Business
1Link-style system urged to plug dollar leakages
KARACHI: Despite the government’s move to link all dollar transactions with Nadra, including a new facial-recognition requirement, exchange companies warn that loopholes for misuse will persist unless a centralised 1Link-style system is introduced to track buyers across the market.
The government and the State Bank have been introducing stricter controls in a bid to plug leakages amounting to hundreds of millions of dollars.
“In order to ensure uniform, consistent, enhanced security across identification and verification protocols, the Ministry of Interior and Narcotic Controls (MoI&NC) has directed to incorporate facial recognition, in addition to finger/thumb print, for biometric verification services obtained through Nadra,” said a notification issued to all exchange companies.
The dual-modality biometric verification will be required by the interior ministry with effect from Jan 1, 2026. “Exchange companies are advised to take necessary administrative and technical measures to ensure timely compliance with the above requirement,” the notification added.
However, exchange companies argue that even with facial recognition, the flight of dollars will continue unless a centralised 1Link-style system is created for buyers and sellers of foreign currency.
Buyers can still get excess dollars via repeated undertakings, Bostan says
“Nadra will get all information about dollar transactions after installation of the software in exchange companies, but it is not enough since a buyer can still purchase dollars from different exchange companies,” said Malik Bostan, chairman of the Exchange Companies Association of Pakistan.
He said a buyer could currently obtain extra dollars simply by signing an undertaking that they had not bought foreign currency from anywhere else. “This undertaking is not visible to other exchange companies, from where the same customer can buy more dollars by again giving the same undertaking,” he explained.
“I have asked the high-ups to establish 1Link like ATMs. Under that system, a buyer cannot purchase more from other exchange companies as the data will be available through this link,” Mr Bostan said, adding that he would formally write to the State Bank to request such a system.
He said there was so far no clarity on whether existing documentation requirements would continue after the Nadra system is installed. At present, a buyer must present their CNIC, travel documents and other relevant papers. Each exchange company already records biometric data and video of customers but retains this information in-house and does not share it, except that transactions are reported to the State Bank.
“We produce these evidences to the FIA if the agency requires them on a complaint against any customer,” Mr Bostan said.
He claimed that at least $1.1bn to $1.2bn had been bought this year, but that $700m to $800m of this remained untraceable, suggesting those funds may have been used for illegal activities. He insisted that such leakages could only be effectively plugged through a 1Link-style central system.
Published in Dawn, December 12th, 2025
The government on Monday decreased the high-speed diesel (HSD) price by Rs14 and kept the petrol price unchanged for the fortnight ending December 31, owing to favourable international market prices.
In a late-night announcement, the Petroleum Division said the revision followed movements in international markets and recommendations from the Oil and Gas Regulatory Authority (Ogra).
According to the announcement, the ex-depot price of HSD has been reduced by Rs14 per litre (5pc) to Rs265.65 per litre for the current fortnight from Rs279.65 per litre. Most of the transport sector runs on HSD.
Its price is considered inflationary as it is mostly used in heavy transport vehicles, trains and agricultural engines like trucks, buses, tractors, tube-wells, threshers, and particularly adds to the prices of vegetables and other eatables.
Transporters had already increased their fares based on an approximate Rs27 per litre increase between May and August, and have not reversed them despite a Rs9 per litre cut.
The ex-depot petrol price was kept unchanged at Rs263.45 per litre. Petrol is primarily used in private transport, small vehicles, rickshaws, and two-wheelers, and directly impacts the budgets of the middle and lower-middle classes.
Although general sales tax (GST) is zero on all the petroleum products, the government is charging Rs78 per litre on diesel and Rs82 per litre on petrol and high octane products on account of petrol levy and an Rs2.50 per litre climate support levy (CSL).
The government is also charging about Rs16-17 per litre custom duty on petrol and HSD, irrespective of their local production or imports. In addition, about Rs17 per litre distribution and sale margins are going to oil companies and their dealers.
