Open market sees massive shortage of USD

[Olympus81]

I am guessing International local rates = NY price times official USD/PKR while Local Pakistani rates = what you have to pay in PK?

If so, real gold rates indicate a USD/PKR of 255, going by the ARY link. This is against official rate 225.

Yes, you got that right.

Even though the local rates are higher than international rates (converted in Rs as per official rate), the public is still willing to buy Gold.

Everyone knows why.

 

[epebble]

ARY Gold

There is a discrepancy here. Local Pakistani rates are higher than International local rates, but despite this, people are looking to buy gold.

What is the Pakistan government's policy regarding gold import/exports? If allowed freely, it can be used to circumvent exchange restrictions somewhat.

 

[Olympus81]

What is the Pakistan government's policy regarding gold import/exports? If allowed freely, it can be used to circumvent exchange restrictions somewhat.

Whatever you import has to be exported (in form of a bar, jewelry etc) if you want to avoid duties.

Otherwise I believe (from the top of my head) about 4-5%.

A lot of smuggling takes place as well as some gold imported officially. A cat and mouse game between the customs and smugglers.

Giving a free hand to import of gold might seem a logical idea. But that could cause alot of $ exiting the country.

 

[Baloach]

Open gov exchanges at all airports and ban any international pessengers taking any currency other than RS , out of airport. people shouldnt be allowed to take any dollars out of airport to open market.
this will curb dollars being sumggeled out to afg and iran

 

[epebble]

Whatever you import has to be exported (in form of a bar, jewelry etc) if you want to avoid duties.

Otherwise I believe (from the top of my head) about 4-5%.

A lot of smuggling takes place as well as some gold imported officially. A cat and mouse game between the customs and smugglers.

Giving a free hand to import of gold might seem a logical idea. But that could cause alot of $ exiting the country.

If there is no restriction on gold exports, gold can be used in lieu of foreign exchange by those who may want to repatriate their earnings or need foreign exchange for imports. It is not hard to convert gold into money.

 

[Crimson Blue]

On December 12, 2022:

 

[Crimson Blue]

According to news, Government of Pakistan has held salaries & utility bills of overseas Embassies and Consulates, which is paid in foreign currency. Listen to this 2 minutes clip:

https://twitter.com/x/status/1602258520866537473

 

[Zhukov]

Can't Pakistanis switch to renminbi transactions instead?

And Where will you get renminbi to trade with china?
Any Sizeable Exports you have to China to get that Yuans?
Or Ask Loan/Credit line from China in Yuans?

 

[Crimson Blue]

PKR vs Afghan Currency comparison:

 

[gambit]

I thought that according to the numerous economic 'experts' here in PDF, the US dollar is kaput.

 

[Riz]

Pigs of Establishment is stopping media not to run the news of default because there favorite corrupt party will suffer , mutmain haramis

 

[maithil]

https://twitter.com/x/status/1603008387519741952