Author name: NEN News

Business

NBP Sets Dollar at 278.75 for TT Selling Wednesday

KARACHI — The Treasury Management Division of the National Bank of Pakistan (NBP) on Wednesday announced the latest interbank exchange rates for telegraphic transfer (TT) transactions. The dollar exchange rate and other major currencies saw official pricing updates for the banking sector. US Dollar Exchange Rate The US dollar was set at 278.75 for TT selling and 278.25 for TT buying. This represents the official interbank rate for dollar transactions through Pakistan’s largest state-owned commercial bank. These rates serve as benchmark pricing for foreign exchange transactions across Pakistan’s banking sector. They directly impact trade, investment, and financial markets throughout the country. European and British Currency Rates The euro stood at 321.91 for selling and 321.33 for buying. The British pound was quoted at 373.13 for selling and 372.46 for buying. Both currencies maintain premium valuations against the Pakistani rupee. These rates reflect current market conditions in international currency markets. Other Major Currency Rates NBP’s Treasury Management Division announced the following additional rates for Wednesday: Swiss franc: 348.88 selling and 348.25 buying Canadian dollar: 199.85 selling Japanese yen: 1.7383 selling and 1.7352 buying The interbank exchange rates provide standardized pricing for commercial banks. Financial institutions use these rates for corporate transactions, remittances, and international trade settlements.

Pakistan

Pakistan’s $4.5 Billion Greenfield Refinery to Boost Energy Security

Federal Minister Reviews Major Energy Infrastructure Project Federal Minister for Commerce Jam Kamal Khan met Tuesday with a delegation from SPEC Refinery Pvt Ltd in Islamabad. The high-level meeting focused on Pakistan’s first deep conversion greenfield refinery project. The $4.5 billion facility is planned for Hub, Balochistan. SPEC Refinery Chairman Zafar Sheikh led the delegation and presented comprehensive updates on the project’s development timeline and milestones. Strategic Importance for National Energy Security The Hub refinery represents a major step forward for Pakistan’s energy infrastructure. Minister Khan discussed how the Pakistan greenfield refinery would strengthen the country’s energy security framework. The delegation outlined the refinery’s potential to boost Pakistan’s industrial base. The facility would create significant economic activity in Balochistan province and generate thousands of employment opportunities. Key Benefits of the Refinery Project Enhanced energy security for Pakistan Reduced dependence on imported refined petroleum products Significant economic development in Balochistan Major addition to national refining capacity Impact on Pakistan’s Petroleum Sector Once completed, the greenfield refinery would transform Pakistan’s downstream energy sector. The project aims to reduce the nation’s dependence on imported refined petroleum products through domestic production capacity. The deep conversion facility would mark a significant addition to Pakistan’s refining capacity. This development could help the country achieve greater self-sufficiency in meeting its growing energy needs and support economic growth.

Business

NBP Sets Dollar Selling Rate at 280.14 in Karachi

NBP Dollar Exchange Rate in Karachi The National Bank of Pakistan (NBP) on Tuesday set the US dollar at a selling rate of 280.14 and a buying rate of 277.14. These rates reflect the bank’s official exchange rates for currency notes in Karachi. The dollar exchange rate serves as a critical benchmark for foreign currency transactions across Pakistan’s banking sector. British Pound and Euro Exchange Rates The British pound was listed at a selling rate of 374.99 against a buying rate of 370.57. The euro was also quoted in the latest rate sheet issued by the state-owned lender. These currency rates provide essential guidance for individuals and businesses conducting international trade and financial operations. NBP Foreign Currency Exchange Services NBP publishes exchange rates for currency notes on a regular basis. The rates serve as a key reference for retail foreign currency transactions nationwide. The bank’s exchange rate updates enable businesses to plan import-export activities. Individual customers also rely on these rates for remittances and travel-related currency exchanges.

