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<ul class="summary-list"><li>A Russian company will reportedly barter chickpeas and lentils for Pakistani tangerines and rice.</li><li>Russia has struggled to make payments across borders amid mounting sanctions from the US and its allies.</li></ul>Russia is continuing to feel the pressure from Western sanctions.One Russian company is planning to barter chickpeas and lentils for Pakistani tangerines, rice and potatoes, according to a Tuesday report from Russian state-run news service Tass.The agreement comes amid reports of Russian companies struggling to make payments across borders amid <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-growth-recession-labor-worker-shortage-inflation-sanctions-west-2024-9">mounting sanctions from the US and its allies</a> since Russia invaded Ukraine in 2022.Russia's Astarta-Agrotrading will trade 20,000 tons of chickpeas in exchange for the same amount of rice from Pakistan's Meskay &amp; Femtee Trading Company in an agreement signed Tuesday, Bloomberg said, citing the Tass report.The company will also trade 15,000 tons of chickpeas and 10,000 tons of lentils for 10,000 tons of potatoes and 15,000 tons of tangerines from the Pakistani company.Russia's search for alternate international trade channels isn't new.In fall 2022, months after Russia invaded Ukraine, the country <a target="_blank" href="https://www.businessinsider.com/russia-india-payment-issues-us-west-sanctions-rupees-ukraine-war-2024-9">drafted plans</a> to spend around $1 billion worth of Indian rupees secretly purchasing critical goods and investing in production in India, the Financial Times reported last month.More recently, China is reported to be in <a target="_blank" href="https://www.businessinsider.com/russia-economy-russia-china-barter-trade-us-secondary-sanctions-payments-2024-8">barter trade talks with Russia</a>, joining the likes of countries like Afghanistan and Iran who have also discussed barter trade with the Kremlin.Russia also passed a bill in July that will allow <a target="_blank" href="https://www.businessinsider.com/russia-economy-moscow-cryptocurrency-bill-digital-ruble-trade-payments-sanctions-2024-7">trade payments in crypto</a>.Russia has struggled amid increasingly tight sanctions since 2022, which have steadily cut off its access to key financial support.Even Chinese banks, the smaller of which were a key processor for Russian payments, have <a target="_blank" href="https://www.businessinsider.com/russia-economy-all-china-banks-refuse-yuan-ruble-transfers-sanctions-2024-8">stopped offering support</a> in recent months.Russia's economy has boomed throughout the war with Ukraine, but the Bank of Russia recently said its seen <a target="_blank" href="https://www.businessinsider.com/russia-economy-outlook-stagflation-recession-inflation-gdp-growth-ukraine-war-2024-9">"signs of cooling domestic demand" as inflation rises</a> — a dreaded outcome known as stagflation.

A Russian company is bartering chickpeas for Pakistani rice as sanctions stop payments

<ul class="summary-list"><li>The Pakistani rupee has fallen 20% against the dollar this year, Bloomberg reported.</li><li>That's after spiking in October, as demand for the rupee surged on a clampdown on illicit dollar transactions.</li></ul>The Pakistani rupee has plunged about 20% against the dollar this year, putting it on track to end 2023 as Asia's worst-performing currency, <a href="https://www.bloomberg.com/news/articles/2023-11-27/pkr-usd-asia-s-worst-performing-currency-heads-for-another-tough-year?srnd=null">Bloomberg reported</a> on Monday.But if you rewind just a month, the currency was briefly the <a href="https://markets.businessinsider.com/news/currencies/pakistan-rupee-us-dollar-currencies-foreign-exchange-intervention-greenback-fx-2023-10">top performer in global markets</a>. What happened?The rupee soared 8% in October to 275 per dollar after hitting a record low in September because of the Pakistani government's response to illicit dollar transactions, according to the Indian lender HDFC Securities. Following a raid conducted by Pakistan's Federal Investigation Agency, demand for the rupee surged.But October's jump was fleeting as Pakistan's plagued economy couldn't keep up the optimistic rebound in the rupee. Right now, the rupee sits at 285 per dollar, and some analysts see it sliding to 324-350. That's because financial mismanagement and political chaos have pushed Pakistan toward the brink of a default. Earlier this month, International Monetary Fund agreed to release $700 million from a $3 billion bailout deal reached in July.The country is still gripped with sizeable debt loads, a contracting economy, and depleted foreign reserves. Pakistan has also been facing a cash shortage for over a year after delayed IMF payments increased the risk of an actual default and paralyzed usual financing lines. To top that off, inflation has hit an annual rate of 29.2%, the World Bank <a href="https://thedocs.worldbank.org/en/doc/5d1783db09a0e09d15bbcea8ef0cec0b-0500052021/related/mpo-pak.pdf">reported</a>. And analysts expect Pakistan's economic to continue well into 2024, providing little hope for the rupee.

