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Pakistan approves importing wheat from Russia to avert food crisis

10:44 AM | 1 Nov, 2022
Pakistan approves importing wheat from Russia to avert food crisis
Source: @FinMinistryPak/Twitter

ISLAMABAD – Pakistan has approved importing three million metric tonnes (MT) of wheat from Russia on the government to government (G2G) basis despite sanctions on Moscow.

Economic Coordination Committee (ECC) of the Cabinet presided over by Finance Minister Ishaq Dar gave a final nod to import Russian wheat besides approving an increase in commission to oil marketing companies (OMCs) on the sale of petroleum products.

The cash-strapped country will get wheat from a state-owned company of the Russian government at a price of $372 per tonne and it will be shipped between November and January 15.

Back in August, Islamabad dismissed Moscow’s offer to supply over 1 lac metric tons of wheat at a price of $399.50, in a bid to get cheaper options.

Meanwhile, officials informed the ECC, a consultative forum for coordinating economic security, that M/s Prodintorg is not an internationally sanctioned entity as food exports by Russia are excluded from the banned items list after military advance.

Last time, Islamabad imported one million metric tons of wheat from Moscow in 2020 under the government-to-government deal.

The development comes as flood-hit regions are likely to produce 50 percent less wheat this year in wake of catastrophic rains and floods that inundated a third of Pakistan

Daily Pakistan Global Web Desk

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Currency Rates Today - Pakistani Rupee to US Dollar, Euro, Pound, Dirham, Riyal - 25 July 2024

Pakistani rupee rates against US Dollar and other currencies on July 25, 2024 (Thursday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 279 for buying and 280.75 for selling. Euro's buying rate moved up to 301.75 and selling rate is 303.85.

British Pound rate is 356 for buying, and 360.25 for selling. UAE Dirham AED was at 76.65 and Saudi Riyal hovered at 73.90.

Currency Rates Today

Source: Forex Association of Pakistan. (last update 08:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279 280.75
Euro EUR 301.75 303.85
UK Pound Sterling GBP 356 360.25
U.A.E Dirham AED 76.65 77.4
Saudi Riyal SAR 73.90 74.63
Australian Dollar AUD 184.95 186.75
Bahrain Dinar BHD 741.15 749.15
Canadian Dollar CAD 203.65 205.65
China Yuan CNY 38.4 38.8
Danish Krone DKK 40.15 40.55
Hong Kong Dollar HKD 35.75 36.05
Indian Rupee INR 3.33 3.43
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 908.25 917.35
Malaysian Ringgit MYR 58.95 59.75
New Zealand Dollar NZD 169.24 171.24
Norwegians Krone NOK 26.04 26.34
Omani Riyal OMR 722.87 730.89
Qatari Riyal QAR 76.39 77.09
Singapore Dollar SGD 202.4 204.4
Swedish Korona SEK 26.5 26.8
Swiss Franc CHF 309.05 311.55
Thai Bhat THB 7.55 7.7

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