Business

Pakistan Workers’ Remittances Rise 9.21% to $38.1bn in Eleven Months

ISLAMABAD — Pakistan workers remittances climbed 9.21 percent to reach $38.109 billion during the first eleven months of fiscal year 2025-26. The State Bank of Pakistan released these figures Wednesday, underscoring sustained growth in foreign exchange earnings from overseas Pakistani workers. Record Growth in Remittance Inflows The country received $38.109 billion in remittance inflows between July and May of the current fiscal year. This marks a significant increase from $34.892 billion recorded during the same period in FY2024-25. The year-over-year gain represents approximately $3.2 billion in additional foreign exchange. State Bank of Pakistan data confirms this upward trajectory continues from previous quarters. Critical Support for External Account The sustained increase highlights Pakistan’s continued reliance on overseas workers as a primary foreign exchange source. These remittances provide critical support to the country’s external account amid ongoing economic pressures. Pakistan workers remittances remain one of the nation’s most stable revenue streams. They help stabilize the economy while supporting household incomes across urban and rural areas. Key Economic Impact Strengthens Pakistan’s foreign exchange reserves Reduces pressure on current account deficit Provides direct financial support to millions of households Enhances economic stability during challenging fiscal conditions The remittance growth comes as Pakistan navigates broader economic challenges. Foreign exchange earnings from overseas workers continue to serve as a vital economic lifeline for the country’s financial stability.

Pakistan

Faisalabad to Receive Anti-Smog Guns to Combat Air Pollution

FAISALABAD — Two anti-smog guns will soon be deployed at pollution hotspots across Faisalabad. Authorities are taking action to address worsening air quality in the industrial city. Director General Environment Protection Department Imran Hamid Sheikh announced the initiative. The move comes in response to mounting concerns over environmental conditions. Business Community Pressures Government Sheikh made the commitment following demands from the Vice President of the Faisalabad Chamber of Commerce and Industry. The announcement signals growing pressure from the business community. Deteriorating environmental conditions have increasingly affected commercial operations in the city. Faisalabad Air Pollution Crisis Intensifies Faisalabad, Pakistan’s third-largest city, serves as a major textile manufacturing hub. The city has faced persistent smog and air pollution challenges. The environmental crisis stems from multiple sources: Industrial emissions from textile factories Vehicle exhaust from increased traffic Crop burning in surrounding districts How Anti-Smog Gun Technology Works Anti-smog guns spray fine water mist to suppress airborne particulate matter. The technology effectively reduces pollution levels in targeted areas. Lahore has previously deployed similar equipment during peak smog seasons. The technology showed positive results in improving air quality. The two units will be strategically positioned at identified pollution hotspots. Officials aim to maximize their impact on Faisalabad air pollution and air quality improvement across the city.

Sports

Five Vessels Berth at Port Qasim, Three More Expected

Five Vessels Complete Berthing Operations Five ships successfully berthed at Port Qasim on Tuesday for comprehensive cargo operations. The vessels handled diverse commodities including containers, rice, cement, palm oil, soya bean seed, and motor gasoline. Port authorities coordinated the simultaneous docking to maximize efficiency. Each vessel was allocated specific terminal facilities based on cargo type and operational requirements. Terminal Assignments and Cargo Details The port’s specialized terminals accommodated different cargo categories. Strategic placement ensured streamlined loading and unloading procedures across all facilities. The berthed vessels and their designated terminals included: Al-Bert-P at Qasim International Container Terminal OBE Dinares at Multi-Purpose Terminal-1 Chem Star at Liquid Cargo Terminal Key Sonority at Grain Terminal Qilin Zuo at FOTCO Oil Terminal Scheduled Vessel Arrivals Three additional vessels were expected to arrive at Port Qasim for docking operations. The incoming ships include Safeen Power, Bolan, and Pantazis-L. These vessels will undergo cargo handling procedures at their assigned terminals upon arrival. Port operations continue round-the-clock to accommodate maritime traffic efficiently.

World

Pakistan Urges Restraint as US-Iran Clashes Intensify

UNITED NATIONS — Pakistan has called on all parties to exercise restraint amid the most intense exchange of fire between the United States and Iran since a ceasefire took hold in the Middle East. The urgent appeal highlights growing international concern over escalating US-Iran diplomatic tensions. Pakistan’s Ambassador Appeals for Diplomatic Solution Addressing the United Nations Security Council on Tuesday, Pakistan’s Ambassador Asim Khan made a direct appeal to the warring sides. He urged them to “give peace a little more chance” as the region braced against renewed escalation. The Pakistani envoy emphasized the critical need for diplomatic channels. He warned that further military action could prevent a peaceful resolution to the security situation. Emergency UN Security Council Session The Security Council convened an emergency session to assess the deteriorating situation between Washington and Tehran. Member states collectively urged diplomatic channels over military action to resolve the deepening crisis. International stakeholders expressed serious concern about the implications of continued hostilities. The international community warned that ongoing conflicts could destabilize the broader Middle East region and undermine the fragile ceasefire. Regional Stability at Risk The escalation marks the most significant flare-up in US-Iran diplomatic tensions since the ceasefire agreement. Diplomatic observers note the urgent need for bilateral dialogue to prevent further deterioration of regional security.

