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Currency rates of NBP

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KARACHI, Dec 12 (APP): Following are the selling/buying rates Of major currencies issued by the National Bank of Pakistan (NBP), here on Tuesday.

CURRENCY SELLING BUYING
USD 287.19 281.01
GBP 361.15 353.32
EUR 309.25 303.15
JPY 1.9714 1.9290
SAR 76.57 74.92
AED 78.21 77.03

 

NBP Exchange Rates

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KARACHI, Dec 12 (APP): Treasury Management Division of National Bank of Pakistan (NBP) on Tuesday the following exchange rates.

URRENCY SYMBOL TT Selling TT Buying
U.S DOLLAR USD 284.35 283.85
EURO EUR 306.76 306.22
JAPANESE YEN JPY 1.9519 1.9485
BRITISH POUND GBP 357.58 356.95
SWISS FRANC CHF 324.25 323.68
CANADIAN DOLLAR CAD 209.81 209.44
AUSTRALIAN DOLAR AUD 187.40 187.07
SWEDISH KRONA SEK 27.28 27.23
NORWEGIAN KRONE NOK 25.98 25.93
DANISH KRONE DKK 41.07 41.00
NEWZEALAND DOLLAR NZD 174.85 174.54
SINGAPORE DOLLAR SGD 211.81 211.54
HONGKONG DOLLAR HKD 36.57 36.51
KOREAN WON KRW 0.2162 0.2158
CHINESE YUAN CNY 39.76 39.69
MALAYSIAN RINGGIT MYR 60.73 60.63
THAI BAHT THB 7.98 07.97
U.E.A DIRHAM AED 77.97 77.83
SAUDI RIYAL SAR 75.81 75.68
QATAR RIYAL QAR 78.04 77.91
KUWAITI DINAR KWD 922.26 920.63

CONVERSION RATE FOR FROZEN FCY DEPOSITS
USD 283.7745
GBP 355.5694
EUR 305.1711
JPY 1.9377

SETTLEMENT DATE: 14-12-2023

Foreign exchange rates

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Exchange rates

KARACHI, Dec 12 (APP): The Exchange Rates Committee of Financial Markets Association of Pakistan issued the following Exchange rates bulletin, here on Monday.

CONVERSION RATES FOR DECEMBER 12, 2023 FOR FOREIGN CURRENCY FOR FORWARD COVER FOR DEPOSITS (EXCLUDING FE 25 DEPOSITS)

SBP SETTLEMENT VALUE DATE DECEMBER 14, 2023

USD 283.7745
GBP 355.5694
EUR 305.1711
JPY 1.9377

 

UN chief urges COP28 deal on phaseout of fossil fuels contributing to climate change

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Antonio Guterres

UNITED NATIONS, Dec 11 (APP): UN Secretary-General Antonio Guterres on Monday urged a deal at COP28 on the phaseout of fossil fuels — coal, oil and
gas — and told negotiators that “now is the time for maximum ambition and maximum flexibility,” as UN climate talks in Dubai head into the home stretch.

As COP28 entered its final 48 hours, the UN chief delivered a clear message to government negotiators: “We must conclude the conference with an ambitious outcome that demonstrates decisive action and a credible plan to keep 1.5-degree goal alive, protecting those on the frontlines of the climate crisis.”

Negotiators are engaged in intense negotiations to hammer out a deal on key agenda items including the future of the use of fossil fuels, ramping up renewable energy, building resilience to climate change and ensuring financial support for vulnerable countries.

Speaking to reporters Monday, the UN chief warned of humanity’s race against time as our planet is “minutes to midnight” for the 1.5-degree limit, referring to one of the keystone global warming targets set by the 2015 Paris Agreement. “And the clock keeps ticking.”

And yet, with COP28 so close to the finish line, there is still a “gap that needs to be bridged, said the Secretary-General.

Against this backdrop, he noted that “now is the time for maximum ambition and maximum flexibility. Ministers and negotiators must move beyond arbitrary red lines, entrenched positions and blocking tactics,” he said.

Urging countries to go into “overdrive to negotiate in good faith and rise to the challenge”, the Secretary-General also cautioned that any “compromise for solutions”, must not come at the cost of “compromising on the science or on the need for the highest ambition.”

He underscored that in a “fractured and divided world, COP28 can show that multilateralism remains our best hope to tackle global challenges.”

