ISLAMABAD – Germany has expressed reservations on difficulties being faced official importers of Mercedes-Benz, BMW and Audi in Pakistan due to restrictions imposed by the cash-strapped country on imports to tackle depleting foreign exchange reserves.
The German Ambassador to Pakistan Alfred Grannas sent a letter to Federal Minister of Economic Affairs Sardar Ayaz Sadiq, stating Pakistan may lose its Generalised Scheme of Preferences (GSP-Plus) status due to such restrictions.
The ambassador wrote that the Germany always appreciated “Government of Pakistan's outlook towards environment protection and efficient utilization of natural resources, clean and green energy. A positive regulatory framework for Electric vehicles' imports has been a major step in that direction”.
“I would like to draw your attention to the difficult situation of official importers for Mercedes-Benz. BMW and Audi in Pakistan who identified electric vehicles best suited to this vision and placed their orders accordingly with the respective OEM's. We have learnt, however, that the State Bank of Pakistan is constantly declining to open any of their Letters of Credits through their commercial banks,” read the letter.
The ambassador said the move cast a shadow over the good and friendly relation between the two countries. “Germany is not only the most significant and largest trading partner of Pakistan in the entire Ell (by volume and value), Germany is also one of the leading countries in financial assistance for people most affected by the floods last summer,” he highlighted.
The letter maintained the ban on import of electric cars was detrimental to the bilateral trade, adding that restrictions on opening of LCs were also a violation of GSP+ status.
It warned that the country may lose the GSP+ status by imposing such restrictions on import of electric vehicles.
ISLAMABAD – Pakistani rupee remained stable against the US dollar as the market is looking for direction amid Pakistan’s ongoing negotiations with the International Monetary Fund (IMF).
Amid the economic uncertainty, the local currency remained unchanged against the greenback, moving up 0.01 percent during the opening hours of trading. Before noon, PKR was hovering at 285.40 in the interbank.
In contrast to the inter-bank, the dollar continued its upward trajectory in the open market and is reportedly available at Rs315, as the gap between the official rate and open market rate is Rs30 per dollar.
As the money market is waiting for a positive development from the economic front, International Monetary Fund (IMF) Mission Chief to Pakistan said they continued engagement with Islamabad focusing on the restoration of foreign exchange proper market functioning, with special on the upcoming budget.
KARACHI - The price of a single tola of 24-karat gold in Pakistan is Rs 232,700 on Tuesday.The price of 10 grams of 24k gold was recorded at Rs199,510.
Likewise, 10 grams of 22k gold were being traded for Rs163,624 while a single tola of 22-karat gold was being sold at Rs 190,880.
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.
|Lahore||PKR 232,700||PKR 2,500|
|Karachi||PKR 232,700||PKR 2,500|
|Islamabad||PKR 232,700||PKR 2,500|
|Peshawar||PKR 232,700||PKR 2,500|
|Quetta||PKR 232,700||PKR 2,500|
|Sialkot||PKR 232,700||PKR 2,500|
|Attock||PKR 232,700||PKR 2,500|
|Gujranwala||PKR 232,700||PKR 2,500|
|Jehlum||PKR 232,700||PKR 2,500|
|Multan||PKR 232,700||PKR 2,500|
|Bahawalpur||PKR 232,700||PKR 2,500|
|Gujrat||PKR 232,700||PKR 2,500|
|Nawabshah||PKR 232,700||PKR 2,500|
|Chakwal||PKR 232,700||PKR 2,500|
|Hyderabad||PKR 232,700||PKR 2,500|
|Nowshehra||PKR 232,700||PKR 2,500|
|Sargodha||PKR 232,700||PKR 2,500|
|Faisalabad||PKR 232,700||PKR 2,500|
|Mirpur||PKR 232,700||PKR 2,500|
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