KARACHI: The Pakistani rupee on Monday plunged to a new all-time low of Rs181.25 against the US dollar, currency traders and analysts said, pointing to political uncertainty at home and global price instability since the Russian invasion of Ukraine as the major factors behind it.
Pakistan’s Prime Minister Imran Khan is facing an uncertain future as the opposition alliance seeks to overthrow him through a vote of no-confidence, which the country’s parliament will take up on Friday.
Opposition parties accuse PM Khan of mismanaging the economy and foreign policy, and poorly governing the country. The prime minister has also been hit by over a dozen defections by his party’s lawmakers.
On Monday, the US dollar closed at Rs181.25, with the rupee depreciating 0.38 percent from Friday’s close of Rs180.57. The Pakistani currency has lost its value by 15.05 percent or Rs23.71 against the greenback during the current fiscal year, while it has depreciated 2.7 percent or Rs4.74 so far in 2022, according to the Pakistani central bank’s data.
“Political instability and the fear of violence following mass gatherings of various party workers in Islamabad is exerting a negative impact on the Pakistani rupee, which is trading at an all-time low,” Malik Bostan, chairman of the Exchange Companies Association of Pakistan (ECAP), told Arab News.
“Any violence would lead the country to greater instability and exert more pressure on the national currency. Parliamentary issues must be settled in parliament.”
Analysts attribute the current depreciation to depleting foreign exchange reserves of the country and rising interest rates of government securities.
“The rupee is under pressure due to the falling reserves of the country and increase in the interest rate of government securities — Pakistani investment bonds,” Abdul Azeem, the head of research at the Karachi-based Spectrum Securities brokerage house, told Arab News. “The reserves are falling at a rate of around $300 million per week.”
During the week ending on March 11, Pakistan’s foreign reserves decreased by $381 million to $15.8 billion. The total liquid foreign reserves held by the country stand at $22.3 billion, according to the central bank data.
The Russia-Ukraine conflict is also playing a major role in the rupee’s instability as the global commodity prices continue to remain at the higher side.
“High commodity prices, including the oil price, are one of the key factors that is pushing the demand for dollar high,” Samiullah Tariq, research director at the Pakistan-Kuwait Investment Company, said.
“The flight of capital toward safe havens is also exerting pressure on Pakistani rupee, but the trade numbers have improved in February and are expected to post better growth in March.”
From July 2021 to February 2022, Pakistan’s exports totaled $20.56 billion against $16.32 billion during the corresponding period of the last year, recording an increase of 25.95 percent.
The imports totaled $52.50 billion against $33.86 billion during the same period of the previous year, showing an increase of 55.07 percent, according to the Pakistan Bureau of Statistics.
Pakistani rupee slips to record low amid political uncertainty, Russian invasion of Ukraine
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Pakistani rupee slips to record low amid political uncertainty, Russian invasion of Ukraine
- Pakistani currency has lost its value by 15.05 percent against the US dollar since July 2021 and 2.7 percent since January 2022
- Analysts say capital flight toward safe havens, falling forex reserves, high global commodity prices exerting pressure
Pakistan expands Makkah Route Initiative to Karachi, plans flights for Hajj pilgrims from May 9
- Saudi staff will have access to eight counters and required equipment at Karachi airport’s international departure area
- Pakistan first joined the Makkah Route Initiative in 2019 as part of a pilot program that was introduced in Islamabad
ISLAMABAD: In a major development for Hajj pilgrims in Pakistan, the government plans to launch flight operation to Saudi Arabia under the expanded Makkah Route Initiative to the southern port city of Karachi from May 9, according to an official statement released on Friday.
The initiative, launched by Saudi authorities in collaboration with several Muslim-majority states, facilitates the annual Islamic pilgrimage for numerous people traveling to Makkah.
Under the initiative, tasks like immigration processing are completed in the pilgrim’s home country, allowing them to bypass these procedures upon arrival in Saudi Arabia. This not only reduces waiting times and congestion at Saudi airports but also enhances the overall experience for pilgrims by making their journey more comfortable and focused on spirituality.
Pakistan joined the initiative in 2019 as part of a pilot program that began in Islamabad. Its success led to plans for the program’s expansion to other cities, with pilgrims from Karachi preparing to benefit from it for the first time this year.
“The Hajj flights under the Road to Makkah Project will commence on 09 May and conclude on 08 June,” the statement circulated by Pakistan Civil Aviation Authority said, adding that all the relevant agencies at Karachi’s Jinnah International Airport have assured of unwavering commitment for the successful implementation of the program.
The official statement was released after a meeting at the Karachi airport that focused on the initiative.
All stakeholders, including airline representatives, ground handling agencies, border health services, airport security, Federal Investigation Agency, customs and Anti-Narcotics Force were present during the deliberations.
The meeting focused on the procedures involved at different stages of Hajj pilgrims’ stay at the airport, beginning with their arrival at the facility until their departure, following Saudi immigration formalities.