Pakistan

IRSA Releases 237,700 Cusecs Water From Rim Stations

ISLAMABAD — The Indus River System Authority (IRSA) released 237,700 cusecs of water from various rim stations on Wednesday. This IRSA water release came against a total inflow of 206,600 cusecs into the system, reflecting active water management across Pakistan’s federal water infrastructure. Tarbela Dam Water Levels and Storage Capacity According to official IRSA data, the water level at Tarbela Dam on the River Indus stood at 1,451.33 feet. This measurement indicates the reservoir is 51.33 feet above its dead level. The dam maintains adequate storage capacity for Pakistan’s water distribution requirements. Water Distribution Operations Across Pakistan The water release from rim stations reflects ongoing water management operations across Pakistan’s river system. IRSA monitors and regulates water distribution to ensure equitable allocation among all provinces. The federal water authority coordinates releases to meet agricultural, domestic, and industrial demands throughout the country. These daily measurements help maintain optimal reservoir levels while meeting downstream water requirements for Pakistan’s irrigation and urban needs.

Pakistan

Gold Prices Drop Rs 12,627 Per Tola in Local Market

ISLAMABAD — Gold prices in Pakistan fell sharply on Wednesday as the local market witnessed one of its steeper single-day declines in recent weeks. The precious metal saw a significant correction in domestic trading. Sharp Decline in 24-Karat Gold Prices The price of 24-karat gold per tola declined by Rs 12,627 to settle at Rs 442,436. This represents a significant drop from the previous trading day’s rate of Rs 455,063. The All Pakistan Sarafa Gems and Jewellers Association issued the updated rates. The association monitors and tracks daily bullion prices across Pakistan’s jewellery and precious metals markets. Key Price Details 24-karat gold per tola: Rs 442,436 Single-day decline: Rs 12,627 Previous rate: Rs 455,063 International Market Influences Local Rates The sharp decline in Pakistan’s gold market reflects broader movements in international gold prices. International rates typically influence domestic pricing trends in the local market. This marks one of the more notable single-day price corrections in recent trading sessions. The precious metal’s volatility continues to impact Pakistan’s bullion sector.

Pakistan

South Punjab’s Century-Old Pickle-Making Tradition Fades as Youth Turns Away

MULTAN — A generations-old tradition of handcrafted pickle-making is disappearing from the villages of South Punjab. Younger residents are abandoning the artisanal practice in favour of commercially produced alternatives. The decline marks a significant cultural shift in rural Pakistan. Traditional Pickle-Making: A Cultural Heritage For decades, households across the region filled with the aroma of mustard oil and spices each mango season. Women prepared “achaar” — homemade pickle — using skills passed down through families. The annual ritual was both a culinary practice and a marker of domestic pride. Each household developed signature recipes, closely guarded and refined over generations. Decline of the South Punjab Tradition That tradition is now in steep decline. The rise of factory-made pickles has changed consumption patterns dramatically. Shifting lifestyles have reduced time available for labour-intensive food preparation. Urban migration and changing employment patterns mean fewer women have the time or inclination to continue the practice. A younger generation shows little interest in the craft. This generational disconnect has combined to erode what was once a near-universal seasonal custom in rural South Punjab. Cultural Heritage at Risk Cultural observers and older residents warn of impending loss. As the women who carried this knowledge age, the recipes and techniques face extinction. Community bonds built around the practice are also at risk. The tradition served as a social connector, bringing women together during preparation seasons. Few efforts are currently underway to document or preserve this South Punjab tradition. Without intervention, the cultural heritage of artisanal pickle-making may disappear entirely within a generation.

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