A black market for dollars has sprung up in Pakistan after the central bank restricted access to foreign currency to preserve dwindling reserves. It has restricted overseas payments and halve the amount of foreign currency that a person can carry overseas to $5,000.
Dollar shortage is also due to demand from neighbouring Afghanistan after the Taliban’s takeover last year.(File Photo / REUTERS)
While India, US and France are all for taking action against Pak based terror groups and terrorists, Islamabad has a full protection of Beijing, which blocks global designation of terrorists like Mir, LeT’s Abdul Rehman Makki and JeM’s Rauf Azhar by the UNSC 1267 committee.
US President Joe Biden and wife Jill Biden with Pakistan PM Shehbaz Sharif at UNGA last month.
Pakistan has also decided to borrow 5.5 trillion Pakistani rupees from international lenders in the current fiscal year to maintain its foreign exchange reserves, repay the previous loans and finance the current account deficit.
Pakistan, which is facing a worsening power crisis, has taken various steps to bring down the consumption of electricity to reduce load shedding, will now ban wedding functions after 10 pm in Islamabad with effect from June 8, Geo News reported.
The restriction on wedding functions in the country's capital is being implemented on the instructions of Prime Minister Shahbaz Sharif.(HT file photo)