Aaj English TV

Wednesday, July 24, 2024  
17 Muharram 1446  

Mobile phone prices see sharp decline in Pakistan

Dollar’s depreciation against rupee, local mobile phones assembly seen as major factors

A 10 to 15 per cent decline has been seen in mobile phone prices in Pakistan, owing to the dollar’s depreciation against the rupee in the currency market and local assembly of phones.

The greenback’s exchange rate against the local currency stands at Rs277.8 in the interbank market and Rs277.11 in the open market, as of April 05 data available with the State Bank of Pakistan. This is a major fall from the rate of Rs320 in August 2023.

Moreover, smartphone rates decreased by Rs300 to Rs8,000 after the import of raw materials and local assembly of phones following the opening letters of credit (LCs).

A smartphone worth Rs20,000 was now available at Rs17,000 to Rs18,000, Karachi Electronics Dealers Association, locally known as the mobile market, President Rizwan Irfan said. He added that different local and international companies have also decreased their rates.

Over the years, the use of mobile phones to access social media has increased. Prices of keypad mobile phones have also seen a decline of Rs100 to Rs500.

According to a report, mobile broadband networks now cover 80 per cent of the population, and 97% of internet connections are based on mobile connectivity.

The Pakistan Telecommunication Authority data shows that local assemblers produced over seven million smartphones in the first five months of the present financial year compared to 8.8 million in 2022.

For the latest news, follow us on Twitter @Aaj_Urdu. We are also on Facebook, Instagram and YouTube.