Petrol and HSD are the major revenue spinners with their monthly average sales of about 700,000 – 800,000 tonnes per month compared to just 10,000 tonnes of monthly demand for kerosene. The government recovered about Rs1.161 trillion through the petroleum levy alone in FY2025 and expects this to jump by about 27pc to Rs1.470 trillion during the current fiscal year.
KARACHI: Pakistan International Bulk Terminal Ltd (PIBTL) on Monday signed an agreement with Reko Diq Mining Company (RDMC) for the handling and export of its copper-gold concentrates.
The signing follows PIBT’s execution of a Supplemental Implementation Agreement with the Port Qasim Authority (PQA), enabling PIBT to handle, store, and export copper-gold commodities, including minerals, metals, and other natural earth resources, said a press release.
PIBT will serve as the primary logistics and export gateway for Reko Diq’s mineral output, reinforcing Pakistan’s position as a regional mineral hub. The project is scheduled to commence operations from 2028 onwards.
PIBT CEO Sharique Azim Siddiqui said this agreement would enable exports from one of the world’s most significant mining projects and serving as a cornerstone for national economic growth.
Barrick Mining Corporation’s Group COO and Interim President and CEO Mark Hill said the agreement with PIBT marks another step forward in ensuring that Reko Diq delivers lasting value to all our stakeholders but particularly the people of Balochistan and Pakistan.
Published in Dawn, December 16th, 2025
ISLAMABAD: Fauji Foundation – the country’s one of the largest business conglomerate – has signed a Letter of Intent (LOI) with Binance, the leading global blockchain and cryptocurrency exchange by trading volumes and users, for commercial collaboration in blockchain, cryptocurrency and payments in Pakistan.
The announcement was made by Pakistan Crypto Council (PCC) in a statement on Monday disclosing that the LoI was signed on Dec 12 at the Fauji Foundation Headquarters, Rawalpindi. The statement said the two sides will explore potential commercial collaboration on blockchain, cryptocurrency, payments and Web 3.0 ecosystem within Pakistan.
“As part of the LoI, Binance will deploy its expertise, advisory support and technological and market insights on the crypto industry, and Fauji Foundation will partner with Binance on payment infrastructure solutions utilising digital assets”, the statement said.
Both sides will further cryptocurrency and blockchain education through their academic wings to learners throughout Pakistan, empowering the youth with the necessary skill sets needed to work in this industry and act as responsible and well informed consumers of blockchain, cryptocurrency, payments and Web 3.0 products and services, the statement added.
LoI signed to collaborate in blockchain, cryptocurrency, payments and Web3
The LoI was signed by Foundation’s Secretary of Committee of Administration retired Brigadier Irfan Khan and Binance Chief Executive Officer Richard Teng. Present on the occasion were Managing Director and CEO Fauji Foundation retired Lieutenant General Anwar Ali Hyder, PCC Adviser Changpeng Zhao and Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal Bin Saqib.
With a humble beginning from Rs18m in the 1950s, Fauji Foundation has grown into a leading medical and business conglomerate with annual dividends exceeding Rs30bn. Its portfolio includes over 1,800-bed medical facilities nationwide across 74 medical facilities.
This includes 11 hospitals, 63 clinics and 128 educational institutes, comprising Foundation University, medical, dental and nursing colleges, tertiary colleges, schools and vocational training institutions. The FF’s endowment fund is invested in the sectors of agriculture, infrastructure, food chain, power, energy and financial services, according to FF’s website.
Most of its commercial investments are quoted on the Pakistan Stock Exchange.
Last week, Finance Minister Muhammad Aurangzeb also signed a memorandum of understanding (MoU) with Binance Investments Co Ltd “to leverage emerging financial technologies to Pakistan’s capital markets and enhance global investor access” through collaboration on the tokenisation and blockchain-based distribution of Pakistan’s real-world and sovereign assets, including government bonds, treasury bills, commodity reserves and other federally owned assets.
Published in Dawn, December 16th, 2025
Diesel price slashed by Rs14 as petrol remains unchanged
Pakistan International Bulk Terminal Ltd to handle Reko Diq’s copper-gold exports
Fauji Foundation, Binance partner for crypto push
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