Tag: price

Dollar crunch disrupts the forex market in Pakistan
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Dollar crunch disrupts the forex market in Pakistan

Dollar shortage in Pakistan has created a dislocation in the forex market, with banks offering different rates than inter bank institutions. Due to their inability to cover import payments, banks are offering higher spreads on import and export transactions than the inter bank market, Tresmark, a treasury market portal, said. To track this new rupee rate, the portal has launched a new ticker. A delay in the International Monetary Fund's bailout program has caused the South Asian nation to see a severe dollar shortage this year. Toyota and Suzuki's local units have also hit by a parts shortage due to a ban on imports to curb dollar outflows next month, resulting in multiple days of production stops. There was a sharp drop in the rupee's value as a result of the deteriorating external...
Mari Petroleum announced discovery of massive gas reservoirs
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Mari Petroleum announced discovery of massive gas reservoirs

Mari Petroleum Company Limited (MPCL) has found a major gas repository of one trillion cubic feet in North Waziristan. Which will be useful in saving the country's unfamiliar settlement of roughly $1.5 billion for every annum. As per the MPCL, the creation of 25 million cubic feet of gas has begun from the ST-1 exploration well drilled in Bannu west block, situated in North Waziristan, Khyber Pakhtunkhwa. Also, more gas supply from different wells will be 200 million cubic feet each day (MMCFD). Additionally, raw petroleum creation from the Bannu west block has likewise begun. “This is good news, after a long time, for an energy-starved country. As it estimated that this reservoir will produce approximately 15 percent of the total gas production of the country.” Said a source relate...