Latest news with #Paracha
Express Tribune
6 days ago
- Business
- Express Tribune
Rupee loses 21 paisa on imports, global woes
The Pakistani rupee on Monday lost 21 paisa, or 0.07%, reaching its lowest level in 18 months against the US dollar amid rising import demand and evolving geopolitical factors. By the end of trading, the rupee stood at 283.17/$, down 21 paisa compared to the previous day. This marks the first time the currency has touched the 283 level since December 2023. The rupee remains under pressure due to increased import payments and ongoing debt repayments. Over the past week, the currency lost 0.28%, or 79 paisa, settling at 282.96 against the dollar, compared to the prior week's close at 282.17, as per data from the State Bank of Pakistan (SBP). The rupee has depreciated by 1.63% so far in the current calendar year and by 1.71% in the current fiscal year, according to Ismail Iqbal Securities. Exchange Companies Association of Pakistan General Secretary Zafar Paracha said the rupee has remained relatively stable compared to past crises, despite recent geopolitical tensions. He noted that unlike previous situations when the dollar surged sharply, the market has been managed better this time around. However, ongoing tensions and uncertainty have led to a slight depreciation of the rupee and rise in gold prices. Paracha also highlighted reduced remittances and increased capital outflows during recent India-Pakistan tensions, with some investors turning to alternatives like cryptocurrencies. Gold prices in Pakistan fell on Monday, mirroring the decline in the international market where bullion slipped over 1% as investors booked profits following an eight-week high. Market participants also remained cautious due to escalating Israel-Iran tensions and the upcoming US Federal Reserve policy meeting. In the domestic market, the price of gold per tola dipped Rs700 to settle at Rs362,300. Likewise, the price of 10 grams of gold decreased Rs600 to Rs310,613, according to the All Pakistan Sarafa Gems and Jewellers Association.
Business Recorder
14-06-2025
- Business
- Business Recorder
FPCCI slams 18pc tax on e-commerce transactions, solar panels
KARACHI: Vice President of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Muhammad Amaan Paracha has said that the federal budget for the new fiscal year does not align with the expectations of the trade, industry, and the general public. He criticised the imposition of taxes on e-commerce transactions, saying it is an unjust move. 'Unemployed youth were earning through e-commerce, and this step will stifle their potential,' he said. Expressing serious concern over the 18% tax imposed on solar panels, Paracha said the government has retrieved Rs 3 trillion through the termination of Independent Power Producer (IPP) agreements — a positive move for the power sector. However, instead of formulating an effective alternative energy policy, the government has imposed 18% sales tax on solar panels. This has already caused a spike in solar panel prices in the market. 'The entire business community unanimously demands the immediate withdrawal of this sales tax,' he added. 'We had hoped for relief to help the industry stabilize, but even the agricultural sector received no support, and the government turned a blind eye to education, offering no relief,' Paracha stated. He further pointed out that the federal budget for 2025–26 contains over 40% anomalies that the government must address. The industrial sector had expected the budget to be business-friendly and in the public interest, but instead, it has led to deep disappointment. Due to rising electricity prices, industrial production costs are already extremely high, and taxing solar panels will deprive industries of cheap energy options — effectively forcing them to buy expensive electricity, which is unfair. Paracha acknowledged that given the current post-Pakistan-India war scenario, an increase in the defense budget was inevitable. He cited the regional situation, recent surge in terrorism, India's water aggression, and non-traditional threats as reasons to prioritize national security. A 21% increase in the defense budget, allocating Rs 2,550 billion, was a necessary and vital step, he said. He also urged the SBP governor to reduce the interest rate by 3% in the monetary policy scheduled to be announced on Monday. Copyright Business Recorder, 2025
Express Tribune
11-05-2025
- Express Tribune
No clue to woman missing since April 15
A woman reportedly abducted from the Malir Halt area on April 15, 2025, remains missing, with her family accusing police of demanding a bribe in exchange for taking action. According to a complaint filed at Al-Falah police station, Dil Shehzad Paracha, a resident of Gulfishan Society, Malir Halt, reported that his wife, 36-year-old Rehana, has been missing since the afternoon of April 15. The case was registered under Section 496-A of the Pakistan Penal Code. Paracha, who runs a retail shop in the area, stated that he left for work at around 9am on the day of the incident. Later, at 5pm, his 13-year-old son Aqib informed him that Rehana had gone to Korangi No 1 Market at around 2pm but had not returned. Despite efforts to locate her, including repeated attempts to contact her mobile phone — which remained switched off — there has been no trace of her. The complainant suspects a man named Tauqeer, a former tenant in their neighbourhood, of abducting his wife. He further revealed that at around 9pm on the day of the disappearance, he received a disturbing phone call in which he could hear what sounded like Rehana being physically assaulted before the call abruptly ended. Paracha added that Rehana was wearing three tolas of gold jewellery when she left the house.
