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Karachi among world’s least expensive cities in new report

09:30 PM | 2 Dec, 2022
Karachi among world’s least expensive cities in new report
Source: File Photo

Pakistan’s southern port city of Karachi has been ranked among the top 10 least expensive cities in the world, according to The Economist Intelligence Unit's (EIU) Worldwide Cost of Living 2022 report.

It has ranked Damascus (Syria) and Tripoli (Libya) as the cheapest cities while Karachi stood at the sixth place on the index.

Iran’s capital Tehran is the third least expensive city followed by Tunis and Taskent at fourth and fifth spots.

Kazakhstan’s Almaty and two Indian cities -- Ahmedabad and Chennai -- have been ranked seventh, eighth and ninth while Algiers is the tenth least expensive city in the world.

Damascus

Damascus is the capital of war-ravaged Syria which is suffering from deteriorating economy.

Tripoli

Tripoli is the capital and largest city of Libya, with a population of about 1.1 million people. It has been ranked second in terms of living expenses.

Tehran

Tehran is the capital of Iran, in the north of the country. According to 2016 estimate, his population is nearly nine million.

Tunis

Tunis is the capital and largest city of Tunisia, a country in North Africa. Its population is less than one millions and has been ranked fifth cheapest city in the world.

Karachi

Karachi is the most populous city in Pakistan and one of the most populous cities in the world, with a population of over 20 million. It has been ranked sixth least expensive city.

Meanwhile, New York tops the rankings for the first time, tying with frequent leader Singapore, which is back in pole position for the eighth time in ten years. Together the two have bumped Tel Aviv (Israel; top last year) down into third place, EIU said in a statement.

Hong Kong and Los Angeles has been ranked at fourth spot.

New York

New York is the most populous city in the United States with its population stands at 8.46 million. Constant increase in house rents, and living expenses has made it the most expensive city.

Singapore

Singapore is a city-state with population of more than six million. It has the world's highest transport prices, owing to strict government controls on car numbers.

Tel Aviv

It is a city of Israel, which is not recognised by Pakistan due to Palestine issue. The appreciating Israeli currency new shekel against the U.S. dollar has made local costs more expensive.

Hong Kong

Hong Kong has been ranked fourth as the most expensive city to live in due to rising prices of various items.

EIU said that the cost living survey has seen prices shoot up by 8.1% year on year on average in 172 major cities worldwide.

The war in Ukraine and continuing supply-chain problems have contributed to price rises, affecting production and trade across the world.

Daily Pakistan Global Web Desk

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Pakistani rupee exchange rate against US dollar, Euro, Pound and Riyal – March 1, 2024

Pakistani rupee remains stable against US dollar in the open market on March 1, 2024 (Friday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.32 for buying and 282.35 for selling.

Euro currently stands at 302 for buying and 305 for selling while British Pound rate stands at 353 for buying, and 356 for selling.

UAE Dirham AED hovers at 76.15 whereas the Saudi Riyal saw slight increase, with new rates at 74.4.

Today’s currency exchange rates in Pakistan – March 1, 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar ‎USD 279.32 282.35
Euro EUR 302 305
UK Pound Sterling GBP 353 356
U.A.E Dirham AED 76.15 76.85
Saudi Riyal SAR 74.4 75.2
Australian Dollar AUD 181 183
Bahrain Dinar BHD 743.11 751.11
Canadian Dollar CAD 207 209.2
China Yuan CNY 38.82 39.22
Danish Krone DKK 40.69 41.09
Hong Kong Dollar HKD 35.7 36.05
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.1 2.18
Kuwaiti Dinar KWD 907.32 916.32
Malaysian Ringgit MYR 58.49 59.09
New Zealand Dollar NZD 172.43 174.43
Norwegians Krone NOK 26.36 26.66
Omani Riyal OMR 725.68 733.68
Qatari Riyal ‎QAR 76.74 77.46
Singapore Dollar SGD 207 209
Swedish Korona SEK 27.13 27.43
Swiss Franc CHF 317.76 320.26
Thai Bhat THB 7.76 7.91

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