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Pakistan decides to privatize one of biggest public entities

11:39 PM | 4 Jun, 2020
Pakistan decides to privatize one of biggest public entities

ISLAMABAD – Minister for Industries and Production Hamad Azhar has said the government has decided to privatize Pakistan Steel Mills in order to revive and steer it out of losses.

Addressing a news conference in Islamabad today, he said fifteen parties have shown their interest in Pakistan Steel Mills.

He clarified that only the core Steel Mills operations will be privatized, Radio Pakistan reported.

Hammad Azhar said that about nine thousand employees of Pakistan Steel Mills will be relieved in two phases after payment of their retirement dues and one-month salary. An amount of twenty billion rupees will be spent on this package. On an average, each employee will get 2.3 million rupees.

He said this proposal will now be forwarded to the cabinet for approval.

The Minister expressed his dismay over political point scoring by the opposition parties on the matter. He reminded that it was in their regime that Pakistan Steel Mills became a loss making entity and then was shut.

He regretted that no effort was made by the previous governments to revive the organization rather its loan surpassed two hundred billion rupees.

Daily Pakistan Global Web Desk

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Currency Rates in Pakistan - PKR to US Dollar, Euro, Dirham, Riyal 18 June 2024

Pakistani rupee rates against US Dollar and other currencies on June 18, 2024 (Tuesday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 277.50 for buying and 280.65 for selling.

Euro's buying rate stands at 296 and selling rate is 299 while British Pound rate is 349.7 for buying, and 353.25 for selling.

UAE Dirham AED was at 74.80 and Saudi Riyal at 72.80.

Currency Symbol Buying Selling
US Dollar USD 277.50 280.65
Euro EUR 296.00 299.00
UK Pound Sterling GBP 349.70 353.25
U.A.E Dirham AED 74.80 75.60
Saudi Riyal SAR 72.80 73.55
Australian Dollar AUD 182.00 184.00
Bahrain Dinar BHD 741.18 749.18
Canadian Dollar CAD 204.00 206.00
China Yuan CNY 38.43 38.83
Danish Krone DKK 40.18 40.58
Hong Kong Dollar HKD 35.66 36.01
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.90 1.98
Kuwaiti Dinar KWD 909.34 909.34
Malaysian Ringgit MYR 59.30 59.90
New Zealand Dollar NZD 170.79 172.79
Norwegians Krone NOK 25.97 26.27
Omani Riyal OMR 723.88 731.88
Qatari Riyal QAR 76.42 77.12
Singapore Dollar SGD 203.65 205.65
Swedish Korona SEK 26.40 26.70
Swiss Franc CHF 311.90 314.40
Thai Bhat THB 7.58 7.73

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