Business

Govt set to introduce digital currency to stabilse rupee

Published

1 year ago

Farwa

Digital currency will be issued on government’s guarantee.
Central Bank Digital Currency is conducting feasibility analysis.
Digital currency to save expenses incurred on printing of currency notes.

KARACHI: The government has decided to launch digital currency in a bid to save currency printing and distribution costs, The News reported on Tuesday.

The digital currency will also help in appreciating rupee value, improving the economy, and making extensive financial transactions.

The value of the digital currency will be on par with the Pakistani rupee like a unit of Chinese digital currency, which is equal to one Chinese Yuan.

Supported by the State Bank of Pakistan, the Pakistani digital currency will be issued on the government’s guarantee like currency notes. The SBP has started working on introducing the digital currency and it is getting the services of the experts.

A dedicated department — Central Bank Digital Currency — is conducting the cost benefits and feasibility analysis of the digital currency for smooth transactions after its launching.

The government wants to gradually replace currency notes with digital currency but also wants to keep the digital currency and currency notes in parallel with the ratio of 80:20 so that in case of any unforeseen situation, an alternate in the form of currency notes is available.

The digital currency will also save expenses incurred on printing of currency notes, distributing them into different cities, and destroying old notes. Besides, every transaction made through digital currency will be documented, which will help enforce monetary policy effectively.

Digital currency also has a huge potential to foster cross-border trade and investment, while providing unbanked individuals with access to financial services.

It also has the potential to significantly improve the financial industry’s efficiency, resiliency, and reliability, according to the World Bank. Blockchain is one type of distributed ledger.

Business

With its second-largest surge ever, PSX approaches 114,000 points.

Published

3 days ago

Farwa

Driven by renewed activity from both private and government financial institutions, the Pakistan Stock Exchange (PSX) saw its second-largest rally in history on Monday.

The market regained many important levels in a single trading session as it rose with previously unheard-of momentum.

Intraday trading saw a top increase of 4,676 points, and the PSX’s benchmark KSE-100 Index gained 4,411 points to settle at 113,924 points. This impressive rebound demonstrated significant investor confidence by reestablishing the 100,000, 111,000, 112,000, and 113,000-point levels.

The market also saw the 114,000-point limit reestablished during the trading session.

The positive tendency was reflected when the market’s heavyweight shares touched its upper circuits. Among the most busiest trading sessions in recent memory, an astounding 85.78 billion shares worth a total of Rs55 billion were exchanged.

Experts credited the spike to heightened institutional investor activity and hope for macroeconomic recovery. Considered a major market recovery, the rally demonstrated the market’s tenacity and development potential.

Business

In interbank trade, the Pakistani rupee beats the US dollar.

Published

1 week ago

Farwa

In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

Business

Phase II of CPEC: China-Pakistan Partnership Enters a New Era

Published

2 weeks ago

Farwa

The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.