It was agreed that Saudi staff would have access to eight counters and all the required equipment in the international departure satellite area.
The airport manager stressed the importance of providing a seamless experience to pilgrims and urged all agencies to treat and welcome them as honored guests.
Senior journalist among three killed in bomb attack in Balochistan on World Press Freedom Day
- Khuzdar Press Club president was killed after a motorcyclist attached an explosive device to his vehicle
- Journalists say media workers were also killed in the past but their murderers were never brought to justice
QUETTA: A senior journalist was killed in a powerful blast that claimed at least two other lives in Pakistan’s volatile southwestern Balochistan province, confirmed a senior administration official on Friday, after a motorcyclist attached an explosive device to his vehicle at a bustling market area.
The incident that took place in Khuzdar, a remote city in the region, on World Press Freedom Day sent shockwaves through the media community in the province that has witnessed much violence in the last couple of decades.
Maulvi Muhammad Siddique Mengal, the targeted journalist, was currently the president of the Khuzdar Press Club and had also received threats from unknown individuals in the past.
“President of the Khuzdar Press Club Maulvi Muhammad Siddique Mengal and two bike riders near his vehicle were killed in the attack,” Deputy Commissioner Khuzdar Arif Khan Zarkoon told Arab News after the emergence of the CCTV footage of the attack. “Five people were injured who were shifted to the District Hospital Khuzdar for treatment.”
“Mengal was traveling in his private vehicle to a mosque to offer Friday prayers when an unknown man attached a magnetic explosive device to his vehicle which exploded at Chamrook Chowk and killed him on the spot,” he added.
So far, no group has claimed responsibility for the attack.
“Maulvi Siddique Mengal had been receiving threats from unknown people for the last year,” said one of the local journalists who requested anonymity. “He survived a firing attack nine months ago. Journalism has become a life-threatening profession in Khuzdar. We even closed Khuzdar Press Club for more than six months after threats by unknown people in 2012.”
Pakistan is considered one of the most dangerous places in the world for journalists, particularly for those working in the country’s western Balochistan and Khyber Pakhtunkhwa provinces. According to the Committee to Protect Journalists (CPJ), an international organization working for journalists’ safety, at least 62 media workers have been killed in targeted attacks in Pakistan since 1992.
The Balochistan Union of Journalists (BUJ) has strongly condemned Mengal’s murder, demanding the arrest of the perpetrators of the Khuzdar blast.
Khalil ur Rehman, the BUJ president, said targeting a journalist on World Press Freedom Day was an attempt to suppress the voice of media workers in Balochistan.
“Forty-two journalists have lost their lives in Balochistan over the last two decades, while 10 journalists were killed in Khuzdar district during the last decade, but not a single murderer of journalists has been arrested yet,” he told Arab News. “Journalists in Balochistan are already facing security challenges, but this attack indicates that targeted attacks against journalists have started again.”
Mir Sarfaraz Bugti, chief minister of Balochistan, has strongly condemned Mengal’s killing, ordering an investigation into it.
“The Balochistan government will utilize all resources to arrest the perpetrators involved in the killing of the senior journalist in Khuzdar,” he said in a statement. “Terrorists involved in sabotaging peace in Balochistan won’t succeed.”
Global advocacy group says over 300 journalists faced state repression in Pakistan in one year
- International Federation of Journalists says 8 media workers were charged for sedition, terrorism, incitement to violence
- It mentions the plight of Afghan journalists in exile, safety issues of Pakistani women journalists in online and offline spaces
ISLAMABAD: A leading global advocacy group for journalists’ rights on Friday highlighted alarming challenges faced by the media in Pakistan on Friday, saying that more than 300 people associated with the information industry faced repressive state tactics designed to quell dissent during the course of about a year.
The International Federation of Journalists (IFJ) released its country report on Pakistan on World Press Freedom Day that falls on May 3.
The report highlighted the persistent threats to freedom of expression, safety concerns, gender inequality, and the impact of disinformation on the local media industry.
“Over 300 journalists and bloggers this year were affected by state coercion and targeted, including dozens of journalists arrested for durations between several hours to four weeks and nearly 60 served legal notices or summons for their journalism work or personal dissent online,” the IFJ Pakistan country report for 2023-2024 said. “At least eight were charged for alleged sedition, terrorism and incitement to violence – all serious charges carrying lengthy sentences and even the death penalty.”
It maintained that most of these cases stemmed from the perceived or actual support of these journalists for former prime minister Imran Khan and his political party.
“In this sense, the principal threat actor behind crimes against journalists and free speech practitioners was undoubtedly the state and its functionaries, though some regional sects, non-state actors and gangsters were also involved in some cases,” the report added.
The IFJ described the judicial intervention in these matters as “the silver lining,” saying it thwarted the government’s attempts to entangle journalists “in legal proceedings as a tool of deterring dissent.”
