In a significant move, the federal government has announced substantial progress in the privatization of Pakistan International Airlines (PIA). During a federal cabinet meeting chaired by Prime Minister Shehbaz Sharif on Tuesday, officials provided updates on the ongoing efforts to privatize state-owned institutions, with a particular focus on PIA.
The cabinet was informed that companies interested in the pre-bidding process for PIA are currently conducting site visits. The bidding for PIA is scheduled to take place in the first week of August. Prime Minister Shehbaz Sharif emphasized the need to expedite the privatization process while ensuring complete transparency.
The federal government has set an ambitious target of collecting Rs30 billion from privatization in the financial year 2024-25. Among the 25 state-owned enterprises slated for privatization are PIA, the Roosevelt Hotel, First Women's Bank, Utility Stores Corporation, and various electricity distribution companies.
This announcement follows the federal government’s commitment under the second and final review of the Standby Arrangement (SBA) with the International Monetary Fund (IMF) on May 10. The government had forecast a target for the bidding of PIA's core business by June 2024, with plans to sell a 51% stake in the airline.
Pakistani rupee rates against US Dollar and other currencies on July 1, 2024 (Monday) in open market.
US dollar was being quoted at 277.5 for buying and 280.65 for selling.
Euro's buying rate stands at 293.5 and selling rate is 297.2 while British Pound rate is 349 for buying, and 352.55 for selling.
UAE Dirham AED was at 74.9 and Saudi Riyal at 73.
Currency | Symbol | Buying | Selling |
---|---|---|---|
US Dollar | USD | 277.5 | 280.65 |
Euro | EUR | 293.5 | 297 |
UK Pound Sterling | GBP | 349 | 352.55 |
U.A.E Dirham | AED | 74.9 | 75.7 |
Saudi Riyal | SAR | 73 | 73.8 |
Australian Dollar | AUD | 182.2 | 184 |
Bahrain Dinar | BHD | 740.56 | 748.56 |
Canadian Dollar | CAD | 203 | 205 |
China Yuan | CNY | 38.32 | 38.72 |
Danish Krone | DKK | 39.87 | 40.27 |
Hong Kong Dollar | HKD | 35.66 | 36.01 |
Indian Rupee | INR | 3.33 | 3.44 |
Japanese Yen | JPY | 1.9 | 1.98 |
Kuwaiti Dinar | KWD | 907.51 | 916.51 |
Malaysian Ringgit | MYR | 59.13 | 59.73 |
New Zealand Dollar | NZD | 169.22 | 171.22 |
Norwegians Krone | NOK | 26.38 | 26.68 |
Omani Riyal | OMR | 723.24 | 731.24 |
Qatari Riyal | QAR | 76.5 | 77.2 |
Singapore Dollar | SGD | 202 | 204 |
Swedish Korona | SEK | 26.34 | 26.64 |
Swiss Franc | CHF | 311.34 | 313.84 |
Thai Bhat | THB | 7.58 | 7.73 |
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