The Pakistani rupee has plunged after soaring as the world's top performing currency. What happened?

The <keyword id="655703" type="General" weightage="20" keywordseo="Pakistani-rupee" source="Orion">Pakistani rupee</keyword> (PKR) continues its recently achieved stability streak with a marginal increase in its value as the greenback was traded at 221.65 PKR in the interbank market, according to the <keyword id="166005" type="General" weightage="20" keywordseo="State-Bank-of-Pakistan" source="Orion">State Bank of Pakistan</keyword> (SBP). The US dollar closed at 221.66 PKR on Monday, and on the second working day of the week the local currency appreciated by 0.01 PKR, or about 0.00 per cent, against the US dollar, the SBP said on Tuesday. The PKR recorded a gain of 0.26 PKR or 0.12 per cent appreciation on Monday in the <keyword id="1129116" type="General" weightage="20" keywordseo="inter-bank-market" source="Orion">inter-bank market</keyword>. The local currency largely witnessed a stable trend over the last week, moving in between 221 and 222, despite the strengthening of the greenback against the other currencies. According to market analysts, this exchange rate's stability was a result of strict monitoring by the concerned government authorities. Additionally, the SBP and Federal Investigation Agency on Monday announced to take a concerted joint effort to apprehend and implicate illegal foreign exchange operators and speculators across the country. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/norways-princess-martha-louise-relinquishes-royal-duties-for-alternative-medicine-business/articleshow/95391955.cms" style="">Norway's princess Martha Louise relinquishes royal duties for alternative medicine business</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/americas-largest-theatrical-exhibitor-turns-its-theaters-into-zoom-rooms/articleshow/95376520.cms" style="">America's largest theatrical exhibitor turns its theaters into Zoom rooms</a>

Pakistani rupee continues stability against USD

<keyword id="3001" type="General" weightage="50" keywordseo="pakistan" source="Orion">Pakistan</keyword>'s volatile rupee (PKR) became the "worlds best performing currency" in the week that ended on October 7, as it made the largest gain of 3.9 per cent over five working days to 219.92 PKR to a dollar on expectation of significant foreign currency inflows. "The rupee remained the best performing currency on a week-on-week basis," The Express Tribune quoted Arif Habib Limited Head of Research Tahir Abbas as saying. Friday was the 11th consecutive working day for the Pakistan rupee when it maintained the winning streak since the current <keyword id="25455" type="General" weightage="50" keywordseo="finance" source="Orion">Finance</keyword> Minister Ishaq <keyword id="6771714" type="General" weightage="80" keywordseo="dar" source="Orion">Dar</keyword> announced his return to to the country by ending a five-year self-exile last month. Apparently, after taking over, Dar resumed his old policy of protecting the rupee against the onslaught of the US dollar. He found the rupee undervalued at July's all-time low of nearly 240 to a dollar and suspected the manipulation of the rupee value by commercial banks to serve vested interests. A probe in this regard is underway. Speculation is rife that the rupee will resume its downturn in the backdrop of strengthening US dollar against many major world currencies, bouncing back of global crude oil prices to above $90 per barrel, fears of recession in <keyword id="28249" type="General" weightage="50" keywordseo="europe" source="Orion">Europe</keyword>, drop in Pakistan's foreign currency reserves and no significant increase in the country's exports, according to experts. Earlier, the domestic currency remained highly volatile since March this year as it somersaulted from the world's best performing currency to become the worst and again became the best performing in the past seven days. Before Dar's return, the rupee lost almost 12 per cent in 15 successive working days to an all-time low of around 240 PKR in late July on increased risk of default on debt repayment, for instance, in the case of $1 billion Sukuk maturing on December 5, 2022. Dar also partially blamed his predecessor Miftah Ismail's policies for the mess in the domestic economy. Ismail, however, had been praised earlier for taking tough decisions to steer Pakistan away from the risk of default and persuade the IMF to resume its loan programme, The Express Tribune reported. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/middle-east-destinations-see-an-upsurge-amongst-indian-travellers/articleshow/94723228.cms">Middle East destinations see an upsurge, amongst Indian travellers</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/people-struggle-as-prices-of-vegetables-grains-go-through-roof-says-report/articleshow/94723150.cms">People struggle as prices of vegetables, grains go through roof, says report</a>

Pakistani rupee becomes 'world's best performing currency'

