ISLAMABAD – The federal government and provinces are working on budget for fiscal year 2024-25 amid facing economic challenges and pressure from IMF.
In the upcoming budget, unofficial reports hinted at 10-12 percent salary increase for government employees. The final decision will be announced by the government, in line with recommendations by finance ministry and lenders.
If approved, the increased salary will come into effect in July 2024, in what is expected to be a brother for inflation-hit people.
Budget announcement is eagerly awaited by federal and provincial government employees as it often includes potential salary and pension increases.
The government is working to curb inflation, aiming to achieve a target range of 5–7 percent drop by 2025. Recent data shows a positive trend, with headline inflation dropping from 23.1 percent in February to 20.7 percent year-on-year in March. Core inflation also decreased from 18.1 percent in February to 15.7 percent in March.
Pakistani currency rates against US Dollar and other currencies on May 16, 2024 (Thursday) in open market.
US dollar was being quoted at 277.15 for buying and 279.95 for selling.
Euro stands at 296.25 for buying and 299 for selling while British Pound rate is 344.5 for buying, and 348 for selling.
UAE Dirham AED was at 75.15 and Saudi Riyal came down to 73.50.
Currency | Symbol | Buying | Selling |
---|---|---|---|
US Dollar | USD | 277.15 | 279.95 |
Euro | EUR | 296.25 | 299 |
UK Pound Sterling | GBP | 344.5 | 348 |
U.A.E Dirham | AED | 75.15 | 75.9 |
Saudi Riyal | SAR | 73.5 | 74.2 |
Australian Dollar | AUD | 180.5 | 182.2 |
Bahrain Dinar | BHD | 739.77 | 747.77 |
Canadian Dollar | CAD | 203 | 205 |
China Yuan | CNY | 38.49 | 38.89 |
Danish Krone | DKK | 40.25 | 40.65 |
Hong Kong Dollar | HKD | 35.61 | 35.96 |
Indian Rupee | INR | 3.33 | 3.44 |
Japanese Yen | JPY | 1.91 | 1.99 |
Kuwaiti Dinar | KWD | 904.28 | 913.28 |
Malaysian Ringgit | MYR | 58.69 | 59.29 |
New Zealand Dollar | NZD | 167.45 | 169.45 |
Norwegians Krone | NOK | 25.67 | 25.97 |
Omani Riyal | OMR | 722.59 | 730.59 |
Qatari Riyal | QAR | 76.41 | 77.11 |
Singapore Dollar | SGD | 203 | 205 |
Swedish Korona | SEK | 25.67 | 25.97 |
Swiss Franc | CHF | 306.51 | 309.01 |
Thai Bhat | THB | 7.57 | 7.72 |
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