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Forex reserves reach highest position since October 2022: Dar

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ISLAMABAD, Jul 21 (APP):Federal Minister for Finance and Revenue, Senator Mohammad Ishaq Dar said here on Friday that the foreign exchange reserves held by State Bank of Pakistan (SBP) were at highest position now since October 2022.

In a tweet, the federal minister said the total liquid foreign reserves stood at $14.6 billion.

“Total liquid foreign reserves at $14.06 billion…SBP’s reserve position highest since October 2022,” he tweeted.

It is pertinent to mention that the total liquid foreign reserves rose to US$ 14,065.3 million while reserves held by the central bank reached $8,727.2 million owing to inflows from Saudi Arabia, United Arab Emirates (UAE) and International Monetary Fund (IMF).

The central bank in a statement issued the previous day informed that SBP received US$ 2.0 billion from the Kingdom of Saudi Arabia, US$1.2 billion from International Monetary Fund and US$ 1.0 billion from the United Arab Emirates.

Consequently, SBP reserves increased by US$ 4,203 million to US$ 8,727.2 million during the week ended on July 14, 2023.

Meanwhile, net foreign reserves held by commercial banks stood at US$ 5,338.1 million, it added. In the previous week ending on July 07, 2023, total liquid foreign reserves held by the country was US$ 9,838.5 million.

Among them, foreign reserves held by the central bank were US$ 4,524 million while net foreign reserves held by commercial banks were US$ 5,314.5 million.

NBP Exchange Rates

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Exchange Rates

KARACHI, Jul 21 (APP):Treasury Management Division of National Bank of Pakistan (NBP) on Friday issued the following exchange rates.

URRENCY SYMBOL TT Selling TT Buying
U.S DOLLAR USD 285.45 284.95
EURO EUR 318.42 317.87


JAPANESE YEN JPY 2.0359 2.0323
BRITISH POUND GBP 367.54 366.90
SWISS FRANC CHF 329.50 328.93


CANADIAN DOLLAR CAD 216.72 216.34
AUSTRALIAN DOLAR AUD 193.23 193.00
SWEDISH KRONA SEK 27.73 27.68


NORWEGIAN KRONE NOK 28.38 28.33
DANISH KRONE DKK 42.67 42.59
NEWZEALAND DOLLAR NZD 177.68 177.36


SINGAPORE DOLLAR SGD 215.15 214.78
HONGKONG DOLLAR HKD 36.67 36.61
KOREAN WON KRW 0.2229 0.2225


CHINESE YUAN CNY 39.99 39.92
MALAYSIAN RINGGIT MYR 62.74 62.63
THAI BAHT THB 08.33 08.32


U.E.A DIRHAM AED 78.27 78.13
SAUDI RIYAL SAR 76.18 76.05
QATAR RIYAL QAR 78.44 78.30


KUWAITI DINAR KWD 931.56 929.94

CONVERSION RATE FOR FROZEN FCY DEPOSITS
USD 285.0442
GBP 368.2201
EUR 319.5345
JPY 2.0424

SETTLEMENT DATE: 25-07-2023

One killed, seven houses damaged in flash floods in Dir, Chitral

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PDMA-KP Floods

PESHAWAR, Jul 21 (APP):The Provincial Disaster Management Authority (PDMA) on Friday said that the recent flash floods claimed one life in Upper Dir and left five houses damaged in Upper Chitral areas.

According to official data 25-year Sabz Ali s/o Shamat Khan resident of Aligasar, district Upper Dir was swept away in a flash flood and his body was recovered.

Similarly, the flash flood caused havoc in Yarkhon village of Upper Chitral where five houses were completely demolished and two houses were partially damaged, however, no casualty was reported so far.

The floods also affected ten shops and damaged the crops, gardens, and forests.

The Chantar Glacier at Brughal Point had slipped dangerously into the Yarkhon River in Chitral and could further cause downstream floods, the PDMA warned.

PML-N to win next election on basis of performance : Talal Ch

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Talal PMLN- Elections 2023

ISLAMABAD, Jul 21 (APP):Pakistan Muslim League-Nawaz (PML-N) senior leader Talal Chaudhary Friday expressed confidence that the party would bag a 2/3 majority in the upcoming general elections under the leadership of Mian Nawaz Sharif and would grab the victory on the basis of its commendable performance.

“People wanted to vote for the PML-N and Nawaz Sharif as a Prime Minister because they understood that Pakistan’s future and progress were linked with this party”, he claimed while talking to a Private news channel.

He said that the last four years of the PTI government were a waste of time, adding, PML-N’s politics were based upon decency and civilized culture as it did not resort to false promises or used foul language against anyone.

“It is only Nawaz Sharif’s party which has carried out major developments projects,” he said, adding, “Today the PML-N is delivering and a democratic process is continuing in the country.”

Replying to a Query, he said, “Pakistan Muslim League-Nawaz (PML-N) senior vice president Maryam Nawaz is actively busy in the election campaign and her party has geared up to win elections.”

“We want timely elections in the country,” he said.

