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Is govt imposing restrictions on foreign currency accounts?

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2 years ago

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The government and the State Bank of Pakistan (SBP) Monday rebutted rumours of imposing restrictions on foreign currency accounts, Roshan Digital Accounts, and safety deposit lockers.

In a statement, the central bank assured all account holders in Pakistan that their accounts and lockers were completely safe and that there was no proposal under consideration to put any restriction on them.

The SBP said rumours were circulating on social media that the government or the central bank was considering freezing or placing restrictions on withdrawals from foreign currency accounts, Roshan Digital Accounts, and safety deposit lockers.

“Such rumours are absolutely incorrect and baseless.”

Moreover, foreign currency accounts — including Roshan Digital Accounts — are legally protected under the Foreign Currency Accounts (Protection) Ordinance 2001.

The statement said that the government and the central bank were taking all necessary measures to ensure macroeconomic stability in the country.

“The recent difficult decisions are taken by the government, including the reduction of subsidy on petroleum products, will pave the way to reach an agreement with the IMF and release of the IMF tranche and financial assistance from other multilateral agencies and friendly countries,” it said.

The SBP added that it is confident that these measures would relieve the temporary stress being faced due to elevated global commodity prices and geopolitical tensions, and eliminate uncertainty in the economy.

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Business

Irfan Siddiqui meets with the PM and informs him about the Senate performance of the parliamentary party.

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21 hours ago

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The head of the Senate’s Foreign Affairs Standing Committee and the PML-N’s parliamentary leader paid Prime Minister Muhammad Shehbaz Sharif a visit in Islamabad.

Senator Irfan Siddiqui gave the Prime Minister an update on the Parliamentary Party’s Senate performance.

Additionally, Senator Irfan Siddiqui gave the Prime Minister an update on the Senate Standing Committee on Foreign Affairs’ performance.

He complimented the Prime Minister on his outstanding efforts to bring Pakistan’s economy back on track and meet its economic objectives.

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Business

SIFC Increases Direct Foreign Investment: Investment in the Energy Sector Rises by 120%

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21 hours ago

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The Special Investment Facilitation Council is intended to help Pakistan’s energy sector attract $585.6 million in direct foreign investment in 2024–2025. The amount invested at the same time previous year was $266.3 million.

This is a notable 120% rise, mostly due to investments in gas exploration, oil, and power. Such expansion indicates heightened investor confidence and emphasizes the development potential in important areas.

The State Bank reports that foreign investment in other vital industries has increased by 48% to $771 million.

This advancement is a blatant testament to SIFC’s efficient investment procedure and quick project execution.

The purpose of the Special Investment Facilitation Council is to establish Pakistan as an investment hub by aggressively promoting regional trade and investment in the energy sector and other critical industries.

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Business

Discos report losses of Rs239 billion.

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22 hours ago

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When compared to the same period last year, the data indicates that discos have decreased their losses in the first quarter of the current fiscal year.

The distribution businesses recorded losses of Rs239 billion in the first three months of the current fiscal year, a substantial decrease from the Rs308 billion losses sustained during the same period the previous year.

Additionally, the distribution businesses’ rate of recovery has improved. It has increased to 91% in the first quarter of this year from 84% in the same period last year, indicating success in revenue collection.

Regarding circular debt, the Power division observed a notable change. Last year, between July and October, the circular debt grew by Rs301 billion. Nonetheless, this year’s first four months saw a relatively modest increase in circular debt, totaling about Rs11 billion.

These enhancements show promising developments in the electricity sector’s financial health in Pakistan, where initiatives are being made to accelerate recovery rates and slow the expansion of circular debt.

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