Speaking to reporters in Dubai just ahead of the Secretary-General, UN climate chief Simon Stiell said negotiations on an outcome document have a chance to begin a new chapter that delivers for people and the planet.

He underscored the importance of finance as “the bedrock to scale-up climate action on all fronts”.Mr. Stiell said negotiations in Dubai have now boiled down to two issues:

“Are we willing to back this transition with the proper means of support to deliver it?”

He stressed that the highest levels of ambition are possible on both, “but if we reduce on one, we reduce our ability to get either.”

To reach a meaningful deal, the many “unnecessary tactical blockades” seen along the COP28 journey must be removed, and “incrementalism” must be rejected, according to the climate chief.

He reminded negotiators that the world is watching and “there is nowhere to hide.”

“One thing is for certain: ‘I win – you lose’ is a recipe for collective failure. Ultimately it is 8 billion people’s security that is at stake”.

At the first formal meeting of the closing plenary, COP28 President Dr Sultan Al Jaber said the time for discussion on a final document was coming to an end, “We have a text, we need to agree on the text… there is no time for hesitation. The time to decide is now.”

The UAE’s top climate negotiator said the outcome of COP28 must respect science and keep the target of limiting global warming to 1.5 degrees in reach.

He said the flexibility of the delegates was evident in the historic operationalization of the loss and damage fund on the first day of the climate conference, now they have an opportunity “to deliver history again” and send a signal to the world that multilateralism does actually work.

Dr Al Jaber said even more flexibility was needed as COP28 approaches the finish line, adding: “I want you to deliver the highest ambition on all items, including on fossil fuel language.”

Following the landmark Paris COP, Dubai is the first time that a UN climate summit surveys progress towards achieving the goals agreed in 2015.

This so-named Global Stocktake is still being assessed and could pave the way to ambitious national climate action plans, or NDC’s that countries are due to submit in 2025.

Guterres has called for countries to step up their efforts to ensure maximum ambition on two fronts, namely ambition on reducing greenhouse gas emissions, and on delivering climate justice.

On Monday he stressed that the Global Stocktake must recognize the “need to phase out all fossil fuels on a time-frame consistent with the 1.5-degree limit – and to accelerate a just, equitable and orderly energy transition for all.”

In his encounter with the press at Expo City, the Secretary-General focused on key action points essential to raise ambition and ramp up climate action on the energy transition front:

He said that “timelines and targets might be different for countries at different levels of development”, but it should be in line with “achieving global net-zero by 2050 and preserving the 1.5-degree goal.”

Guterres recalled that COP28 began with two encouraging steps: an agreement to operationalize the Loss and Damage Fund to help vulnerable countries cope with the impacts of climate change, and the replenishment of the Green Climate Fund.

Given the challenges ahead of debt-ridden developing countries, the UN chief pushed for “all commitments made by developed countries on finance and adaptation to be met,” and in addition, “far more adaptation ambition will be needed.”

“COP28 must send clear signals that governments have grasped the scale of the adaptation challenge, and that it is a priority not just for developing countries, but the entire world,” he added.

Guterres welcomed the “emerging consensus for a new framework on adaptation” but cautioned that a “framework without the means of implementation is like a car without wheels.”

“The doubling of adaptation finance to $40 billion dollars by 2025 must be an initial step towards allocating at least half of all climate finance towards adaptation,” noted the Secretary-General.

Looking ahead, he flagged the next two years as vital for establishing a new global climate finance goal beyond 2025, and for governments to prepare new national climate action plans, fully aligned with the 1.5-degree limit.

“We can’t keep kicking the can down the road. We are out of road – and almost out of time,” he said, urging negotiators to rise to the scale and urgency of the climate challenge.

ECNEC approves 9 projects worth over Rs 371.849 bln

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ISLAMABAD, Dec 11 (APP): The Executive Committee of the National Economic Council (ECNEC) in its meeting, chaired by Caretaker Minister for Finance, Revenue and Economic Affairs Dr Shamshad Akhtar, on Monday approved nine projects worth over Rs 371,849 billion.

The meeting was attended by Minister for Planning, Development and Special Initiatives Muhammad Sami Saeed, Minister for Communications, Railways and Maritime Affairs Shahid Ashraf Tarar, Federal Secretaries and other senior officers from Federal Ministries and Provincial departments participated in the meeting, a news release said.

