#Roshan Digital Account Drive

[infozonepk]

The IPG Group Pakistan launched Roshan Digital Account Drive in GCC to promote new Investment Opportunities in Pakistan

The IPG Group Pakistan launched Roshan Digital Account Drive in GCC to promote new Investment Opportunities in Pakistan

The IPG Group Pakistan, a leading sports marketing and international events company and a renowned name in remittance initiative events is facilitating the launch of Roshan Digital Account (RDA) drive for overseas Pakistanis to promote new investment opportunities in Pakistan in collaboration with renowned banks on an international platform. Recently, in partnership with Bank AL Habib, The IPG…

[sohaibahmadu]

Pakistan-Italy Economic Relations at All-time High

The major indicators of Pakistan and Italy’s bilateral economic relations — trade cooperation and workers remittances — are reflecting extraordinary growth.

Pakistani workers’ remittances from Italy increased by a staggering 92 percent in August 2021 against those in August 2020, making Italy the largest contributor in remittances from the European Union. Keeping in view the growth trend of the last 12 months, Italy could join the so-called ‘Billion Dollar Club/markets for remittances’ for Pakistan, which could help it address its current account gap.

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While talking to the media, Pakistan’s Ambassador to Italy, Jauhar Saleem, highlighted some of the main factors that are fueling the unprecedented growth streak in the remittances in the last four quarters. He named the user-friendly financial products of the State Bank of Pakistan like the Roshan Digital Account, the restrictions on cross-border travel due to the pandemic, the favorable exchange rate, the legalization of undocumented Pakistani workers in Italy, Pakistan’s inclusion in the seasonal work visa program in Italy, and the Remittances Promotion Drive of the Pakistani Embassy in Italy as some of the leading elements that are helping remittances grow to record heights.

He stated that Pakistan has been included in Italy’s Seasonal Work Visa Programme for 2022 as well, which will help the country’s semi-skilled workers to go to Italy through legal channels to work in the agriculture and services sectors of the Italian market.

As for Pakistan’s exports to Italy that registered 64 percent growth in August 2021 year-on-year, Ambassador Saleem mentioned that the growth of the exports was mainly led by value-added sectors like garments, leather products, home textiles, and footwear.

Italy is Pakistan’s eighth-largest export market where Pakistan is a market leader in some products such as rice. Pakistan’s share in the supply of Basmati rice to the Italian market has risen to 82 percent, whereas India supplies only 12 percent of it. Despite India’s false claim over the exclusive rights for Basmati rice in the European Union (EU) market, Pakistan is the largest exporter of Basmati not only to Italy but to the entire EU.

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The ambassador noted that Pakistan’s exports to Italy reached an all-time high of $786 million during FY 2020-21, and it is endeavoring to have an even better growth figure this year. He added that despite the pandemic-related restrictions, the Pakistani embassy is extending all possible support to Pakistan’s businesses to facilitate their access to the Italian market.

He revealed that a delegation of around 40 Pakistani businessmen from the leather sector will visit Italy next week to meet with Italian buyers and investors, visit state-of-the-art leather manufacturing facilities, and participate in an internationally acclaimed trade fair.

While talking about bilateral investment cooperation, Ambassador Saleem stated that the Italian investment in Pakistan was previously highly concentrated in the hydrocarbon market. The embassy is endeavoring to help build a more diversified investment portfolio from Italy, and has pitched Pakistan’s priority sectors for investment so that the Pakistan-Italy bilateral investment portfolio may have sustainable growth.

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Italian companies that are new to the Pakistani market are now investing in different sectors such as food, steel, leather, textile, tourism, IT, electric vehicles, and allied equipment.

Ambassador Saleem appreciated the roles of the Italian government, embassy, and private sector companies in providing technical assistance and technology transfer, particularly in the leather and textile sectors which are of prime importance for Pakistan’s economy in terms of export capacity.

The post Pakistan-Italy Economic Relations at All-time High appeared first on .

source https://propakistani.pk/2021/09/17/pakistan-italy-economic-relations-at-all-time-high/

[sohaibahmadu]

Rupee Gains Big Against All Currencies After Slipping to Its Lowest Since August 2020

The Pakistani Rupee appreciated today after slipping to its lowest against the US Dollar since August 2020. It gained 38 paisas against the Dollar to close at Rs. 167.25 today.

It registered an intra-day high of Rs. 167.75 against the US Dollar (USD), and an intra-day low of Rs. 167.30.

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Yesterday, the Pakistani Rupee (PKR) depreciated by 0.24 percent against the USD and closed at Rs. 167.63, which was its lowest level since 28 August 2020.

It has been depreciating steadily over the past weeks on the back of a widening current account deficit and the political uncertainty in Afghanistan.

INTER BANK MARKET…

US Dollar is gradually inching up. The question is that what can stop the ongoing one sided rally to arrest #PKR’s fall. I would keep a close watch on the OPEN MARKET RATE all over the country for direction. Financial market in Afghanistan is still BRITTLE.

— Asad Rizvi

(@asadcmka) September 8, 2021

The founder and CEO of Currency Market Associates, Asad Rizvi, tweeted that the financial market in Afghanistan is still brittle.

Lately, markets are jittery on the falling PKR/USD (reasons are in thread). Some are criticizing PKR volatility- well this graph shows that PKR volatility is less than many other currencies relative to USD. People pegging from recent PKR peak at 152 in May21 -not right 1/ pic.twitter.com/e9Y5GjR6Co

— Ali khizar (@AliKhizar) September 8, 2021

Economist Ali Khizar tweeted that “there is no need to panic” about the PKR’s recent depreciation, and that investors needed to become mature now that Pakistan had shifted to a market-based exchange rate system. The currency’s trends now depend on market sentiments and fundamentals, which, he said, would mature with time.

Khizar added that any positive news such as from the International Monetary Fund (IMF) or Afghanistan would buoy sentiments and drive the PKR’s value up in the short term.

“Don’t overthink on PKR slide, let the reality of healthy volatility sink in,” he concluded.

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Roshan Digital Account Inflows Hit $2.11 Billion

The PKR appreciated against other major currencies today. It gained 12 paisas against the Euro, 48 paisas against the Pound Sterling (GBP), 61 paisas against the Canadian Dollar (CAD), and 24 paisas against the Australian Dollar (AUD).

It also added 10 paisas each against the Saudi Riyal (SAR) and the United Arab Emirates Dirham (AED).

The post Rupee Gains Big Against All Currencies After Slipping to Its Lowest Since August 2020 appeared first on .

source https://propakistani.pk/2021/09/08/rupee-gains-big-against-all-currencies-after-slipping-to-its-lowest-since-august-2020/