Latest news with #Eid-related
Express Tribune
5 days ago
- Business
- Express Tribune
SBP injects Rs12.38 trillion
Listen to article The State Bank of Pakistan (SBP) injected Rs12.38 trillion into the financial system through two separate Open Market Operations (OMOs) on June 27, 2025, to manage the liquidity vacuum caused by Eid-related cash demand and fiscal needs of the government constrained by International Monetary Fund (IMF) conditions. The larger of the two was a conventional reverse repo OMO, in which SBP accepted Rs12.20 trillion out of Rs12.42 trillion offered by banks at a rate of 11.07% for a seven-day tenor. A total of 34 bids were accepted out of 36 received, with rates ranging between 11.20% and 11.04%. Additionally, a Shariah-compliant Mudarabah-based OMO saw the SBP accept Rs178 billion out of Rs326 billion offered at a slightly higher rate of 11.13% for the same tenor. Only two bids were received and accepted, showing limited participation from Islamic financial institutions. Analysts attributed the rise in OMO stock to higher currency in circulation during Eid (a temporary effect) and a lag between debt repayments and incoming inflows. They expect OMO levels to ease as inflows materialise in the coming weeks. In the currency market, the Pakistani rupee slightly weakened against the US dollar on Friday, falling by 0.02% in the interbank market. By day's end, the rupee closed at 283.72, down five paisas from Thursday's close of 283.67. Meanwhile, gold prices in Pakistan also saw a steep decline, mirroring a global drop of nearly 2% after confirmation of a US-China trade agreement boosted investor risk appetite and reduced demand for safe-haven assets. According to the All-Pakistan Gems and Jewellers Sarafa Association, the per tola gold price dropped by Rs5,000 to Rs351,000, while the 10-gram price fell Rs4,287 to Rs300,925. This came after gold gained Rs1,335 per tola the previous day, reaching Rs356,000. Adnan Agar, Director at Interactive Commodities, said gold hit a new intra-day low on Friday. "Gold touched a low of $3,255 and is now trading around $3,276 after opening at $3,320," he said, adding that, "The trend remains bearish, with potential downside targets near $3,213 before any short-term rebound." He added that confirmation of a US-China trade deal has dampened gold's momentum, and if similar agreements emerge with other major economies like the European Union, gold could revisit levels between $3,000 and $2,800 in the medium term. "Sentiment is currently tilted towards the downside, and the market may continue to face pressure into next week," Agar said.
Express Tribune
11-06-2025
- Business
- Express Tribune
Remittances cross $34.9b for FY2025
Listen to article The State Bank of Pakistan (SBP) reported a robust increase in workers' remittances for May 2025, providing crucial support to the external sector amid a widening trade imbalance caused by rising imports and declining exports. According to the latest data, total remittance inflows reached $3.7 billion in May, up around 14% year-on-year. This upward trajectory has been a consistent feature throughout the ongoing fiscal year 2024-25, offering some relief to Pakistan's external account pressures. "Workers' remittances reflect robust growth of 16% month-on-month and 13.7% year-on-year, signalling sustained confidence of overseas Pakistanis in formal banking channels," said Ali Najib, Deputy Head of Trading at Arif Habib Limited (AHL). Cumulative inflows from July to May FY2025 stood at $34.9 billion, marking a strong 28.8% increase from the same period last year, he said. This rise is likely due to improved documentation, regulatory support, and seasonal Eid-related transfers. Saudi Arabia, the United Arab Emirates (UAE), the United Kingdom (UK), and the United States (US) remained the top contributors, with the rising trend offering vital support to foreign exchange reserves. Saudi Arabia led with $913.9 million, followed by the UAE at $754.2 million and the UK at $588.1 million. The UAE showed the strongest growth, with a 45.7% increase during July-May, and Dubai alone sending $567.2 million in May. European Union (EU) countries posted a 28.1% rise, with Italy contributing $118.2 million. Significant year-on-year growth was seen from non-traditional markets such as South Africa (74%), Ireland (53.1%), and Malaysia (40.4%). This reflects the Pakistani population's struggle for gradual diversification as traditional markets become more saturated. Monthly figures showed a peak in March 2025 at $4.05 billion, with steady inflows continuing through May. The fiscal year's average monthly remittance stood at $2.52 billion, up 10.7% from FY24. Experts attribute the surge to favourable economic conditions in host countries, a stable exchange rate, and Pakistan's push to formalise channels through digital platforms like Roshan Digital Account and SBP EasyData. These reforms have improved transparency and accessibility, making formal remittance channels more attractive for overseas Pakistanis. Despite gains, concerns remain about the sustainability and inclusivity of this growth. Heavy reliance on traditional markets - accounting for 61% of inflows — exposes Pakistan to risks from labour policy changes or economic slowdowns in those regions. Remittances from the US declined 12.4% year-on-year in May 2025, possibly due to regulatory tightening or demographic shifts in the diaspora. High transfer costs between 5% and 7% — continue to drive users toward informal channels like hawala. Persistent exchange rate gaps between official and parallel markets also reduce incentives to use formal systems. Data issues complicate accurate analysis. There is limited reporting on remittance purposes, and foreign currency account flows are included in headline figures. Structural challenges persist as well. Most Pakistani workers abroad are in low-skilled jobs, especially in Gulf countries, making inflows vulnerable to wage stagnation and automation in labour-importing countries such as Saudi Arabia under its Vision 2030 reforms. Moreover, Pakistan's policies have yet to fully engage the diaspora in high-value activities beyond basic remittances, such as investments in bonds or startups. Seasonal fluctuations also affect stability. The 16% month-on-month jump in May 2025, partly due to Eid, highlights the volatility of these flows. This contrasts from April-May patterns in previous years, underlining their unpredictability. To improve resilience, experts recommend diversifying labour destinations, cutting transfer costs through fintech collaboration, publishing detailed remittance data, and upskilling workers to meet demand in advanced economies. Such measures are critical to ensuring that remittances continue to serve as a resilient and growth-supporting element of Pakistan's economy, which remains reliant on these inflows for covering 8-10% of its GDP.
