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FBR freezes PIA accounts amid EU inspection: Details inside

05:54 PM | 30 Nov, 2023
FBR freezes PIA accounts amid EU inspection: Details inside

ISLAMABAD - In another blow, the accounts of Pakistan Inter­n­ational Airlines were frozen by the Federal Board of Revenue (FBR) once again on Wednesday.

The development coincides with the arrival of a team from the European Union’s Avi­ation Safety Agency (EAS­A) expected to inspect the airline and its possible resumption of flights to Europe and other destinations.

Besides the accounts blockage episode, the carrier suffered another setback as Pakistan State Oil threatened to stop oil supply to the airline if outstanding dues were not settled by Thursday.

Reacting to the development, a spokesman for PIA said it was unfortunate that the FBR decided to freeze its accounts at a time when a delegation from EASA was in the country to examine the airline.

The airline management was in touch with the FBR which had frozen 28 PIA accounts so far, the spokesperson was quoted as saying by Dawn.

 “The management is hopeful that the issue will be resolved soon,” he stated.

It bears mentioning that the flight operation of  PIA to the United Kingdom and other European destinations came to a halt in 2020 after a plane crashed in Karachi on May 22, 2020.

The restrictions by EASA were imposed after the then aviation minister Ghulam Sarwar Khan raised concerns about the qualification of a majority of pilots operating PIA; investigations revealed that there was no truth to the allegation though the statement cost Pakistan billions of Dollars in terms of lost revenue besides tarnishing the repute of the airline. 

As PIA battles challenges, a four-member EASA delegation carried out an inspection of the carrier's operation, apron, engineering area and flight safety tools in Karachi. A day earlier, the team reviewed measures taken by the Civil Aviation Authority for pilot licenses and airworthiness.

The federal government has also decided to privatise the loss-making Pakistan International Airlines for which a consultant has also been hired and privatisation minister, Fawad Hassan Fawad has advocated the privatisation of the carrier in the backdrop of the multifaceted challenges being faced by the national carrier.

Daily Pakistan Global Web Desk

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Pakistani rupee exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 27 Feb 2024

Pakistani currency remains largely stable against US dollar in the open market on February 27, 2024 (Tuesday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.4 for buying and 282.3 for selling.

Euro currently stands at 303 for buying and 306 for selling while British Pound rate stands at 351.5 for buying, and 355 for selling.

UAE Dirham AED hovers at 76 whereas the Saudi Riyal saw slight increase, with new rates at 76.7.

Today’s currency exchange rates in Pakistan - 27 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.4 282.3
Euro EUR 303 306
UK Pound Sterling GBP 351.5 355
U.A.E Dirham AED 76 76.7
Saudi Riyal SAR 74.2 75
Australian Dollar AUD 181 183
Bahrain Dinar BHD 742.91 750.91
Canadian Dollar CAD 207 209
China Yuan CNY 38.82 39.22
Danish Krone DKK 40.56 40.96
Hong Kong Dollar HKD 35.7 36.05
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 905.46 914.46
Malaysian Ringgit MYR 58.49 59.09
New Zealand Dollar NZD 173.05 175.05
Norwegians Krone NOK 26.36
 
26.66
Omani Riyal OMR 725.54 733.54
Qatari Riyal QAR 76.74 77.44
Singapore Dollar SGD 207 209
Swedish Korona SEK 27.04 27.34
Swiss Franc CHF 317 319.5
Thai Bhat THB 7.76 7.91

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