Hindustan Times
29-04-2025
- Business
- Hindustan Times
World Bank sanctions $108m to Pakistan for women empowerment projects
The World Bank has sanctioned additional funding of USD 108 million for improving the lives of women and girls by enhancing their access to essential services and economic opportunities in Khyber Pakhtunkhwa province in northwest Pakistan. The Pakhtunkhwa Integrated Tourism Development (KITE) and the Khyber Pakhtunkhwa Rural Accessibility Project (KPRAP) have an estimated value of USD 30 million and USD 78 million respectively. Also read | 8 Pakistani workers killed by Baloch militants in Iran's Sistan-Baluchestan province According to a release from the World Bank, the funding has been granted to help both projects accomplish their goals of increasing access to markets, jobs, and health and education services in a way that increases the province's resilience to natural catastrophes. The USD 78 million in additional financing for the KPRAP will focus on providing safe and climate resilient road infrastructure, by upgrading and rehabilitating rural roads, thereby improving access to services including schools, health facilities, and markets. 'The project is crucial for improving the lives of people in the province, particularly women and girls, by enhancing their access to essential services and economic opportunities,' said Muhammad Bilal Paracha, Task Team Leader for the project. Also read | Pakistan charges Baloch activist with 'terrorism' The USD 30 million in additional financing for the KITE will help enhance the province's tourism sector by completing the rehabilitation of two roads that will improve access to the province's pristine tourist spots in the vicinity. 'This additional financing underscores the World Bank's commitment to supporting Pakistan's and Khyber Pakhtunkhwa province's development goals,' Paracha said.
Indian Express
29-04-2025
- Business
- Indian Express
World Bank sanctions USD 108 mn for Pakistan's Khyber Pakhtunkhwa
The World Bank has sanctioned additional funding of USD 108 million for improving the lives of women and girls by enhancing their access to essential services and economic opportunities in Khyber Pakhtunkhwa province in northwest Pakistan. The Pakhtunkhwa Integrated Tourism Development (KITE) and the Khyber Pakhtunkhwa Rural Accessibility Project (KPRAP) projects have an estimated value of USD 30 million and USD 78 million respectively. According to a release from the World Bank, the funding has been granted to help both projects accomplish their goals of increasing access to markets, jobs, and health and education services in a way that increases the province's resilience to natural catastrophes. The USD 78 million in additional financing for the KPRAP will focus on providing safe and climate resilient road infrastructure, by upgrading and rehabilitating rural roads, thereby improving access to services including schools, health facilities, and markets. 'The project is crucial for improving the lives of people in the province, particularly women and girls, by enhancing their access to essential services and economic opportunities,' said Muhammad Bilal Paracha, Task Team Leader for the project. The USD 30 million in additional financing for the KITE will help enhance the province's tourism sector by completing the rehabilitation of two roads that will improve access to the province's pristine tourist spots in the vicinity. 'This additional financing underscores the World Bank's commitment to supporting Pakistan's and Khyber Pakhtunkhwa province's development goals,' Paracha said.