The ECNEC considered and approved the Khyber Pakhtunkhwa Food Security Support Project at a total cost of Rs 25,098.220 million to address the climate vulnerabilities, improve the food security and livelihood of rural farm households and address the mid-and long-term needs for institutional capacity enhancement in the most flood-damaged districts of the KP province.

The project is for a tenure of five years and will be implemented in seven districts of Khyber Pakhtunkhwa including Upper Dir, Swat, Malakand, Charsadda, Peshawar, Nowshera and Dera Ismail Khan

The council also okayed a project titled “Sindh School Rehabilitation Project under Flood Restoration Program (ADB Emergency Assisted) at a total cost of Rs 86,080.50 million with a Provincial Government share of Rs 7562.50 million and ADB Loan amounting to Rs 78518.00 million.

In Sindh, five districts namely Dadu, Khairpur Mirs, Larkana, Nausharu Feroze & Qambar Shahdadkot were severely affected by rain/flood. As many as 482 schools were fully damaged while 1,125 schools were partially damaged. Therefore 1,607 schools would be rehabilitated through this project.

The ECNEC gave the go-ahead signal to a project of Khyber Pakhtunkhwa on Education Component: Refugees & Host communities Regional Sub Windows SH Khyber Pakhtunkhwa Human Capital Investment Project (KP-HCIP) at a total cost of Rs 32,834.80 million. The project will cover educational infrastructure rehabilitation and reconstruction of 1,165 damaged schools in 13 districts of KP.

The council approved a project titled “Prime Minister’s Laptop Scheme” implemented through the Higher Education Commission (HEC) at a total cost of Rs16,801.23 million.

The forum approved a project Khyber Pakhtunkhwa Human Capital Investment Project (KP-HCIP) (Health Component) at a total cost of Rs 24, 224.921 million. The project aims to improve the availability, utilization and quality of primary care health services through the provision of essential medicines, family planning commodities, hospital waste management and outsourcing of lab/ pharmaceutical / janitorial services for host communities and refugees.

The ECNEC okayed a project on Women Inclusive Finance at a total cost of Rs 31413.047 million aimed at reducing constraints on Pakistani women in accessing credit. This project provides a Credit Line Facility (CLF) so that more money is available for lending to women.

The council also gave nod to a project of the Ministry of Railways titled “Thar Coal Railway Connectivity” with existing Railway Network including Last Mile Connectivity with Port Qasim at the total rationalized cost of Rs 53,726.925 million with Local FEC of Rs 8,182.550 million, on 50:50 basis ratio between the Federal Government and Government of Sindh.

The ECNEC considered and approved a project of the Ministry of Communications titled the Peshawar Northern Bypass Project (PNBP) at a total cost of Rs 27,051.680 million without FEC. The project envisages the construction of a 32.20-kilometre 4-lane bypass with service roads on either side, on the northern side of Peshawar city. The bypass will be constructed along a new alignment passing through agricultural land with allied facilities. Land measuring approximately 3,430 kanal will be acquired for the requirement of the 55m Right of Way (ROW).

The council approved a Sindh Barrage Improvement Project (Phase-II) submitted by the Ministry of Water Resources. It will cost Rs 74, 618.340 million for the rehabilitation and modernization of Sukkur Barrage; and completing the remaining work for rehabilitation and Modernization of Guddu Barrage.

The ECNEC, however, deferred the Greater Thal Canal Project (Phase-II) of Rs 38, 372.224, with direction to the Ministry of Planning, Development and Special Initiatives and Ministry of Water to develop an appropriate summary of the status of consultation among provinces and implementation of past decisions of ECNEC on the matter.

Sanjrani meets UAE’s FNC speaker

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ISLAMABAD, Dec 11 (APP): A high-level delegation led by Chairman Senate of Pakistan, Muhammad Sadiq Sanjrani, convened in Abu Dhabi for a meeting with the Speaker of the Federal National Council of the United Arab Emirates Saqr Ghobash.

During the meeting, both parties engaged in fruitful discussions on various aspects of bilateral relations and matters of mutual interest, said a press release.

The Chairman Senate expressed gratitude for the warm welcome received in the UAE, emphasizing the profound connection between the two nations.

He highlighted the deep-rooted relations founded on shared cultural and religious values, asserting that the UAE holds a special place in the hearts of the Pakistani people.

