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  • Warning about inflation, Imran says currency depreciation to directly affect masses

    Warning about inflation, Imran says currency depreciation to directly affect masses

    MIANWALI: Pointing towards recent devaluation of Pakistani rupee against dollar, Chairman Pakistan Tehreek-e-Insaf (PTI) Imran Khan on Monday said the currency depreciation would directly affect the masses.

    “The depreciation of Pakistani rupee multiplies our foreign debts and to tackle this situation more taxes are imposed resulting in high costs of commodities,” he said while addressing a public gathering in Mianwali, his hometown.

    He said the biggest problem facing Pakistan was surge in debts.

    Comparing prices of different commodities 10 years ago and now, the PTI chief said electricity was Rs2.13 a unit in 2008, while it had climbed to Rs 9.86 in 2018; wheat flour was Rs13 a kilo in 2008, while it had soared up to Rs 45 a kilo; milk was Rs25 a liter in 2008 and it had surged to Rs100 a liter now.

    Imran Khan  rebuked the rulers for their involvement in graft. He said former prime minister Nawaz Sharif would send money to his two sons in London and likewise former finance minister Ishaq Dar also after stealing money from public exchequer sent it to his children in Dubai.

    Read More: Need to defeat people like Rana Sanaullah, Abid Sher, says Imran

    He also mocked the PML-N for poor power show in Lahore on arrival of Nawaz and Maryam from London.

    “The current popularity of the Sharifs can be judged by the fact that not even 5000 people gathered in support for him when the entire PML-N leadership was mobilised for it,” he said.

    Soliciting participants of the rally for voting his party on July 25, the poll day, he said people should consider themselves in a battleground for the next nine days and should bring voters out for balloting.

    “Nine days are left and I am telling you all it is your duty to mobilise fellow citizens and ask them to vote for bat.”

    Read More: US dollar surges to ‘unprecedented’ Rs127.5

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  • Day#5: Shan-e-Iftaar With Sanam Baloch

    Day#5: Shan-e-Iftaar With Sanam Baloch

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  • Doctors observe strike against targeted killings

    The doctors body had announced strike against targeted killings of doctors and other professionals in the port city of Karachi.

    Pakistan Medical Association (PMA) had announced shutdown of the OPDs in the government as well as the private hospitals to protest against the killings.

    According to reports around 15 doctors have received extortion demands from extortionists in the first month of the new year.

    The doctors’ and paramedics’  strike has caused hardships for the patients who were running from pillar to post in hospitals for medical treatment.

    The PMA had earlier informed the authorities and concerned departments about the targeted killings and warned to observe a complete strike if proper security not provided to the doctors.

    It is pertinent to mention that 17 doctors were killed in 2014 in the city. In the new year four doctors have been killed in the city so far.

  • Three killed in Bara Market firing

    RAWALPINDI: Three persons were were killed and five others were injured in a firing incident at the area of Bara Market – ARY News reports on Friday.

    Unknown gunmen opened fire in the area of Bara Market in which three persons were killed. Two brothers were also included in the deceased.

    According to police, the deceased were identified as Rahimullah, Sher Bahadur and Muhammad. SSP Operation Mian Maqbool has said that the suspects have been identified and teams have been sent for raids. 

    He further added that the attacks and the deceased are related from Bajaur Agency and the event was not a terrorist attack.

    Regional Police Officer (RPO) Akhtar Laleka took notice of the incdent and ordered immediate arrest of the attackers. 

  • PTI protests enter 17th day

    PESHAWAR: The sit-in protest against the drone attacks by the workers of Pakistan Tehreek-e-Insaf (PTI) continues for the 17th day today – ARY News reports.

    Earlier, a core committee meeting of PTI was held in which it was announced that the protests would continue for a month whereas the sit-ins have ended at Khairabad and Motorway Interchange.

    The aim of these protests is to stop the drone attacks and NATO supplies to Afghanistan.

    Fazal Elahi, member of Khyber Pakhtunkhwa (KP) Assembly, claimed that the protests are pressuring the United States to stop carrying out the attacks on Pakistan.

    The protestors have said that their morale is high and the protests will continue till the attacks come to a halt.

  • State Bank of Pakistan debunked

    Islamabad: The federal government has publicly debunked the State Bank of Pakistan (SBP) due to its failure to respond to the worsening currency crisis, directing its management to immediately take corrective measures.

    In a statement that highlights the widening gulf between both pillars, the federal government crossed the delicate line between its authority and the operational independence of the central bank. The ministry of finance’s press note carried directions for the SBP and placed the entire responsibility of dollar-note shortage on it.

    “Finance Minister Ishaq Dar has taken a serious note of the shortage at exchange companies and the scheduled banks,” read the handout. “He has issued orders to the State Bank to ensure that adequate supply of notes is made available in the market immediately.”

    Under the SBP Act of 1956, the central bank enjoys complete operational independence, although the Ministry of Finance often calls the shots from the Q Block, but never publicly admitted its interference in the SBP affairs.
    However, the administrative weaknesses of the SBP management, headed by its governor Yaseen Anwar, allowed the federal government to go public against the central bank for the first time in years.

    With the devaluation of one rupee, an amount of Rs65 billion is added up in the country’s external debt even without any additional borrowing. Since the new government came into power, the rupee has shed its value by over 10% in the open market.

    To defend the rupee, the SBP’s move to throw $3.3 billion in the market before the general elections ate a big chunk of reserves, a move that the economists had called naïve. Heavy international debt payments were also fast eating foreign currency reserves.

    The International Monetary Fund has long advocated for the operational independence of the SBP and added conditions in the current and previous programmes. But the SBP’s lax management has weakened its case.

    On Monday, in the inter-bank market, the dollar was traded at Rs108.5 a dollar while in the open market the rupee gained some value and remained at Rs109.80.