<ul class="summary-list"><li>The Pakistani rupee has become the top performer in global currency markets.</li><li>It gained 8% from a record low in early September, after a government clampdown on illicit dollar trade.</li></ul>The <a href="https://markets.businessinsider.com/currencies/usd-pkr">Pakistani rupee</a> has surged to the top of global currency markets, sharply increasing from a record low in early September.The rupee has gained 8% since then, climbing from 307 against the dollar to 275. The rebound has made the rupee September's top global performer, based on LSEG data cited by <a href="https://www.cnbc.com/2023/10/18/pakistani-rupee-jumps-from-record-lows-to-worlds-top-performing-fx.html" target="_blank" rel="noopener">CNBC</a>. According to a <a href="https://www.hdfcsec.com/hsl.docs//Monthly%20Strategy%20Report%20-%20October%202023-202310050940065264312.pdf" target="_blank" rel="noopener">presentation</a> from Indian lender HDFC Securities, the strong rebound stems from the Pakistani government's response to illicit dollar transactions. "Pakistan's rupee was the top performer globally this month as a government crackdown on the illegal dollar trade helped reverse its fortunes," it said. "The rupee surged almost 6% in September, a remarkable feat as most currencies including the Thai baht and South Korean won tumbled against the dollar on speculation US interest-rates will stay elevated for longer."Ahead of the clampdown, dollars were being bought and sold in informal markets, deteriorating the rupee exchange rate, <a href="https://www.dawn.com/news/1777784" target="_blank" rel="noopener">local media</a> reported. This prompted Pakistan's Federal Investigation Agency to launch a raid on exchange companies throughout the state, closing down shops and arresting a number of those involved. After the operation, demand for the rupee has returned, and Pakistani banks have reported growing remittances and increased inflows. But the long-term prospects of the rupee's rally are largely uncertain, as Pakistan's underlying economic situation is shaky — the country is weighed down by substantial debt loads, it's GDP is estimated to contract for fiscal year 2023, and its foreign reserves have been depleting.Meanwhile, Islamabad is grappling with <a href="https://thedocs.worldbank.org/en/doc/5d1783db09a0e09d15bbcea8ef0cec0b-0500052021/related/mpo-pak.pdf" target="_blank" rel="noopener">multi-decade high</a> in average headline inflation, which rose to 29.2% year-over-year in fiscal year 2023, the World Bank reported.The inflation rate rose to 31.4% year-on-year in September, government data showed.However, part of this was owed to currency weakness, potentially making the rupee's strength a welcome sight for the country's consumers.

Why Pakistan's rupee has soared the most against the US dollar among global currencies

The US dollar has been on a one-way path -- upwards -- against the Pakistani rupee since the past week, and the trend continued Thursday when it finally breached the Rs 200-mark in the interbank trading, <keyword id="485056" type="General" weightage="80" keywordseo="samaa-tv" source="Orion">Samaa TV</keyword> reported. The value of the dollar appreciated by Rs 1.81, or 0.91 per cent and was trading at Rs 200.20 at 11 a.m. during intraday trade. The greenback closed at Rs 198.39 Wednesday, after gaining Rs 2.65 from its closing value of Rs 195.74 on Tuesday. In the open market, the US dollar already breached the Rs 200-mark two days ago. Since the new government took power April 11, the greenback has appreciated by Rs 18.09 in the interbank market. In the open market, the foreign currency rose by Rs 15.50 during the same period, Samaa TV reported. Experts have said the economic and political uncertainty was fuelling the dollar's rise and hurting the rupee's value. The market was looking towards ongoing talks between the <keyword id="6366068" type="General" weightage="80" keywordseo="international-monetary-fund" source="Orion">International Monetary Fund</keyword> (<keyword id="6355408" type="General" weightage="80" keywordseo="imf" source="Orion">IMF</keyword>) and <keyword id="3001" type="General" weightage="50" keywordseo="pakistan" source="Orion">Pakistan</keyword> in <keyword id="6355203" type="General" weightage="20" keywordseo="qatar" source="Orion">Qatar</keyword>. During the first rounds of talks that concluded Wednesday, Pakistan assured the Fund that it is ready to take tough decisions like revoking the subsidy on fuel and controlling the rising current account deficit. The talks were being held to resume the $6 billion IMF program for Pakistan with a possibility of extending it by $2 billion. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/india-climbs-2-ranks-in-speed-test-for-mobile-broadband-speed-but-fixed-broadband-speed-dips-aa-per-ookla-report/articleshow/91660037.cms">India climbs 2 ranks in speed test for mobile broadband speed but fixed broadband speed dips: Ookla</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/space/news/esa-satellite-sentinel-1a-dodges-a-high-risk-collision-from-russian-space-debris/articleshow/91659653.cms">ESA satellite Sentinel-1A dodges a 'high-risk collision' from Russian space debris</a>

Economic tension on all-time high as Pakistani rupee breaches 200-mark  in interbank trading

