Govt appoints new finance secretary ahead of budget 2023-24

10:21 AM | 19 May, 2023
Govt appoints new finance secretary ahead of budget 2023-24
Source: Twitter

ISLAMABAD: Ahead of the upcoming 2023-24 fiscal year budget, the federal government has transferred Finance Secretary Hamed Yaqoob Sheikh, instructing him to report to the Establishment Division. 

Following the transfer, the Establishment Division appointed Imdadullah Bosal, a BS-22 officer of the Pakistan Administrative Service (PAS), as the new secretary of the Finance Division.

Sources reveal that Sheikh, also a BS-22 officer of the PAS, had submitted a written request to the government for leave. However, the government was hesitant to grant his request due to the upcoming budget for 2023-24, scheduled to be unveiled on June 9.

Sheikh’s reasons for seeking relief included attending his child’s graduation ceremony abroad, experiencing back pain from prolonged office hours, and a potential lucrative assignment with an FCDO-funded project (yet to be confirmed).

Sheikh had rendered his services during a critical period when the country was striving to meet the conditions set by the International Monetary Fund (IMF) to reinstate the Fund-sponsored program. Over the past few years, he had served under both the Pakistan Tekreek-e-Insaf and Pakistan Democratic Movement-led regimes, exerting considerable efforts to sustain the IMF program despite the lender’s stringent stance.

He strongly opposed the government’s unilateral decision to implement a cross-fuel subsidy plan without consulting the IMF. Unfortunately, his endeavors were in vain, as the IMF has not yet resumed the halted program, despite the authorities’ tireless efforts in Islamabad over the past several months.

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Rupee falls below 290 against US dollar in interbank market

KARACHI – The Pakistani rupee on Tuesday continued its ascent, trading at less than Rs290 against the US dollar in the morning interbank market, primarily due to stringent measures in the financial sector.

The US dollar was valued at Rs289.78 around 9:48 am, as reported by the Forex Association of Pakistan, marking a decrease of Rs1.18 from the previous day’s closing rate of Rs290.86.

This ongoing rise in the value of the rupee follows the crackdown on illegal dollar trading initiated earlier this month, with strong support from the military.

In the open market, the rupee also made gains against the dollar, trading at Rs292 compared to the previous day’s rate of Rs293, according to the Exchange Companies Association of Pakistan.

Saad Bin Naseer, the director of the financial services platform Mettis Global, noted that this marked the 16th consecutive day of appreciation for the PKR, amounting to nearly a 6% increase.

Naseer attributed this surge primarily to administrative measures, stating that it seems the government’s crackdown on speculative elements contributing to rupee depreciation is having an effect.

He also suggested that if this trend persists and the Afghan border remains closed, the rupee could continue to appreciate in the future. However, he emphasized the importance of attracting foreign direct investment (FDI) into export-oriented sectors for long-term stability.

Gold Rate in Pakistan Today – September 26, 2023

Today Gold Rate in Pakistan

KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs 210,100 on Tuesday. The price of 10 grams of 24k gold was recorded at Rs180,130.

Likewise, 10 grams of 22k gold were being traded for Rs168,730 while a single tola of 22-karat gold was being sold at Rs196,807.

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.

Today Gold Price in Pakistan - 26 September 2023

City Gold Silver
Lahore PKR 210,100 PKR 2,587
Karachi PKR 210,100 PKR 2,587
Islamabad PKR 210,100 PKR 2,587
Peshawar PKR 210,100 PKR 2,587
Quetta PKR 210,100 PKR 2,587
Sialkot PKR 210,100 PKR 2,587
Attock PKR 210,100 PKR 2,587
Gujranwala PKR 210,100 PKR 2,587
Jehlum PKR 210,100 PKR 2,587
Multan PKR 210,100 PKR 2,587
Bahawalpur PKR 210,100 PKR 2,587
Gujrat PKR 210,100 PKR 2,587
Nawabshah PKR 210,100 PKR 2,587
Chakwal PKR 210,100 PKR 2,587
Hyderabad PKR 210,100 PKR 2,587
Nowshehra PKR 210,100 PKR 2,587
Sargodha PKR 210,100 PKR 2,587
Faisalabad PKR 210,100 PKR 2,587
Mirpur PKR 210,100 PKR 2,587


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