Pakistan Foreign Exchange Reserves Slightly Decline
Due slowing remittences from overseas and weakening of rupee, Pakistan foreign exchange reserves declined to $14.48 billion in the week ending on Feb. 6 from $14.52 billion the previous week, State Bank of Pakistan official was quoted saying today. Earlier this week State Bank had reported remittances were declining every month since October 2009 and [...]
Pakistan Tightens Forex Monitoring
The State Bank of Pakistan will monitor all foreign exchange transactions with finer granularity to curb outgoing remittances and stabilize value of the Pakistan Rupee, reports on Thursday suggest. Foreign exchange firms in Pakistan are currently required to report transactions above $5,000 at the close of business every day. Transactions below $5,000 were not the [...]
Pakistan rupee losing value
The Pakistani rupee continued to loose value Thursday and reached a record bottom for the fourth consecutive day because of high demand for dollars to pay for oil imports. Pakistani Forex dealers say they expect the currency to remain under pressure. The rupee PKR= was quoted closing at 84.86/96 to the dollar compared with Wednesdays close of [...]
IMF Loan Stifling Pakistan Economy
IMF’s sub-prime loan to Pakistan has conditions that impact life and livelihoods of ordinary citizens and no TV anchor, no mainstream journalist is willing to scrutinize this debt? I wonder why?
Pakistan To Swap Currency With China
Pakistan’s Ministry of Finance has already asked the State Bank to work out a strategy in consultation with the central bank of China for a currency swap arrangement.
Ibrahim Sajid Malick is a Pakistani-American writer, technologist, and social entrepreneur. He has been writing on Pakistani society and politics since 1986. He has held several media, communications, and technology positions for organizations large and small. Mr. Malick graduated from New School for Social Research with a master’s degree in anthropology. He holds several technology and management certifications. He works for a leading technology firm and blogs at www.ibrahimsajidmalick.com