<ul class="summary-list"><li>Disney+ show "Ms. Marvel" has brought global attention to Pakistani music.</li><li>But, in the early 2010s, Pakistan's music industry was on its knees.</li></ul>Pakistani culture was front and center globally in an unprecedented way due to Disney+'s "Ms. Marvel," which aired over the summer. However, it might surprise viewers to learn that much of the series' soundtrack predominantly consists of songs from a Coca-Cola-sponsored platform called "<a href="https://www.youtube.com/c/cokestudio">Coke Studio</a>."The Pakistani music industry has a rich and diverse sound, reflective of not just the myriad cultures that make up the nation but also influences from around the world.Pakistan has a notable history of rock music spanning decades. The pioneers of rock in the country, like <a href="https://www.youtube.com/watch?v=0GLYKYgSE0Y">Junoon</a> and <a href="https://www.youtube.com/watch?v=YQRZFKnOtQo">Vital Signs</a>, have performed at sold-out stadiums across the globe and even at the <a href="https://www.youtube.com/watch?v=5OlsS-k7IsY">United Nations</a>.More traditional folk artists like <a href="https://www.bbc.co.uk/programmes/articles/1K5hTFbDcMYRJ839LM2wnK3/jeff-buckley-the-grammys-unesco-11-little-known-facts-about-nusrat-fateh-ali-khan">Nusrat Fateh Ali Khan</a> served as inspirations for icons such as Jeff Buckley — who <a href="https://youtu.be/l3HuBlUuqfs">called him his Elvis</a> and listened to his music every day — and collaborated with legends like <a href="https://youtu.be/8OHw7Rqa13U">Peter Gabriel</a> and <a href="https://youtu.be/-b33vOZKcS0">Eddie Vedder</a>.However, due to a confluence of issues, including a <a href="https://tribune.com.pk/story/708819/why-piracy-is-a-non-issue-for-the-music-industry">lack of royalties</a>, <a href="https://tribune.com.pk/story/173244/pakistans-music-economy-the-stalemate">anti-competitive practices of record labels and distributors</a>, <a href="https://tribune.com.pk/story/876764/can-we-say-no-to-piracy">music piracy</a>, a countrywide ban on social media <a href="https://www.newyorker.com/tech/annals-of-technology/banistan-why-is-youtube-still-blocked-in-pakistan">platforms such as YouTube</a>, as well as <a href="https://www.bbc.co.uk/news/av/world-asia-31099728">rising terrorism preventing concerts</a> from taking place, the Pakistani music scene had almost died out by the early 2010s.The <a href="https://www.dawn.com/news/1170373">government itself came under heavy criticism</a> for seemingly <a href="https://images.dawn.com/news/1181740">abdicating its responsibilities</a> towards the sector.It was <a href="https://tribune.com.pk/story/545595/endorse-a-brand-to-survive-in-the-pakistani-music-industry">private corporations that stepped up</a> to fill that void.Companies like <a href="https://www.youtube.com/watch?v=kVL_tnEuv6g&amp;ab_channel=NatashaHumeraEjaz">Ufone</a> and <a href="https://www.youtube.com/watch?v=FEwcZKsRN2w&amp;ab_channel=nooriworld">Unilever</a> made many musicians brand ambassadors, paid for music videos, and invited artists to play at corporate functions and sponsored shows.<h2>Pakistan's music industry was on its knees</h2><div type="image" title="Ali Sethi and Shae Gill - Coke Studio Season 14" height="1824" width="2432" msid="94557711" hostid="261"></div>To say that private corporations saved music in Pakistan is no hyperbole, according to Fasi Zaka, a preeminent Pakistani music critic with extensive stints on television and radio."At one point, the music industry had literally fallen on its face," Zaka tells Insider. "There were no avenues for concerts. We weren't even sure the domestic insurgency could be defeated. At this point, the role of corporations — while not necessarily altruistically motivated — has been integral to supporting the edifice of music in the country." According to Zaka: "If they had not been around, had they not been pumping money, one of the things we would have seen is far less music being produced."The two major cola brands, in particular, have a storied role in the development of Pakistani music.<h2>The rise of "Coke Studio"</h2>In 2008, Rohail Hyatt, a founding member of Vital Signs, launched a television show with Coca-Cola in which premier musical talents in the country collaborated in a genre-bending celebration of the best of <a href="https://www.youtube.com/watch?v=7rLxN41avhY">Pakistani music</a>."Coke Studio," as it came to be known, is now a cultural phenomenon. It has been broadcast on multiple television channels, radio stations, and digital platforms simultaneously for 14 seasons. Its <a href="https://www.youtube.com/c/cokestudio/about">YouTube channel</a> has over 3.4 billion views, with songs like "<a href="https://youtu.be/5Eqb_-j3FDA">Pasoori</a>" alone garnering hundreds of millions of views and dominating the charts in <a href="https://images.dawn.com/news/1189671">Pakistan and abroad</a>."'Coke Studio' was really important on so many levels," says Zaka. "When your culture is being attacked fundamentally by an insurgent force that doesn't believe in it, and you are finding parts