PM Shehbaz forms 21-member Economic Advisory Council

11:34 AM | 29 Apr, 2022

Source: @PakPMO (Twitter)

ISLAMABAD – Prime Minister Shehbaz Sharif has constituted a 21-member Economic Advisory Council (EAC) as Pakistan faces widening current account deficit, depleting foreign reserves and skyrocketing inflation.

Following the ouster of former prime minister Imran Khan through a no-confidence vote, the new government of coalition parties has promised to provide immediate relief to public by overhauling the economic policies of its predecessor.

A notification issued by the Ministry of Finance said that the new economic advisor body will review and formulate economic policies in a more holistic manner.

EAC would advise the government on short term macro-economic stabilization as well as structural reforms to ensure economic stability in the country.

The members of council include Shahid Khaqan Abbasi, Ahsan Iqbal Chaudhary, Miftah Ismail, Saleem Mandviwalla, Ms. Marriyum Aurangzeb, Dr. Ayesha Ghous Pasha, Mussadiq Malik, Tariq Pasha, Mian Muhammad Mansha, Mohammad Ali Tabba, Arif Habib, Dr. Asim Hussain, Atif Bajwa, Faisal Farid, Aurangzeb, HBL, Waqar Ahmaf Malik, MD/CEO Fauji Foundation, Salman Ahmed, Shahzad Salim, Rahman Naseem, MusadaqZulqarnain and Dr. ljazNabi.

Initially, the EAC will be convened on weekly basis on the issues of national economic importance. It has authority to constitute sub-committees for specific tasks with clear deadlines.

It would analyze the effectiveness of subsidies, protection and other financial support by the government to the State Owned Enterprises (SoEs) and other vital sectors of the economy in context of overall cost and benefit analysis of such subsidies/protection.

PM Shehbaz Sharif announces economic relief for public in his first address

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Forex

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.

https://en.dailypakistan.com.pk/01-Jun-2023/today-s-currency-exchange-rates-in-pakistan-dollar-euro-pound-riyal-rates-on-june-1-2023

Gold & Silver Rate

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