ISLAMABAD – The International Monetary Fund mission arrived in Pakistan late Monday to discuss the stalled ninth review of the crucial funding programme, with the country’s economy worsening with each passing day.
Reports in local media suggest that the IMF mission chief for Pakistan Nathan Porter arrived in the capital last night to start the second phase of policy negotiations to finalise a memorandum of economic and financial policies (MEFP).
Islamabad and US-based lender will engage in crucial talk from today as the country of over 220 million is facing a severe acute balance of payments crisis while the coalition government is doing all-out efforts to secure much need funds, with the country’s forex reserves held by central bank are less than one month of imports cover.
Pakistan is eyeing to secure $1.8 billion, which was delayed in the wake of the government's reluctance to accept harsh conditions, however, in recent times the top officials including Prime Minister Shehbaz Sharif mentioned that they are ready to agree on stringent conditions placed by the global lender.
The government is desperate to woo the IMF mission as the local currency has plunged to a historic low against the dollar after an exchange cap was lifted.
Amid the crucial talks, the Sharif-led government is expected to announce new policy measures and start upfront implementation, to address a circular debt of over Rs2.5 trillion in the power sector, expenditure cuts, and tax measures.
KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on March 28, 2023 (Tuesday).
Source: Forex Association of Pakistan. (last update 09:00 AM)
|UK Pound Sterling||GBP||345.5||349|
|Hong Kong Dollar||HKD||35.92||36.27|
|New Zealand Dollar||NZD||178||180|
KARACHI - The price of a single tola of 24-karat gold in Pakistan is Rs 204,300 on Tuesday. The price of 10 grams of 24k gold was recorded at Rs175,160.
Likewise, 10 grams of 22k gold were being traded for Rs163,624 while a single tola of 22-karat gold was being sold at Rs 190,880.
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.
|Lahore||PKR 204,300||PKR 2,465|
|Karachi||PKR 204,300||PKR 2,465|
|Islamabad||PKR 204,300||PKR 2,465|
|Peshawar||PKR 204,300||PKR 2,465|
|Quetta||PKR 204,300||PKR 2,465|
|Sialkot||PKR 204,300||PKR 2,465|
|Attock||PKR 204,300||PKR 2,465|
|Gujranwala||PKR 204,300||PKR 2,465|
|Jehlum||PKR 204,300||PKR 2,465|
|Multan||PKR 204,300||PKR 2,465|
|Bahawalpur||PKR 204,300||PKR 2,465|
|Gujrat||PKR 204,300||PKR 2,465|
|Nawabshah||PKR 204,300||PKR 2,465|
|Chakwal||PKR 204,300||PKR 2,465|
|Hyderabad||PKR 204,300||PKR 2,465|
|Nowshehra||PKR 204,300||PKR 2,465|
|Sargodha||PKR 204,300||PKR 2,465|
|Faisalabad||PKR 204,300||PKR 2,465|
|Mirpur||PKR 204,300||PKR 2,465|
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