PM Shehbaz reaffirms commitment to uphold Constitution amid political crisis

Web Desk 12:04 PM | 26 May, 2023
PM Shehbaz reaffirms commitment to uphold Constitution amid political crisis

KARACHI – Prime Minister Shehbaz Sharif has restated the government’s resolute dedication to upholding the Constitution, regardless of the obstacles posed by the ongoing political crisis, which intensified following the violent protests on May 9.

Addressing the audience at the Textile Expo’s opening ceremony on Friday, Prime Minister Shehbaz Sharif emphasized the government’s adherence to the rule of law, meritocracy, and its unwavering determination to align with the Constitution, rules, and policies.

In his speech, the Prime Minister inaugurated the textile expo in Karachi, highlighting the significant participation of foreign investors in the event. He expressed satisfaction that investors are enthusiastic about coming to Pakistan and recognizing the textile sector as the backbone of the country’s economy. Despite prevailing challenges, the textile industry in Pakistan continues to thrive.

Shehbaz Sharif acknowledged the tireless efforts of businesspeople and attributed their hard work to the improvement in the textile sector. He also mentioned that pre-budget meetings are scheduled to commence the following week, underscoring the textile industry’s contribution of 60% to the country’s exports.

The prime minister affirmed that the government will provide necessary support to traders to boost exports and welcomed unique ideas from all stakeholders. He extended his congratulations to the organizers of the textile expo, recognizing their efforts in successfully arranging the event.

Shehbaz Sharif further emphasized the government’s commitment to maintaining a supportive environment for foreign investors, based on the principles of the rule of law and meritocracy.

Amidst the persisting political crisis, the Prime Minister’s unwavering commitment to upholding the Constitution acts as a beacon of stability and reassurance for the nation.

During his visit to Karachi, Prime Minister Muhammad Shehbaz Sharif embarked on a day-long trip, packed with significant engagements. Among them, he scheduled a meeting with the Governor of Sindh, Kamran Tessori, to discuss various issues concerning the province and explore potential avenues for collaboration between the federal and provincial governments.

Furthermore, the prime minister is set to perform the groundbreaking ceremony of the Greater Karachi Water Supply Scheme, known as K-4. This project holds immense importance for the citizens of Karachi as it aims to address the long-standing water scarcity issues in the city.

Web Desk
Web Desk

Daily Pakistan Global Web Desk


Rupee gains massive recovery against US dollar after SBP relaxes rules for banks

KARACHI – The Pakistani rupee experienced a significant surge in its value in the open market against the dollar.

This surge came after a recent directive from the State Bank of Pakistan (SBP), allowing banks to purchase dollars at the interbank market rate for international card payments. The objective of this move was to narrow the exchange rate gap between the official and informal markets.

According to the Exchange Companies Association of Pakistan, the currency market witnessed the dollar being traded at Rs298, compared to its previous day’s closing rate of 311.

The SBP’s decision was influenced by the International Monetary Fund’s demand for Pakistan to stabilize its currency market before resuming a $6.5 billion bailout program.

In a circular, the central bank stated, “In response to the feedback received from various stakeholders, Authorized Dealers are now permitted to buy USD from the Interbank market to settle card-based cross border transactions with international payment schemes (IPS).”

Market analysts had predicted a decline in the value of the rupee following the implementation of these new guidelines.

Zafar Paracha, the General Secretary of the ECAP, expressed that the SBP’s decision was timely and appropriate. He anticipated that it would lead to a decrease of 20 to 25 rupees in the open market currency rate. Paracha also noted that aligning the rates in the official and informal markets would bolster remittance inflows.

Pracha further emphasized that significant disparities in rates between the official and informal markets encourage transactions outside of the official banking system.

Today's gold rates in Pakistan – June 1, 2023

KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs 229,000 on Thursday. The price of 10 grams of 24k gold was recorded at Rs197,620.   

Likewise, 10 grams of 22k gold were being traded for Rs181,150 while a single tola of 22-karat gold was being sold at Rs 211,290.

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.

City Gold Silver
Lahore PKR 229,000 PKR 2125
Karachi PKR 229,000 PKR 2125
Islamabad PKR 229,000 PKR 2125
Peshawar PKR 229,000 PKR 2125
Quetta PKR 229,000 PKR 2125
Sialkot PKR 229,000 PKR 2125
Attock PKR 229,000 PKR 2125
Gujranwala PKR 229,000 PKR 2125
Jehlum PKR 229,000 PKR 2125
Multan PKR 229,000 PKR 2125
Bahawalpur PKR 229,000 PKR 2125
Gujrat PKR 229,000 PKR 2125
Nawabshah PKR 229,000 PKR 2125
Chakwal PKR 229,000 PKR 2125
Hyderabad PKR 229,000 PKR 2125
Nowshehra PKR 229,000 PKR 2125
Sargodha PKR 229,000 PKR 2125
Faisalabad PKR 229,000 PKR 2125
Mirpur PKR 229,000 PKR 2125


Follow us on Facebook

Follow us on Twitter

Sign up for Newsletter