of your culture being done away with, be it due to social change or due to new forms of music — in making that contemporary again, 'Coke Studio' had a really big effect on the country."According to Aisha Sarwari, Coca-Cola's director of public affairs, communications, and sustainability for Pakistan and Afghanistan, the company does not look at "Coke Studio" as an investment but rather as a part of its cultural DNA."What started with humble beginnings grew into a movement that captures the passion, vibrancy, and positivity of Pakistan and our people; a space where music goes beyond any kind of boundary, touching the hearts and minds across the world — connecting people in a way only music can," says Sarwari. "We are exceptionally proud that 'Coke Studio' has come to be recognized as Pakistan's biggest cultural export."<h2>Pepsi has stepped up, too</h2><div type="image" title="Eva B and Kaifi Khalil on Coke Studio Season 14" height="5451" width="7269" msid="94557713" hostid="261"></div>Coke's main competitor has also made its mark on the industry.The most prominent contemporary bands in Pakistan today, such as <a href="https://www.youtube.com/watch?v=VF8gpEo-xv0&amp;ab_channel=PepsiPakistan">Entity Paradigm</a> or <a href="https://www.youtube.com/watch?v=qE1G_qc7X10&amp;ab_channel=PepsiPakistan">Aaroh</a>, were almost all discovered in the first "Pepsi Battle of the Bands" tournament in 2002. They inspired a whole generation of musicians, including <a href="https://open.spotify.com/album/1F5BS4Xch89KfairyeeL7O">me</a>, to follow in their footsteps. "One of the more important platforms is 'Pepsi Battle of the Bands' because it's actually injecting new talent into the system," says Zaka. "You'll get new bands in front of a large audience and some of them have really taken off."One such band is <a href="https://www.youtube.com/watch?v=IAlf-1gTlPo&amp;ab_channel=KASHMIR">Kashmir</a>, who were thrust into the national limelight when they won season two of "<a href="https://www.youtube.com/watch?v=C-lcrzDNcm0&amp;t=233s&amp;ab_channel=PepsiPakistan">Pepsi Battle of the Bands</a>" when it relaunched in 2017."Being a professional musical artist in Pakistan, I have a very different view from other people who aren't professional musicians. We believe that corporations played a really major role in promoting music in the country," says Shane J. Anthony, Kashmir's drummer.<div type="image" title="Kashmir band" height="2450" width="4353" msid="94557715" hostid="261"></div>"We've been a band since 2012 with this lineup and our break was through 'Pepsi Battle of the Bands.' We did a couple of shows a year before that and we were just grinding it out and nothing was coming to fruition," Anthony explains. "We were so lucky with the competition, and it made us realize the power that these corporations have and the effort they are putting into the music industry."Two major criticisms often directed towards corporations involved in the music industry are that they can be exploitative and stifle creativity. What constitutes fair compensation for an artist by a corporation is dependent on who you ask, however, in an industry where many musicians are operating on passion alone and are resigned to the fact they won't be making much — if any — money from their art. It was this passion to have their music heard that drove Kashmir to enter "Pepsi Battle of the Bands" without realizing there was a cash prize of five million rupees that came with winning it."It was mindblowing to us that we could make money from this," says Anthony. "Honestly, even after we won 'Pepsi Battle of the Bands,' the amount of money we got paid from a concert right after that, we just couldn't believe it. It took us a whole year to accept we were where we were."Anthony also says the band never faced any interference with their creative process from their sponsor."We recorded our first album in collaboration with Pepsi and had complete creative freedom. We're now releasing our second album without any corporate involvement and have the same amount of creative freedom as we had back then," says the drummer.<h2>What's next for Pakistani music?</h2>Despite corporations helping prop up the industry through troubled times and beyond, Pakistani music is still far from thriving. "It's funny because when we speak to other musicians, they don't even call it an industry," says Anthony. "They call it a fraternity because it's so small in Pakistan."While there are indeed several success stories, Zaka suspects the number of musicians — other than the big names — that earn a viable income solely through their art can be counted on one hand."Corporations do have a tendency to reward legacy acts," he says. "They aren't really expanding the ecosystem in a meaningful way."The solution? "We need to have much greater numbers of new singers and bands being introduced and gaining exposure," says Zaka."It might be difficult to argue for a more philanthropic outlook, perhaps, but if corporations can find a profitable way to spotlight new talent on a larger scale, it will truly benefit the industry as a whole."