Business Recorder
07-06-2025
- Business Recorder
Eidul Azha: CM orders foolproof security arrangements
LAHORE: Punjab Chief Minister Maryam Nawaz Sharif has ordered the implementation of foolproof security measures across the province in view of Eidul Azha. The CM also issued a comprehensive set of instructions to ensure smooth traffic flow, public safety, and strict monitoring of transport fares and cattle markets. The CM directed the authorities concerned to enhance security arrangements in and around cattle markets, which were expected to see heavy public presence during the Eid season. The CM emphasized that security at all cattle markets must be tightened, particularly in major cities like Lahore and Multan, to safeguard citizens and prevent any untoward incidents. The CM Maryam directed that traffic monitoring be carried out round-the-clock in Lahore and other urban centers to manage congestion caused by Eid-related activities. Instructions were issued to improve traffic flow around cattle markets in key cities and to deploy traffic personnel where needed. To ensure fair treatment of the public during the festive season, the CM also ordered strict enforcement of officially approved transport fares across Punjab. She directed that fare charts and fitness certificates be visibly displayed on bus windshields. She warned that overcharging the passengers would not be tolerated. Transporters found violating fare regulations would face legal action and commuters charged extra must be refunded on the spot. The CM directed the Livestock Department officials to remain present at cattle markets, to monitor animal health, ensure availability of veterinary services and assist the public in purchasing healthy animals. She directed senior administrative and police officers to remain in the field during the Eid holidays, ensuring timely response and on-ground supervision of all arrangements. She called for continuous monitoring of the situation at the provincial, divisional, district and tehsil levels. Copyright Business Recorder, 2025
Hi Dubai
04-06-2025
- Business
- Hi Dubai
Salik Announces Variable Toll Rates During Eid Holiday
Dubai's toll operator Salik has announced variable toll rates for Sunday, June 8 — the third day of Eid Al-Adha — to help manage traffic flow during the holiday period. On that day, peak-hour tolls will apply from 6:00 AM to 10:00 AM and again from 4:00 PM to 8:00 PM, with a charge of AED 6 per crossing. These hours are expected to see higher traffic volumes as residents travel for Eid-related activities. Off-peak hours will be in effect from 10:00 AM to 4:00 PM and from 8:00 PM to 1:00 AM the following day, during which the toll will be reduced to AED 4. No tolls will be charged between 1:00 AM and 6:00 AM on Monday, as Salik waives tariffs during the early morning hours. The temporary adjustment is part of Salik's dynamic pricing model aimed at easing congestion and supporting smoother traffic movements during periods of high demand. It also aligns with broader transport strategies to enhance road efficiency during public holidays. Motorists are encouraged to plan their travel accordingly to avoid delays and benefit from lower tariffs during off-peak times. News Source: Four Agency
Daily Tribune
02-06-2025
- Health
- Daily Tribune
Bahrain Imports Over 30,000 Livestock and 6,800 Tons of Meat Ahead of Eid Al-Adha
The Kingdom of Bahrain has ramped up livestock and meat imports to meet expected demand for sacrifices and meat consumption during the festive season. Engineer Assem Abdul Latif Abdullah, Undersecretary for Agriculture and Marine Resources at the Ministry of Municipalities Affairs and Agriculture, confirmed the import of approximately 30,630 heads of sheep, 91 cattle, and 34 camels into the Kingdom. He noted that an additional 17,000 heads of livestock are expected to arrive in the coming days to accommodate increased demand for sacrificial animals. In addition to live animals, Bahrain has imported 1,541 tons of chilled and frozen red meat and 5,299 tons of frozen poultry. A total of 228 import permits were issued for red meat and poultry products, underscoring the Kingdom's readiness for Eid-related meat demand. The Undersecretary affirmed the Ministry's full preparedness for Eid Al-Adha 1446H through an integrated plan that ensures the readiness of licensed slaughterhouses, along with the availability of veterinary doctors to inspect animals in coordination with licensed abattoir veterinarians, aimed at streamlining and accelerating the inspection process. Highlighting the importance placed on food safety, Eng. Abdul Latif stated that all imported live, chilled, and frozen meat undergoes rigorous laboratory testing to ensure the health and safety of the meat supply in Bahrain. He also emphasized that both Hamala Abattoir and Bahrain Livestock Company's slaughterhouse in Sitra are licensed and operate under the supervision of qualified veterinarians. Slaughtering is conducted with regular health and veterinary inspections, both pre- and post-slaughter, and meat destined for markets is officially stamped and approved. Furthermore, around 25 veterinary professionals are stationed across key entry points — Khalifa Bin Salman Port, Bahrain International Airport, and King Fahd Causeway — operating around the clock to monitor the import and export of live animals and meat products, whether fresh, chilled, or frozen. Veterinary oversight also extends to quarantine facilities, ensuring imported livestock and meat products meet Bahrain's strict health regulations. The Undersecretary emphasized the Ministry's collaboration with certified importers who comply with all legal and veterinary quarantine regulations, in accordance with Law No. (8) of 2003 and its executive bylaw No. (7) of 2004. The strong importer demand this season, he added, is largely due to Bahrain's strategy of diversifying its sources of livestock and meat from various international markets, and granting licenses to qualified traders to ensure a stable and safe supply throughout the festive period
