Interbank, the dollar is Rs 1.45 expensive

Interbank, the dollar is Rs 1.45 expensive, in the market it is Rs 5. The decline in dollar rate due to the crackdown outside Yekhinch, officials appointed, Malik Bustan

KARACHI (Report: Ehtesham Mufti) Although the value of the dollar continued to depreciate in the open market on Tuesday due to the administration’s crackdown under the Army Chief’s measures to bring the economy in the right direction and end dollarization, foreign payments remained unchanged. And the dollar continued to advance after interbank volatility due to pressure to open new import LCs, which pushed the dollar interbank rate past Rs 307, at the close of business the dollar interbank rate was Rs 1 With an increase of 45 paise, Rs. 307 closed at a new high of 19 paise, while on the other hand, the dollar closed at the level of Rs. 323 with a huge decrease of Rs. 5 in the open currency market. The difference between Rs.15 and Rs.91 paise was reduced. Experts say that the army chief’s foreign investment plan of 50 to 75 billion dollars in the country and the guarantee to cure the long-standing diseases facing the economy in a short period before the elections, the handi and reference operators are also apparently cautious. are seen to be happening, as a result of which the open buying and selling of dollars has also been limited and the open rates of dollars have come under control. Meanwhile, the deployment of law enforcement officers in plainclothes outside of exchange companies across the country and the administration’s crackdown has led to a world in which the open rate of the dollar has fallen. Keeping an eye on buyers and sellers, Chairman Exchange Companies Association of Pakistan Malik Bustan said that we have personally requested the administration to deploy plainclothes personnel outside the anchor companies as there are complaints from our member exchange companies that black mafia agents exchange. Incoming companies are troubling people, the dollar rate has dropped significantly in the open market after the administration’s personnel deployment on Tuesday and the dollar is abundant in the open market today, he said. That there are more sellers and fewer buyers of dollars. Meanwhile, in the local bullion markets on Tuesday, the prices of gold per tola and per ten grams decreased by Rs 6300 and Rs 2800 respectively, as a result of which the price of gold per tola decreased to Rs 232800 and the price of gold per ten gram. It came down to the level of 199588 rupees. In addition, the stock exchange fell on Tuesday after fluctuations due to profit-taking, which caused the index to fall to three levels of 45600, 45700, and 45500 points. Due to the bearishness, share prices fell by 55.21 percent, while investors lost 37 billion 90. Crore 22 lakh 72 thousand 37 rupees sunk.215.94 buying activity in some sectors in the closing moments reduced the intensity of the decline as the KSE 100 index closed down at 45491.49 points.

The government’s consideration of a tax hike on the import of luxury goods and opposition to FBR’s proposal, taking the stand that there is not enough benefit, proposal to instruct banks not to open LCs for informal luxury goods

ISLAMABAD (Report: Shehbaz Rana) The government has once again started considering increasing the tax on the import of luxury goods to keep imports under control, sources told The Express Tribune. The proposals have been submitted to the caretaker Finance Minister Dr. Shamshad Akhtar, it should be noted that the imports have increased by 21% in the month of August, due to which the government is considering increasing the tariff, however, Kashm officials have informed the government. However, luxury imports will not be of much benefit due to the low volume. Past experience suggests that when import taxes are increased, smuggling through the Afghan border increases, with the import bill in August at $4.5 billion, up 21 percent from July, according to the Bureau of Statistics. Sources say that the FBR, opposing the increase in duty, has told the finance minister that the duties have reached their maximum level. , which has been opposed by the FBR, as the World Trade Organization has already opposed tax hikes on foreign manufacturers’ goods. Sources say that even a week ago, the finance minister was suggested to instruct banks not to open LCs for luxury items in an unconventional manner, and to open LCs only for items required for value addition. To be done, the Finance Minister also discussed the smuggling and misuse of Afghan transit trade, the Ministry of Finance Baggage, Gift, and Transfer of Residence.
It is also considering stopping the import of used vehicles through similar schemes.