'Ms. Marvel' brought Pakistani music to a global audience, but the unlikely savior of the country's music scene? Coca-Cola.

<ul class="summary-list"><li>An organ-trafficking ring in Pakistan is accused of illegally extracting peoples' kidneys.</li><li>The patients often didn't know their organs were being harvested.</li></ul>An organ-trafficking ring in Pakistan is accused of illegally extracting the kidneys of more than 300 people to give to rich clients in need of a transplant, according to reports.Gang members sold the harvested kidneys to wealthy clients for up to 10 million Pakistani rupees each, or approximately $34,636, according to Mohsin Naqvi, the chief minister of Pakistan's Punjab province, <a target="_blank" href="https://edition.cnn.com/2023/10/03/asia/pakistan-kidney-trafficking-ring-intl-hnk/index.html">per CNN.</a>Eight gang members, including a doctor and a car mechanic, were arrested this week, police said.The alleged ringleader, Fawad Mukhtar, is accused of conducting at least 328 illegal kidney transplants, using vulnerable patients he enticed from hospitals, according to police, <a target="_blank" href="https://www.thenationalnews.com/world/asia/2023/10/02/disgraced-doctor-and-mechanic-held-over-alleged-organ-trafficking-in-pakistan/">per The National.</a>Mukhtar, a doctor, had previously been arrested five times over charges of medical malpractice, but was released on each occasion after securing bail, The National reported.He worked alongside a car mechanic, who has not been named, who administered the anesthesia and assisted in luring the patients, the Punjab province's chief minister said, according to CNN.He added that some of the people having their organs harvested didn't know their kidneys were being removed.The investigation was launched after one man came forward saying he was convinced by an alleged gang member to get private medical treatment, Naqvi said, per CNN.The man said a later checkup with another doctor revealed that he didn't have a kidney, the chief minister said, according to the news outlet.Transplants were carried out in private homes, <a target="_blank" href="https://www.bbc.co.uk/news/world-asia-66988933?xtor=AL-72-%5Bpartner%5D-%5Bbbc.news.twitter%5D-%5Bheadline%5D-%5Bnews%5D-%5Bbizdev%5D-%5Bisapi%5D&amp;utm_source=flipboard&amp;utm_content=topic%2Fcrime">BBC News reported</a>, with the gang operating across the eastern Punjab province, as well as in Pakistan-administered Kashmir.At least three people died from having their organs harvested, BBC News reported."They were able to do this in Kashmir because there is no law regarding kidney transplants, so it was easier for them to carry out the operations there," Naqvi said, according to CNN.Naqvi suggested that the actual number of transplants and illegal surgeries may exceed the reported 328, emphasizing that this number only represents confirmed cases, according to The National.Pakistan made the commercial trade of human organs illegal <a target="_blank" href="https://pubmed.ncbi.nlm.nih.gov/22352117/">in 2007.</a>But before the law, impoverished Pakistanis were selling their body parts in order to survive, CNN noted. <a target="_blank" href="https://www.insider.com/iran-sell-organs-livers-corneas-testicles-on-telegram-poverty-inflation-2023-5">This kind of trade is still taking place in Iran.</a>In 2010, <a target="_blank" href="http://punjablaws.gov.pk/laws/2428a.html">the Pakistani law was updated</a> to include punishments of up to 10 years in prison and a fine of up to one million Pakistani rupees ($3,464).

An organ-trafficking ring in Pakistan stole kidneys from more than 300 people, charging up to $35,000 a kidney, police say

<ul class="summary-list"><li>Kenya's shilling is on pace for its 29th consecutive month of declines, per Bloomberg.</li><li>In 2023, it's weakened about 18%, it's largest drop in 15 years.</li></ul>Kenya's shilling is on pace for its 29th consecutive month of depreciation, according to <a href="https://www.bloomberg.com/news/articles/2023-10-23/kenyan-shilling-s-29-month-losing-streak-is-far-from-over?srnd=markets-vp" target="_blank" rel="noopener">Bloomberg</a> data.So far this year, the currency has weakened roughly 18%, and looks poised to notch its biggest annual decline since 2008.According to Bloomberg Economics, the sharp drop-off reflects the slowdown in capital inflows to the African nation, stemming from sluggish global funding. What's more, climbing oil prices pressure the currency as well, as it likely widens the country's current account deficit. "We could see the shilling at 155 at year-end," Bloomberg conomist Yvonne Mhango said, even lower from the 150.1 per dollar seen Monday, which is already near a record low.Moving in the opposite direction this year has been <a href="https://markets.businessinsider.com/news/currencies/pakistan-rupee-us-dollar-currencies-foreign-exchange-intervention-greenback-fx-2023-10?_gl=1*1nxlup4*_ga*MjA5NTAyMzYyOS4xNjYyNDcwMDc5*_ga_E21CV80ZCZ*MTY5ODA2OTU5NC4xMzc5LjAuMTY5ODA2OTU5NC42MC4wLjA.">Pakistan's rupee</a>. It has been a top performer against the dollar this year, and has gained 8% from a record low in early September. The recent strength, according to Indian lender HDFC Securities, comes from the Pakistani government's crackdown on illicit dollar transactions, and it could bring some relief to soaring inflation in the country, which hit 31.4% in September. "Pakistan's rupee was the top performer globally this month as a government crackdown on the illegal dollar trade helped reverse its fortunes," the firm said in a presentation last week. "The rupee surged almost 6% in September, a remarkable feat as most currencies including the Thai baht and South Korean won tumbled against the dollar on speculation US interest-rates will stay elevated for longer."

