Goldman Sachs
ISLAMABAD: According to Goldman Sachs experts, the Pakistani rupee (PKR), currently the top-performing currency, is expected to experience a brief period of strong performance against the US dollar.
However, this surge is anticipated to be short-lived due to financing challenges and delayed elections.
In a statement, Goldman Sachs expert Kamakshya Trivedi anticipated that “the recent appreciation of the Pakistani rupee will likely be of short duration, primarily due to rising interest costs and short-term arrangements with the IMF and bilateral financing to maintain external balance.”
The statement also notes that “the market will continue to demand a premium for Pakistan’s rupee in the lead-up to elections.”
Last week, the PKR concluded its 28-day streak of historic gains against the USD, depreciating by 1.18 rupees against the US dollar.
This decline was attributed to limited US dollar liquidity in banks, which hindered them from providing forward exchange rates.
The rupee’s impressive gains were a result of government administrative measures and efforts to combat illegal outflows of dollars.
Additionally, the State Bank of Pakistan’s (SBP) reforms have enhanced transparency by consolidating various exchange businesses into a single category with a clear mandate and increased capital requirements.
As of today, in the interbank market, the dollar is trading at PKR 279.75, marking a decrease of at least 13 paisa from the previous closing rate.
Transparency International Pakistan files complaint against TV anchors
Transparency International Pakistan (TIP) has filed a formal complaint against Pakistan Television (PTV) for the alleged hiring of three anchors. PTV hired anchors without conducting an open competition or advertising the positions, TIP asserted.
These anchors were reportedly offered substantial monthly salaries of Rs750,000 each under a three-year contract.
The complaint asserts that these hiring are based on favoritism and are in violation of the orders issued by the Supreme Court of Pakistan and the Cabinet Secretariat’s Management Position Scales Policy for 2020/2021. Mettis Global, a Karachi-based media entity reported this development on Thursday.
It is noteworthy that the Management Position Scales Policy for 2020/2021 outlines the procedure for appointing highly skilled and qualified professionals from the open market on a contractual basis for MP Scale positions in Ministries and Divisions.
TIP argues that this recruitment will lead to a total cost of Rs81 million for PTV over the three-year duration. It will be a substantial financial loss to the national exchequer due to the absence of established rules and regulations governing the recruitment process.
