PCA delegation visits SBP to discuss irritants in import

Web Desk 03:13 PM | 2 Mar, 2023
PCA delegation visits SBP to discuss irritants in import
Source: Mr Musa Yahya Baghpatee, Mr Khalid Khanani, Mr Siraj Uddin, Dr Inayat Hussai, Mr Muhammad Yousuf, and Dr Asif Ali.

KARACHI - Pakistan Coating Association (PCA) delegation headed by its Chairman Mr Siraj Uddin visited the State Bank of Pakistan (SBP) to discuss irritants in import. The objective of PCA was to apprise SBP officials of the issues their member industries face on imports of raw materials.

 Dr Inayat Hussain, Deputy Governor SBP warmly welcomed the delegation. During the meeting, Mr Siraj Uddin, PCA Chairman, sought help from SBP to resolve impediments to importing raw materials by the PCA traders and importers.

While discussing, Mr Muhammad Yousuf, Former Senior Vice Chairman, also mentioned that containers have piled up at the Karachi Port due to the Bank’s refusal to release the shipping documents and the Bank Contracts, which also are not cleared by the Banks. This situation is putting an excessive burden of demurrage charges on importers.

Inayat Hussain, Deputy Governor, SBP well, understood the issues being faced by the importers. However, referring to earlier proposals by various trade bodies and chambers of commerce, he said importers can extend their payment terms through negotiations with their suppliers abroad or arrange funds abroad to settle their pending import payments.

Further, he stated that goods arrived at the port before January 18th 2023, as evidenced by a bill of lading/airway bill, subject to (a) In case of deferment, the importer shall ensure receipt of the swift message from the Bank abroad that imports are on a deferred payment basis for at least 180 days or; (b) In case of funding arrangements from abroad, the importer shall process import transactions after confirmation from the supplier’s Bank. This temporary/one-time facilitation shall be available until March 31st 2023, only to clear the backlog of import shipments.

The Deputy Governor, SBP, on 365 days of the payment term, stated that importers can approach them, and they would take up the matter with the Banks. In the end, Dr Inayat also hoped that the current situation would certainly notice an improvement in days to come ahead. However, normalization in the overall condition will take time. Finally, he assured the PCA delegation that SBP would continue facilitating the business community.

Dr Inayat Hussain, Dr Asif Ali, Director (SBP), Mr Siraj Uddin, Chairman, Mr Muhammad Yousuf, Mr Khalid Khanani, Mr Musa Yahya Baghpatee, Mr Usman Umer,  Ahsan Akbar Farooqui, Mr Iftekhar Rahat were present in the meeting.

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Today's currency exchange rates in Pakistan - Dollar, Euro, Pound, Riyal rates on June 6, 2023

KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on June 06, 2023 (Tuesday).

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency Symbol Buying Selling
US Dollar ‎USD 304.9 308.15
Euro EUR 322 325
UK Pound Sterling GBP 377 381
U.A.E Dirham AED 83.5 84.5
Saudi Riyal SAR 80.5 81.5
Australian Dollar AUD 202 204
Bahrain Dinar BHD 758.82 766.80
Canadian Dollar CAD 226 230
China Yuan CNY 40.28 40.68
Danish Krone DKK 41.03 41.43
Hong Kong Dollar HKD 36.4 36.75
Indian Rupee INR 3.46 3.57
Japanese Yen JPY 2 2.08
Kuwaiti Dinar KWD 925.2 934.2
Malaysian Ringgit MYR 61.94 62.54
New Zealand Dollar NZD 173.16 175.16
Norwegians Krone NOK 25.88 26.18
Omani Riyal OMR 742.38 750.38
Qatari Riyal ‎QAR 78.38 79.08
Singapore Dollar SGD 220 222
Swedish Korona SEK 26.36 26.66
Swiss Franc CHF 313.87 316.37
Thai Bhat THB 8.21 8.36

Today's gold rates in Pakistan | gold price in Pakistan – June 7, 2023

Gold Rate Today:

KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs 228,900 on Wednesday. The price of 10 grams of 24k gold was recorded at Rs197,190.   

Likewise, 10 grams of 22k gold were being traded for Rs180,756 while a single tola of 22-karat gold was being sold at Rs 210,832.

Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.

Gold Price in Pakistan: Lahore, Karachi, Islamabad

City Gold Silver
Lahore PKR 228,900 PKR 2125
Karachi PKR 228,900 PKR 2125
Islamabad PKR 228,900 PKR 2125
Peshawar PKR 228,900 PKR 2125
Quetta PKR 228,900 PKR 2125
Sialkot PKR 228,900 PKR 2125
Attock PKR 228,900 PKR 2125
Gujranwala PKR 228,900 PKR 2125
Jehlum PKR 228,900 PKR 2125
Multan PKR 228,900 PKR 2125
Bahawalpur PKR 228,900 PKR 2125
Gujrat PKR 228,900 PKR 2125
Nawabshah PKR 228,900 PKR 2125
Chakwal PKR 228,900 PKR 2125
Hyderabad PKR 228,900 PKR 2125
Nowshehra PKR 228,900 PKR 2125
Sargodha PKR 228,900 PKR 2125
Faisalabad PKR 228,900 PKR 2125
Mirpur PKR 228,900 PKR 2125

Daily Pakistan diligently monitors and updates the current gold rates in Pakistan on a daily basis


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