbank trade: Pakistani rupee falls to all-time low of Rs214.74 against US dollar
As a result of the ruling PML-N’s defeat in the Punjab by-elections, which has caused political turmoil in the nation, the Pakistani rupee (PKR) on Monday fell to an all-time low of Rs214 against the US dollar in interbank trade. Today’s intraday trade saw Rs3.79 depreciation of the local currency against the US dollar. It…