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Rio to cut Olympic costs by 10 percent

11:08 AM | 7 Oct, 2015
Rio to cut Olympic costs by 10 percent
RIO DE JANEIRO (APP) - Organizers of next year's Rio Olympics said Tuesday they aim to slash some 10 percent from spending to keep within budget while Brazil plunges into economic crisis.

South America's first country to host the Olympics is in serious trouble, with inflation and unemployment soaring and the IMF becoming the latest to predict a steep two-year economic downturn.

Organizers are currently meeting to identify possible savings within their operating budget of 7.4 billion reais ($1.9 billion). And they say the Rio Games will be recession-proof -- but still a great show.

"It's not about being modest. It's about being efficient, it's about making sense," Mario Andrada, chief spokesman for the Rio 2016 Olympic and Paralympic Committee, told AFP.

"The message is clear: a message of efficiency, rather than a message of humility." Officials say that in some cases, 30 percent will be cut from current costs, but Andrada said "generally it's about 10 percent as an overall figure."

These cost savings can range from simply eradicating printers and printed material to downsizing big ticket items that threaten to turn into money pits.

An option of adding a second floor and other infrastructure to the Maracana football stadium for an extravagant opening show has already been discarded, an official said.

The author is working as Editor Digital Media for Daily Pakistan and can be reached @ItsSarfrazAli.

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Currency Rates in Pakistan Today - PKR to US Dollar, Euro, Pound, Dirham, and Riyal - 21 April 2024

Pakistani currency remains unchanged against US Dollar and other currencies on April 21, 2024. US dollar was being quoted at 277.5 for buying and 280.5 for selling.

Euro stands at 293 for buying and 296 for selling while British Pound hovers at 342.25 for buying, and 345.65 for selling.

UAE Dirham AED was at 75.20 and Saudi Riyal's new rate was at 73.30. 

Today’s currency exchange rates in Pakistan - 21 April 2024

Currency Symbol Buying Selling
US Dollar USD 277.5 280.5
Euro EUR 293 296
UK Pound Sterling GBP 342.5 346
U.A.E Dirham AED 75.2 75.9
Saudi Riyal SAR 73.3 74.05
Australian Dollar AUD 181 182.8
Bahrain Dinar BHD 740.55 748.55
Canadian Dollar CAD 201 203
China Yuan CNY 38.47 38.87
Danish Krone DKK 39.78 40.18
Hong Kong Dollar HKD 35.53 35.88
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.86 1.94
Kuwaiti Dinar KWD 903.11 912.11
Malaysian Ringgit MYR 58.08 58.68
New Zealand Dollar NZD 164.22 166.22
Norwegians Krone NOK 25.61 25.91
Omani Riyal OMR 723.2 731.2
Qatari Riyal QAR 76.45 77.15
Singapore Dollar SGD 204.5 206.5
Swedish Korona SEK 25.31 25.61
Swiss Franc CHF 305.47 307.97
Thai Bhat THB 7.56 7.71

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