The report noted four journalists were killed during the period under review while at least 59 journalists and bloggers were charged with sedition, terrorism, incitement to violence, defamation or contempt.
“Of these, 47 journalists were served legal summons to respond to allegations of targeted defamation and incitement against judges of the superior judiciary,” it continued.
The report also maintained the safety of women journalists in Pakistan’s online and offline spaces remained a persistent challenge.
“They continued to face gender-based discrimination, journalism work-related intimidation and under-representation in the industry,” it said.
The IFJ said this environment led to self-censorship among journalists and media outlets, especially while writing on topics concerning religion and law.
It also highlighted the plight of Afghan journalists, saying nearly 200 of them had fled to Pakistan after the Taliban takeover in August 2021.
“In October 2023, Pakistan’s government unilaterally demanded that Afghan refugees return to Afghanistan, setting a deadline of one month before authorities began forced deportations,” it recalled. “Amongst the refugees were 200 journalists who had fled to Pakistan to escape stifling restrictions on free speech in Afghanistan.”
The organization said it had called for financial and legal assistance for these journalists to support their sustenance and freedom to report.
Pakistan extradites Oslo festival shooting suspect to Norway
- The man opened fire outside two bars in Oslo in 2022, killing two men and wounding nine others
- Zaniar Matapour, a 44-year-old Norwegian of Iranian origin, is currently on trial for an ‘act of terror’
OSLO: Pakistan has extradited to Norway a man suspected of masterminding an Oslo shooting on the eve of a 2022 festival, Norwegian authorities said on Friday.
On the night of June 25, 2022, just hours before the parade was to take place, a man opened fire outside two bars in central Oslo, including a well-known gay club, killing two men and wounding nine others.
The suspected shooter, Zaniar Matapour, a 44-year-old Norwegian of Iranian origin, is currently on trial accused of an “act of terror.”
Matapour has pleaded not guilty, and psychiatric experts are at odds over his mental health and thereby his legal responsibility.
Arfan Bhatti, a 46-year-old who has lived and is well known in Norway, is suspected of having planned the attack but left Norway for Pakistan before the shooting.
Even though Norway and Pakistan have no agreement on extraditions, Pakistani authorities agreed to grant Oslo’s request.
“Arfan Bhatti is now on a plane escorted by Norwegian police,” Norway’s Justice Minister Emilie Enger Mehl told reporters on Friday.
Bhatti, who denies any involvement and had opposed extradition, will be placed in custody on arrival in Oslo, Norwegian police said.
He is suspected of being an “accomplice to an aggravated act of terror,” a charge that carries a prison sentence of up to 30 years.
Bhatti is expected to be called to testify during Matapour’s trial, police said.
Bhatti’s lawyer was angry that his client was extradited before Pakistan’s supreme court had a chance to rule on his case.
“This way of doing things calls into question the respect of law and international legal principles,” John Christian Elden said.
On World Press Freedom Day, Pakistani PM says journalists in Gaza ‘heroes of humanity’
- Committee to Protect Journalists says at least 97 press members killed in Gaza war, 92 of them Palestinians
- UNESCO on Thursday awarded its world press freedom prize to all Palestinian journalists covering the war in Gaza
ISLAMABAD: Pakistani Prime Minister Shehbaz Sharif said on Friday the journalists who were covering the war in Gaza, especially those who had died in the line of duty, were “heroes of humanity.”
Sharif said this in his statement on World Press Freedom Day, observed on May 3 each year to raise awareness of the importance of freedom of the press and remind governments of their duty to respect and uphold the right to freedom of expression enshrined under Article 19 of the 1948 Universal Declaration of Human Rights. The day also marks the anniversary of the Windhoek Declaration, a statement of free press principles put together by African newspaper journalists in Windhoek in 1991.
According to the New York-based Committee to Protect Journalists (CPJ), at least 97 members of the press have been killed since the war in Gaza broke out in October, 92 of whom were Palestinians.
“The male and female journalists who sacrificed their lives during coverage in Gaza are heroes of humanity,” Sharif said. “I salute them.”
Separately, UNESCO on Thursday awarded its world press freedom prize to all Palestinian journalists covering the war in Gaza, launched by Israel over seven months.
“In these times of darkness and hopelessness, we wish to share a strong message of solidarity and recognition to those Palestinian journalists who are covering this crisis in such dramatic circumstances,” said Mauricio Weibel, chair of the international jury of media professionals.
“As humanity, we have a huge debt to their courage and commitment to freedom of expression.”
Audrey Azoulay, director general at the UN organization for education, science and culture, said the prize paid “tribute to the courage of journalists facing difficult and dangerous circumstances.”
The war started with Hamas’s unprecedented October 7 attack on Israel that resulted in the deaths of 1,170 people, mostly civilians, according to a media tally of Israeli official figures.
Israel’s retaliatory offensive against Hamas has killed at least 34,596 people in Gaza, mostly women and children, according to the territory’s health ministry.
With inputs from AFP
