Will Rupee Devalue Further? Economic roller coaster

[adnan.shaukat]

usd or eur ? 234 per usd looks weired as inter bank rate .

[Nabs]

USD, interbank rate on wise.com is 232.78, so bank gave me more than that.

[capsat]

@nabs
this is utilized by few very close friends in IT & Accounting services, you may need to visit UAE once and sort things out. With overseas earning landing in UAE under freelance license, you can move family there with resident status for better education & health services. There are several such consulting firms / individuals in UAE who can guide you for process., SAIF ZONE Sharjah is most friendly in terms of ease of doing business.

[VCheng]

Any bets on when the PKR slide will stop?

When Pakistan exports more than it imports. Some day. Perhaps. May be. Possibly.

[capsat]

NBP corresponding Habib Bank AG Zurich - Geneva, declined to acknowledge / Transmit an LC for US$12000, against a Govt contract payment to a German electromechanical giant in Cologne.

issue is about exchange rate which has a disparity of Rs. 27 between credit line approval by SBP and the funds allocated for transaction by the Govt entity.

slow down is anticipated at Rs. 247-249.00 if Punjab crisis is contained by the Supreme court, otherwise expect the unexpected.

@SER_GTR

[abacus]

No body is interested to contain the crisis, everyone is trying to milk their benefit out of it.

[Nabs]

UAE just introduced 9% corporate tax on income above $100K which also applies to freelancers. This is on top of hefty visa fee and freelance license fee. Cost of living is also very expensive. I only see this as a backup option in case Pakistan imposes income tax on IT exports. Right now IT exports has final tax of 1%. I would rather pay 50% tax and move to a European country where I can become a citizen and not forced back to Pakistan when I retire.

[adnan.shaukat]

agree, any of gulf state/country should be a BIG NO for us to settle. I am also looking for options to settle, considering UK Innovator visa (50K pound investment) or sweden (100K usd) are better options where you can get citizenship after certain period of time for your family members and Tax you pay ultimately you/your family get benefits

[Nabs]

UK innovator visa is very hard to get. For me, the easiest option is Portugal's D7 visa, but it has one of the highest taxes in Europe, I will have to pay around 60% on my income.

[Panther]

Had occasional receipts from personal accounts couple of times without any issue. However last time in 2020 the bank asked the source of funding which I provided.

[Nabs]

Remittance from personal account can be kept in foreign currency. I only receive remittances from companies.

[Xulfiqar]

seems like you want a perfect system. That never works.

e.g. Where I live there is no state level income tax but the property taxes are dacoity level. However running a business here is pretty good.

So as always - you win some, you lose some. But if you are constantly losing and may end up losing your shirt, then change the playground.

[salman_w]

so i just searched dollar price and google is telling this. Is it true?

[alizain5]

Seems some glitch. I’m too getting the same result but with my own API I’m getting 238.56
https://api.zainq.com/?data=F&basecurrency=PKR&currency=USD

[salman_w]

seems a glitch to me too.

[noobie]

Yeah, it's 100% a glitch unless SBP has done massive intervention (injecting dollars in market) in evening

Your API is now also returning 207 which i guess is due to upstream provider (same data source).

[alizain5]

You are right, i crossed check with other sources and it is glitch with Morningstar from where google and my api getting the rates.

[legendcommunit.y.0.0]

so i just searched dollar price and google is telling this wettbonusfinder.de. Is it true?

glitch it's 100%
because it's really fcking fantastic.

[sardarg]

despite forex shortage and restrictions for prior approval from SBP, the sitting govt has lifted ban from plenty of non essential products. luxury products including food & dairy items, chocolates cosmetics carpets and pet food.

https://www.brecorder.com/news/40188898/import-of-wheat-approved-ecc-lifts-import-ban-on-all-items-except-cbus-home-appliances

[sardarg]

https://www.forex.pk/currency-usd-to-pkr-to-us-dollar.php#:~:text=Friday%2029th%20of%20July%202022,US%20Dollar%20is%20PKR%20246.