“The supreme leader and former prime minister Mian Muhammad Nawaz Sharif will defiantly return back to the country before the general elections and will re-elect the Prime Minister of Pakistan,” he added.

EXCHANGE RATES FOR CURRENCY NOTES

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EXCHANGE RATES

KARACHI, Jul 21 (APP):CURRENCY SELLING BUYING

USD 288.30 282.10
GBP 371.22 363.20
EUR 321.03 314.68
JPY 2.0562 2.0120
SAR 76.95 75.11
AED 78.51 77.31

LIBOR

LIBOR FOR CALCULATING INTEREST ON SPECIAL USD BONDS
LIBOR 1M 5.37805
LIBOR 3M 5.59513
LIBOR 6M 5.82740

US DOLLAR Indicative FBP Rates

CURRENCY SIGHT/
15 DAYS 1M 2M 3M 4M 5M 6M

USD 283.93 282.91 280.51 278.38 275.30 272.48 270.94

EUR 316.37 315.49 313.29 311.35 308.39 305.63 304.50

GBP 365.60 364.30 361.24 358.42 354.45 350.72 348.79

IRSA releases 448,500 cusecs water

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IRSA

ISLAMABAD, Jul 21 (APP):Indus River System Authority (IRSA) on Friday released 448,500 cusecs water from various rim stations with inflow of 540,800 cusecs.

According to the data released by IRSA, water level in River Indus at Tarbela Dam was 1521.73 feet and was 123.73 feet higher than its dead level of 1,398 feet. Water inflow and outflow in the dam was recorded as 285,300 cusecs and 251,000 cusecs respectively.

The water level in River Jhelum at Mangla Dam was 1211.85 feet, which was 161.85 feet higher than its dead level of 1,050 feet. The inflow and outflow of water was recorded 68,000 cusecs and 10,000 cusecs respectively.

The release of water at Kalabagh, Taunsa , Guddu and Sukkur was recorded as 272,300, 182,800, 152,100 and 88,900 cusecs respectively. Similarly, from River Kabul, a total of 97,600 cusecs of water released at Nowshera and 97,600 cusecs released from River Chenab at Marala.

Pakistan has all ingredients to tap IT exports worth $25 bln: PM

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ISLAMABAD, Jul 21 (APP): Prime Minister Shehbaz Sharif on Friday said Pakistan has all the ingredients to increase its information technology exports to the tune of $25 billion in two to three years.

“Investment in the information technology sector can fetch quick rewards and dividends and go a long way in addressing our unemployment problem,” he said in a tweet.

The prime minister, who a day earlier attended the national seminar on untapping the IT potential of Pakistan, said the event held under the banner of Special Investment Facilitation Council (SIFC) was a reflection of our collective resolve to make Pakistan an IT-hub.

“The seminar, attended by all stakeholders from the public & private sectors, laid the groundwork for an IT revolution that the country so desperately needs,” he said.

He said the SIFC, which represents the whole-of-the-government approach, will ensure the provision of policy continuity and predictability in the IT, agriculture, mines and minerals and defence production sectors.

“Governments may come and go but the economic revival plan will be implemented with the same energy and passion,” he said.

The IT industry will have all the facilitation it needs to grow under a one-window arrangement.

It is now on the industry leaders to make most of the opportunity. I have my full faith in their ability to rise to the occasion.

Indian troops arrest one more youth in IIOJK

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youth arrested -kashmir

ISLAMABAD, Jul 21 (APP):Indian troops arrested one more youth in South Kashmir’s Shopian district in Indian illegally occupied Jammu and Kashmir (IIOJK) in the wee hours of Friday.

According to Kashmir Media Service (KMS), the youth was arrested from the Imamsahib area of the district.

A senior police officer claimed that a person attempted to snatch a weapon from SOG personnel near the camp at Imamsahib and with quick action, the snatcher was, however, arrested on the spot.

On the other hand, Indian troops claimed to have recovered a huge cache of arms and ammunition during a search operation in the Tangdhar area of Kupwara district.

Meanwhile, India’s dreaded National Investigation Agency (NIA) along with Indian paramilitary personnel raided several houses and harassed inmates in the Baramulla, Pulwama, and Shopian districts of the Kashmir Valley.

US urges upholding of basic democratic principles as Pakistan moves towards elections

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WASHINGTON, Jul 21 (APP): As Pakistan prepares for the general elections, the United States has called for upholding the basic democratic principles in the South Asian country.

“I will make clear that we support the peaceful upholding of fundamental democratic principles such as free media, free speech, freedom assembly,” State Department Spokesperson Matthew Miller told his daily press briefing on Thursday.

“We champion the rule of law, not just in Pakistan but around the world. These principles are the foundations for democratic elections,” he said in response to a question from the correspondent of a private Pakistani television channel.

“I have spoken to this both with respect to Pakistan specifically and of course, as it relates to other countries on numerous occasions,” Miller added.

Replying to a question about the increasing cross-border terrorist attacks in Pakistan, the spokesperson said, “We will continue to urge the Taliban to fulfill their promises (to the international community).”

