Business
Traders expect Pakistan’s Rupee to lose ground in coming week
Traders expect the Pakistani rupee to weaken further in the coming week owing to a sharp decline in foreign exchange reserves brought on by fresh repayments of external debt.
Traders say this is causing concern for investors who are worried about how the country’s economic situation will develop.
“We expect the rupee to depreciate much further during the course of the upcoming week due to declining foreign reserves and repayment of foreign loans. Any developments on the IMF (International Monetary Fund) front are being eagerly watched by the market,” a forex trader said.
The local currency closed at 226.94 against the US dollar on Monday while it ended the week at 227.14 against the dollar on Friday.
Pakistan paid back $600 million to the Emirates NBD Bank and $420 million to the Dubai Islamic Bank, causing the State Bank of Pakistan’s (SBP) reserves to fall to a critically low level of $4.5 billion.
The coming week is turning out to be significant for Pakistan’s economy as a donors’ conference is set to begin on Monday, January 9, which will be led by the US in partnership with Pakistan to garner support for post-flood aid, according to Geo TV.
Currently, Pakistan’s chief of army staff is visiting Saudi Arabia and the United Arab Emirates. Experts have said “no one is second guessing what this trip is about.”
Meanwhile, the delay in IMF funding of $1.1 billion has made Pakistan struggle to allay default fears.
Islamabad and the IMF differ over a review of policy and reforms the Fund is requiring in the country. The IMF’s programe review was supposed to be finished in November, Geo TV reported.
The IMF programe is connected to another essential foreign financing, making it difficult for the country to meet its external funding requirements. Up until June, they amounted to more than $30 billion and included imports, especially energy, and debt repayments.
The decline in the forex reserves put pressure on the rupee owing to the government’s slow progress in rolling over and securing foreign inflows from international lenders.
Given that elections are slated to take place this year, the government keeps delaying the IMF’s requirements out of concern for further political capital loss.
The local currency has lost 28.3% of its value against the dollar in 2022.
Finance Minister Ishaq Dar has assured that the government would complete the IMF programe.
Business
Afghanistan-Kazakhstan banking ties discussed in Kabul meeting
Business
Afghanistan, Kazakhstan envoys discuss expanding trade and regional connectivity
Ambassador Shakeeb thanked Kazakhstan for its continued support and constructive engagement with Afghanistan, particularly in efforts aimed at peace and economic development.
Afghanistan’s Ambassador to Pakistan, Sardar Ahmad Shakeeb, has met with Kazakhstan’s Ambassador to Pakistan, Yerzhan Kistafin, to explore ways to strengthen bilateral relations and advance regional cooperation.
The two envoys exchanged views on Afghanistan–Kazakhstan ties, regional connectivity, and major infrastructure initiatives, as well as the opportunities and challenges facing regional trade. Discussions also touched on Kazakhstan’s role in promoting regional stability and other matters of mutual interest.
Ambassador Shakeeb thanked Kazakhstan for its continued support and constructive engagement with Afghanistan, particularly in efforts aimed at peace and economic development.
He expressed hope that the proposed $3 billion joint trade agreement, once finalized, would bring tangible benefits to both countries and contribute to broader regional economic integration.
Ambassador Kistafin reaffirmed Kazakhstan’s support for stability and economic growth in Afghanistan, highlighting his country’s involvement in key regional connectivity and trade projects.
He said the current security and stability situation in Afghanistan has increased Kazakhstan’s confidence in expanding regional trade and transit, and praised the efforts of the Islamic Emirate in this regard.
He also stressed the need for coordinated regional efforts to ensure lasting stability, sustainable economic development, and the smooth movement of goods and transit across the region.
Business
Mahirood Customs leads Iran’s exports to Afghanistan
More than 1.5 million tonnes of goods were exported to Afghanistan through the border crossing during this period.
Mahirood Customs in South Khorasan province has become Iran’s main export gateway to Afghanistan, accounting for 36 percent of the country’s total exports to its eastern neighbor, Iranian officials said.
South Khorasan Governor Seyed Mohammadreza Hashemi told local media that Mahirood ranked first among Iran’s 71 active customs points during the first eight months of the current Iranian year.
More than 1.5 million tonnes of goods were exported to Afghanistan through the border crossing during this period.
Official customs figures show that Iran’s total exports to Afghanistan exceeded 4.26 million tonnes in the first eight months of the year, with Mahirood handling the largest share, Hashemi said.
He attributed the strong performance to South Khorasan’s strategic location, improved border infrastructure, effective planning, close cooperation with traders, and coordinated efforts by government agencies.
Hashemi said the expansion of exports via Mahirood Customs is contributing to economic growth, job creation, and stronger economic diplomacy for the province.
He added that continued support for exporters and streamlined customs procedures could further increase South Khorasan’s share of the Afghan market and other target markets in the future.
-
Latest News5 days agoGermany speeds up admission of Afghans from Pakistan
-
Sport5 days agoIPL 2026 Auction set for Abu Dhabi with $28.6 million purse at stake
-
Latest News5 days agoAfghanistan to establish independent oil and gas authority
-
Latest News5 days agoUS intelligence chief warns of ‘direct threat’ from suspected terrorists inside the country
-
Latest News4 days agoIEA supreme leader stresses enforcement of Sharia law and sincere public service
-
International Sports5 days agoILT20: Desert Vipers qualify for playoffs with five-wicket win over Dubai Capitals
-
World5 days agoFather and son behind Bondi Jewish festival shooting that killed 15, Australian police say
-
International Sports5 days agoATN secures broadcast rights for four major AFC sporting events
