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PKR:SAR, !:0.02
PKR:RMB, 1:0.03
PKR:HKD, 1:0.04

PKR:USD, 1:0.005
PKR:EUR, 1:0.005
PKR:GBP, 1:0.004
PKR:JPY, 1:0.65
PKR:CFA franc, 1:3.28

PKR:TYR, 1:0.08
PKR:ZAR, 1:0.08
PKR:TWD, 1:0.15
PKR:INR, 1:0.42
PKR:RUB, 1:0.57
PKR:KRW, 1:6.70

m'k. The pairs illustrate "onshore" (AE) demand for Pakistani commodity trade a/o 21 Mar. I don't "offshore" (EME) demand for PKR. I also don't know if there's ever been a period when Pakistan was not shut out of global "growth" mediated by IMF risk-rated "bi-lateral trade" denominated by imperial reserves. Khan's political dilemma has less to do with Ukraine than prior investment in BRI infrastructure, which undermines the EU's belated "Global Gateway" charm-offensive--a topic which attracted little eurotrib interest from OMICRON fifth wave west of the Rhine. Construction at Gwadar Port since 2016 has drawn sporadic, occasionally violent opposition by factions, distressed by "structural adjustment" to the local economy and military police stationed to guard it.

Economically, Pakistan and Russia signed an agreement for the Pakistan Stream Gas pipeline from Karachi to Kasur, and reached a price accord in December 2016, but progress on the project has been slow. Pakistan has also granted Russia access to the Gwadar Port, which is under development with Chinese capital.

Be that as it is, parliamentary drama in Pakistan, ostensibly related to a "corruption crusade" within its  ranks as well as the ISI, has been brewing longer than 3 years--IOW, since US invade Aghanistan only to find OBL in PK. Such is the grist of "Red Zone Files" compiled by sundry political groups that reiterate government incompetance or defiance troubling western nationalists which have imposed sanctions on PK since 1990. Khan's last trip to Moscow further embarassed some MPS. How many will dissolve Khan's "populist" mandate in order to elect an replacement acceptable to western trade remains to be seen: a confidence vote eerily similar to any one performance by UK House of Commons over the prior decade.

by Cat on Mon Mar 21st, 2022 at 02:09:20 PM EST
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