At the same time, he said the U.S. has the ability to conduct its own operations in the region to “ensure that, regardless of any promises that the Taliban makes and regardless of their relative ability or willingness to uphold them, that we retain the right to protect American interests.”

GB Tourism – Enjoy nature but not on others cost

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GB Tourism

Gilgit-Baltistan, Jul 21 (APP): Gilgit Baltistan, known for its stunning landscapes, snow-covered peaks and rich cultural heritage has always been an enchanting attraction for tourists with the region receiving staggering 10,000 tourists daily.

This influx of visitors brings economic prosperity to local people by flourishing their hotels, guesthouses, and resorts business and generating employment opportunities for local people especially youth running trekking, rental equipment, handicrafts, driving, and local delicacies businesses.

Although the breathtaking landscapes and adventurous opportunities leave indelible imprints on the minds of tourists, yet there are challenges like environmental degradation and careless driving, resulting in the loss of precious lives.

Popular tourist spots like Naltar, Fairy Meadows, Rama Astore, and Hunza once to be pristine, are now grappling with litter and pollution. Plastic waste, in particular, has become a major environmental hazard, threatening the health of wildlife and ecosystems.

Unregulated camping and trekking activities have also led to habitat disturbance that may have far-reaching consequences on biodiversity.

“Growing tourism is a blessing for our hotel business. We receive marvelous responses every year. It grows our business and generates employment opportunities for local people,” said Qaiser Abbas a hotel owner from Naltar Bala, Gilgit.

“However, it exerts extra pressure on local habitats and the environment which direly needs to align business operations with sustainable practices for environmental protection.”

“Tourism industry makes us earn bread for our children. But it should not be at the cost of environmental degradation,” he said.

“We can encourage responsible tourism by educating our guests and local people to use eco-friendly amenities, reduce plastic waste and protect habitat to ensure the region’s ecological balance.”

Therefore, conservation efforts need to be intensified to protect the beauty of GB by striking a balance between tourism and environmental protection to ensure long-term sustainability and leave behind an asset for future generations.

“Improper waste generation especially plastic waste due to rising tourists’ influx poses serious threats to the region’s ecosystem and wildlife,” said Abul Rehman Bukhari an environmental activist.

“Moreover, unregulated trekking and camping activities also cause habitat degradation in some areas.”

He suggested awareness campaigns, workshops, and seminars to educate tourists about the harmful impact on the environment by their irresponsible behavior towards nature.

Besides environmental degradation, people also come across numerous instances of unruly and ruthless driving that result in accidents inflicting losses of vehicles and human lives as adventurists very often miscalculate the driving tendencies in hilly terrains.

“This is a tragic aspect of booming tourism in GB. The region’s challenging and winding mountain roads demand cautious driving, especially for those unfamiliar with hilly terrains,” said Asif Raza, a Peshawar-based tourist.

Asif said, “The region’s roads are usually treacherous, and some drivers – both locals and exotic – least care for safety measures. “I witnessed numerous instances of reckless driving that risks drivers themselves and others’ lives.”

Therefore, he said, the first and foremost priority of authorities should be stricter enforcement of traffic regulations.

“Both the tourists and tour operators must be issued strictures for immediate action if they do not behave sensibly and go for irresponsible driving.”

Despite the government’s efforts for road safety, accidents continue to claim precious lives, Chief Secretary (CS) GB Mohyuddin Ahmad Wani drew the attention of all tourists to observe safety measures and guidelines.

“Attention all adventurous tourists exploring our beautiful destinations, we want to ensure your safety while driving through these mountains,” he said warning the visitors of mountain roads that often twist and turn with varying degrees of elevation.

“Drive at a speed of 50 kilometers per hour or even lesser, if you want to maintain control of your vehicle, especially around sharp corners or steep inclines. Never rush and keep a safe distance from the vehicle ahead,” Wani advised.

“When descending steep slopes, engage lower gears to control your speed, use engine braking to avoid brake overheating, and allow your vehicle’s transmission to assist you in maintaining control,” he added.

“Mountainous regions can surprise drivers with unexpected rock falls or sliding so they need to be vigilant and prepared to react accordingly,” Wani informed.

“Avoid distractions while driving on mountain roads. Keep your phone away, save snacking for designated stops, and limit conversations that divert your attention from the road.”

He also counseled the tourists to hire local drivers as they had knowledge of the area including the terrains, road conditions, and potential mountainous hazards.

“Their familiarity with the routes and their expertise in maneuvering through challenging landscapes can significantly reduce the risk of accidents.”

“No matter our northern areas are bestowed with countless bounties of nature and an attraction for local and international tourists, therefore ensuring compliance with road safety instructions as well as keeping these areas clean,” Wani added.

“So go there, enjoy nature, and bring back with you indelible memories but not at the cost of others. Do not make your fellows bear the brunt of a degraded and filthy environment and your reckless driving as we need to also send a positive message abroad about our being a responsible nation,” he stressed.