Kenya's currency is about to notch its 29th consecutive month of declines

<ul class="summary-list"><li>Afghanistan's afghani has surged 9% against the US dollar over the past three months.</li><li>The Taliban's tight controls have made the currency the world's best performer since July 1.</li></ul>The best-performing currency of the third quarter isn't <a href="https://markets.businessinsider.com/news/currencies/dollar-dominance-dedollarization-currencies-federal-reserve-interest-rates-inflation-investing-2023-9">the surging US dollar</a> – it's Afghanistan's <a href="https://markets.businessinsider.com/currency-converter/usd_afn">afghani</a>.The Taliban-controlled medium of exchange has jumped 9% against the greenback since July 1, according to data from Refinitiv, meaning it tops the global rankings for the period.The strong run means the afghani is now up 14% year-to-date – making it the world's third-strongest performing currency of 2023, behind only the <a href="https://markets.businessinsider.com/currency-converter/usd_cop">Colombian peso</a> and the <a href="https://markets.businessinsider.com/currency-converter/usd_lkr">Sri Lankan rupee</a>, per Bloomberg.Since it retook Kabul in August 2021, the Taliban has imposed tight currency controls that bar locals from using the US dollar and Pakistani rupee, and banned online trading in a bid to prop the afghani up.While those measures appear to be working, Afghanistan's economy has suffered mightily since the Islamic fundamentalist insurgent group toppled Ashraf Ghani's government.A massive spike in unemployment has worsened the country's humanitarian crisis, per a recent report by the <a href="https://www.icrc.org/en/document/afghanistan-unemployment-people-disability" target="_blank" rel="noopener">International Committee of the Red Cross</a>. 79% of the population live in poverty, and 44% of people don't have enough food to eat.The Taliban's economic policies have also been unable to stave off deflation, with year-on-year prices falling at a rate of over 9% in July, according to data from the <a href="https://thedocs.worldbank.org/en/doc/8cd4001da4ac981a9d239f5536b173ea-0310012023/original/Afghanistan-Economic-Monitor-31-August-2023.pdf" target="_blank" rel="noopener">World Bank</a>.

The Taliban-controlled afghani has thrashed the US dollar this quarter, becoming the world's best-performing currency

<ul><li>Government data revealed that 384 persons were arrested after 462 samples of medicines were declared adulterated or spurious during 2019-21.</li><li>The Drugs Rules, 1945 were amended providing that any person who sells or distributes any drug shall be responsible for the quality. </li><li>The cough syrups have been linked with the death of over 60 children in Gambia. </li></ul> While the authorities have swung into action and ordered a detailed investigation into the cough syrups produced and exported to Gambia by an Indian company, government data revealed that 384 persons were arrested after 462 samples of medicines were declared adulterated or spurious during 2019-21. A total of 81,329 drug samples were tested in 2019-20 out of which 2497 samples were declared as not being of standard quality and 199 were declared of spurious nature. Similarly, in 2020-21, out of the total 84874 samples lifted for testing, 2652 samples were declared not of standard quality while 263 were found to be spurious. A total of 220 and 164 people were arrested in 2019-20 and 2020-21 respectively. Officials said that the government has taken a series of measures including strengthening of legal provisions, workshops and training programmes for manufacturers and regulatory officials and steps such as risk based inspection. As per a recent Parliament reply, the government has taken various regulatory measures since 2019 to ensure the quality of medicines in the country. The Drugs Rules, 1945 were amended providing that every Active Pharmaceutical Ingredient (bulk drug) manufactured or imported in India shall bear Quick Response Code on its label. The stored data or information shall include the minimum particulars including unique product identification code, Batch No, manufacturing date, expiry date. The Drugs Rules, 1945 were amended providing that any person who sells or distributes any drug shall be responsible for the quality of that drug as well as other regulatory compliances along with the manufacturer under these rules. The rules were amended providing that "in case the applicant intends to market the drug under a brand name or trade name, the applicant shall furnish an undertaking in Form 51 to the Licensing Authority to the effect that to the best of his knowledge based on search in trademarks registry, central database for brand name or trade name of drugs maintained by <keyword id="170943" type="General" weightage="80" keywordseo="central-drugs-standard-control-organisation" source="Orion">Central Drugs Standard Control Organisation</keyword>, literature and reference books on details of drug formulations in India, and internet, such or similar brand name or trade name is not already in existence with respect to any drug in the country and the proposed brand name or trade name shall not lead to any confusion or deception in the market," said the reply by the <keyword id="210071" type="General" weightage="80" keywordseo="ministry-of-health" source="Orion">Ministry of Health</keyword>. The regulatory control over the manufacture, sale and distribution of drugs in the country is exercised through a system of licensing and inspection by the <keyword id="4390963" type="General" weightage="80" keywordseo="state-licensing-authorities" source="Orion">State Licensing Authorities</keyword> (SLAs) appointed by the state governments. Earlier this week, the <keyword id="43588" type="General" weightage="80" keywordseo="world-health-organization" source="Orion">World Health Organization</keyword> (WHO) issued a warning about drugs manufactured by a Haryana-based pharmaceutical company following which the Union government initiated a probe. The cough syrups have been linked with the death of over 60 children in Gambia. An initial enquiry has found that these drugs were not sold in India and were meant for export. The government has also said that the samples of the four syrups have been sent for testing and action will be initiated after the test results. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/putin-orders-intensified-measures-to-protect-crimea-related-facilities/articleshow/94737748.cms">Putin orders intensified measures to protect Crimea-related facilities</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/falling-rupee-makes-studying-abroad-costlier/articleshow/94737652.cms">Falling rupee makes studying abroad costlier</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/pakistani-rupee-becomes-worlds-best-performing-currency/articleshow/94724119.cms">Pakistani rupee becomes 'world's best performing currency'</a>