Chairman Senate acknowledged the role played by UAE’s leadership in advocating for the Muslim Ummah on the global stage and commended the consistent support extended by the UAE government to Pakistan at international forums.

Federal National Council Speaker, Saqr Ghobash, lauded the industrious Pakistani community in the UAE, recognizing their significant contributions to the nation’s development.

He affirmed the UAE’s commitment to standing by Pakistan in times of need.

Expressing shared concern, both dignitaries addressed the current situation in Palestine, calling for an immediate ceasefire and urging the facilitation of humanitarian aid to Gaza.

Speaker Saqr Ghobash organized a luncheon in honour of the Pakistani delegation.

The event provided a platform for further dialogue and strengthening the longstanding ties between Pakistan and the UAE.

Chairman Senate congratulated the government and people of the UAE on the 52nd National Day of the United Arab Emirates. He also congratulated the Emirati leadership on the successful holding of the COP28 conference.

Furthermore, the delegation emphasized its commitment to resolving the issue of Indian aggression and occupation in Kashmir. It reiterated the call for granting the Kashmiri people their right to self-determination as per United Nations Security Council resolutions.

In addition, the Chairman of the Senate urged the removal of the UAE visa ban on residents of several Pakistani cities.

Speaker Ghobash affirmed his commitment to actively contribute to addressing this matter.

The members of the Pakistani delegation included Senator Prince Umer Ahmedzai, Senator Zeeshan Khanzada, Senator Faisal Saleem Rehman, Senator Abdul Qadir, Senator Dilawar Khan, Hussain Muhammad – Consul General at the Consulate General of Pakistan in Dubai, Ex Senator Sajjad Turi, Syed Abid Hasan, Advisor to Chairman Senate.

Sindh Caretaker Information Minister Muhammad Ahmed Shah and Caretaker Education Minister Sindh Rana Hussain addressing a joint press conference at Sindh Assembly

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Sindh Caretaker Information Minister Muhammad Ahmed Shah and Caretaker Education Minister Sindh Rana Hussain addressing a joint press conference at Sindh Assembly
APP84-111223 ISLAMABAD: December 11 – Sindh Caretaker Information Minister Muhammad Ahmed Shah and Caretaker Education Minister Sindh Rana Hussain addressing a joint press conference at Sindh Assembly. APP/ZID
Sindh Caretaker Information Minister Muhammad Ahmed Shah and Caretaker Education Minister Sindh Rana Hussain addressing a joint press conference at Sindh Assembly
APP84-111223
ISLAMABAD

Mayor Karachi Barrister Murtaza Wahab is presiding over the city council meeting

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Mayor Karachi Barrister Murtaza Wahab is presiding over the city council meeting
APP83-111223 ISLAMABAD: December 11 – Mayor Karachi Barrister Murtaza Wahab is presiding over the city council meeting. APP/ZID
Mayor Karachi Barrister Murtaza Wahab is presiding over the city council meeting
APP83-111223
ISLAMABAD

Consul General of Islamic Republic of Iran Hassan Nourian is meeting with Mayor Karachi Barrister Murtaza Wahab

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Consul General of Islamic Republic of Iran Hassan Nourian is meeting with Mayor Karachi Barrister Murtaza Wahab
APP80-111223 KARACHI: December 11 – Consul General of Islamic Republic of Iran Hassan Nourian is meeting with Mayor Karachi Barrister Murtaza Wahab. APP/ZID
Consul General of Islamic Republic of Iran Hassan Nourian is meeting with Mayor Karachi Barrister Murtaza Wahab
APP80-111223
KARACHIConsul General of Islamic Republic of Iran Hassan Nourian is meeting with Mayor Karachi Barrister Murtaza Wahab

APP81-111223
KARACHI

Deputy Mayor Karachi Salman Abdullah Murad speaking to the media representatives. People’s Party Parliamentary Leader Najmi Alam is also present in the city council

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Deputy Mayor Karachi Salman Abdullah Murad speaking to the media representatives. People's Party Parliamentary Leader Najmi Alam is also present in the city council
APP79-111223 KARACHI: December 11 – Deputy Mayor Karachi Salman Abdullah Murad speaking to the media representatives. People's Party Parliamentary Leader Najmi Alam is also present in the city council. APP/ZID
Deputy Mayor Karachi Salman Abdullah Murad speaking to the media representatives. People's Party Parliamentary Leader Najmi Alam is also present in the city council
APP79-111223
KARACHI