The News Caravan

Tag: barely

  • Pakistan’s forex reserves barely enough to provide import cover for 18.5 days

    Pakistan’s forex reserves barely enough to provide import cover for 18.5 days

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    Islamabad: The foreign exchange reserves held by the State Bank of Pakistan (SBP) have plunged to precarious levels as the cash-strapped nation desperately seeks to revive the stalled bailout programme of the International Monetary Fund (IMF), local media reported.

    Due to foreign debt payments, the central bank said its reserves fell $592 million to $3,086.2 million during the week ended January 27, the lowest since February 2014, and are barely enough to provide import cover for 18.5 days, Geo News reported.

    The reserves held by the commercial banks stand at $5,655.5 million, $2.6 billion higher than those of SBP, taking the total reserves of the country to $8,741.7 million, the central bank’s statement mentioned.

    Despite the falling reserves, the federal government is ensuring it meets international debt obligations to avoid default a long-standing threat that has now forced the Shehbaz Sharif-led government to meet the conditions of the IMF.

    Amid the liquidity crunch and the government’s removal of the cap on the dollar, which was a pre-condition of the IMF, the Pakistani rupee plunged to a historic low of Rs 271.35 against the US dollar in the interbank market, Geo News reported.

    With the reserves hitting new lows every week and the government trying to keep itself afloat by meeting IMF demands, the prices of commodities have also witnessed a spike.

    Consumer prices rose 27.6 per cent compared to 13 per cent in the same month of last year, according to data released by the Pakistan Bureau of Statistics (PBS) on Wednesday. This is the highest year-on-year inflation after May 1975 when the median rate clocked in at 27.77 per cent, Geo News reported.

    Due to the ongoing situation, the central bank has also restricted the issuance of letters of credit (LCs), leading to the complete or partial shutdown of business from textile to automobile. This is causing a disruption in the supply chain, which will ultimately lead to an increase in the rates of commodities.

    SBP Governor Jamil Ahmed had said last month that the country owed $33 billion in loans and other foreign payments before the end of the fiscal year in June.

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    #Pakistans #forex #reserves #barely #provide #import #cover #days

    ( With inputs from www.siasat.com )

  • Still don’t know much about Shah Rukh Khan, barely watch films: Himanta

    Still don’t know much about Shah Rukh Khan, barely watch films: Himanta

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    Guwahati: Amid criticisms over his swift transition from “Who is Shah Rukh Khan” to “SRK called me”, Assam Chief Minister Himanta Biswa Sarma on Monday clarified that he still doesn’t know much about the actor, and hardly watches movies.

    The CM also said that he harbours little knowledge about the Hindi film industry.

    “I have seen films of Amitabh Bachchan, Dharmendra and Jeetendra……I still don’t know much about Shah Rukh Khan. Since 2001, I have seen not more than six to seven films,” he said at a press conference here.

    Talking about his conversation with the megastar, Sarma said that he had received a text message from the actor on Saturday at 7:40 pm, which stated, I am Shah Rukh Khan. I want to talk to you’.

    “There were many in the queue who wanted to talk to me. After clearing those, a message was sent to him (Shah Rukh) at 2 am on Sunday saying that I was available for a call. He then called me and said that his film was releasing soon and that he hoped there won’t be any problem.

    “I asked him the name of his film and he said ‘Pathaan’. I told him ‘koi disturb nahi hoga’ (there will be no disturbances),” the CM recounted.

    On the boycott calls given against the movie, Sarma said that those willing to watch the film will do so and the rest can skip it.

    The CM asserted that his government, however, “will not let Assam get a bad name”.

    Asked about his “Who is Shah Rukh Khan” remark, the chief minister retorted, “Why should I know him? I really did not know that he was such a great man….I do not watch many films. I know about older actors. The attraction for stars varies across generations.

    “Besides, I don’t know the entire three crore people of the state or even my voters to whom I am indebted to,” he added.

    Referring to ‘Pathaan’ poster vandalisation by right-wingers who also sought a ban on the film, Sarma noted that tearing down of posters was no crime and sought to know under what law they should be booked.

    “Posters of politicians are torn down all the time but there is no discussion on that. It is time people changed their mindset,” he added.

    Bajrang Dal activists had recently stormed a cinema hall in the Narengi area here, and tore down posters of ‘Pathaan’, burnt those and raised slogans against the film.

    Pathaan’, starring Khan, Deepika Padukone and John Abraham, will hit the theatres on January 25.

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    #dont #Shah #Rukh #Khan #barely #watch #films #Himanta

    ( With inputs from www.siasat.com )