Gambian cough syrup issue: 384 people arrested after 462 samples found spurious

<ul class="summary-list"><li><keyword id="11892960" type="UNKNOWN" weightage="60" keywordseo="facebook" source="Orion">Facebook</keyword> groups have filled the void left by <keyword id="11893449" type="UNKNOWN" weightage="60" keywordseo="pakistan" source="Orion">Pakistan</keyword>'s <keyword id="11907521" type="UNKNOWN" weightage="60" keywordseo="tinder" source="Orion">Tinder</keyword> ban, <a href="https://restofworld.org/2022/facebook-pakistans-matchmaking/">Rest of World reports</a>.</li><li>Facebook is an alternative to traditional arranged marriage services, which can cost $500 per match.</li></ul>Young people in Pakistan are turning to private Facebook groups to find romantic partners, after <a href="https://www.reuters.com/article/us-pakistan-socialmedia-ban-idUSKBN25S618">the government banned</a> five popular <keyword id="11970843" type="UNKNOWN" weightage="60" keywordseo="dating-apps" source="Orion">dating apps</keyword> including Tinder, the <a href="https://restofworld.org/2022/facebook-pakistans-matchmaking/">Rest of World reports</a>.The popularity of these Facebook groups, which are sometimes restricted to graduates of particular universities, is in part down to the cost of traditional arranged marriage services usually favored in the country, which can charge as much as 100,000 rupees ($500) for each match, according to the report. "Instead of waiting on their parents or family to find somebody, they are actually now doing it all on their own," a cofounder of a Facebook <keyword id="11911213" type="UNKNOWN" weightage="60" keywordseo="dating" source="Orion">dating</keyword> group for graduates of the country's premier business schools told <a href="https://restofworld.org/2022/facebook-pakistans-matchmaking/">Rest of World</a>.Users also said the Facebook groups felt safer than Tinder, which just this year rolled out a feature <a href="https://fortune.com/2022/03/10/tinder-garbo-perform-background-check-prospective-date-swiping-right/">offering criminal background checks</a> to users – for $2.50 per check. Pakistan banned a number of dating apps, including Tinder, <keyword id="12243988" type="UNKNOWN" weightage="60" keywordseo="grindr" source="Orion">Grindr</keyword>, Tagged, Skout, and SayHi in September 2020 for "immoral" and "indecent" content. In the year prior, over 440,000 Pakistanis had downloaded Tinder, according to <a href="https://www.reuters.com/article/us-pakistan-socialmedia-ban-idUSKBN25S618">analytics firm Sensor Tower</a>. The dating app ban, implemented by then-Prime Minister of Pakistan Imran Khan, was a way of appeasing the country's more conservative groups. The move was <a href="https://www.theguardian.com/world/2020/sep/04/imran-khans-tinder-and-grindr-ban-in-pakistan-is-hypocrisy">criticized by activists in Pakistan</a> who said the apps made dating for LGBT people safer in a country where homosexuality is banned. Dating apps and Facebook singles groups offer an alternative to traditional arranged marriages, which constitute "as high as 80% of marriages" in the country and tend to be organized by elders or older women, Tahir Andrabi, a professor of economics at Pomona College, <a href="https://www.pbs.org/frontlineworld/rough/2006/12/pakistan_this_ilinks.html">told PBS</a>.

You Searched For "Pakistani rupee" and got 12 results

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Pakistani rupee becomes 'world's best performing currency'

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'Ms. Marvel' brought Pakistani music to a global audience, but the unlikely savior of the country's music scene? Coca-Cola.

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An organ-trafficking ring in Pakistan stole kidneys from more than 300 people, charging up to $35,000 a kidney, police say

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Gambian cough syrup issue: 384 people arrested after 462 samples found spurious

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Young people in Pakistan are using Facebook singles groups to find matches after the government banned Tinder

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