Day: October 28, 2023

Value of PKR

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depreciating-rupee

There have been unusual developments in the value of the rupee (PKR) during the last seven weeks. From a trend in the form of a declining value with respect to the US$, there has been an unanticipated reversal in this trend. During the month of September and up to the middle of October the rupee has actually gained in value by almost 14% in the open market. Simultaneously, the inter-bank exchange rate has improved by over 8%. The appreciation in the value of the rupee has been taking place at…

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Jury still out on mega-solarisation of tube wells

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solarisation-project

ISLAMABAD: A mega scheme to solarise 100,000 tube wells across Pakistan, at the cost of about Rs370 billion, has drawn cautious appraisals from experts who term it a ‘double-edged sword’. Towards the end of his tenure, then prime minister Shehbaz Sharif inaugurated the scheme, but the PC-1 of the umbrella project was only approved this month. As its cost is shared between the provincial governments and the centre, its implementation is being spearheaded by the Federal Water Management Cell, a department of the Ministry of National Food Security and Research. Sajid Altaf,…

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‘Use of renminbi to help trade with China’

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state-bank

KARACHI: State Bank of Pakistan (SBP) Governor Jameel Ahmad said on Friday using the renminbi (RMB) for settling cross-border trade and investment transactions with China can further strengthen the long-lasting economic and financial ties. Addressing a ceremony on promoting the use of RMB in cross-border settlement organised by ICBC Bank Ltd, Mr Ahmad said the SBP has put in place the required regulatory framework that facilitates the use of the RMB in trade and investment transactions, such as the opening of letters of credit and availing financing facilities in the…

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Thar coal suitable for surface gasification, liquid and urea conversion, report says

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coal

KARACHI: Thar coal, a lignite coal found in Pakistan’s Thar desert, can be converted into gas, liquid and urea through surface gasification, according to a study by the Sindh Coal Authority (SCA). The study, which was initiated by the SCA to evaluate the viability of Thar coal for its conversion to gas, liquid and urea, collected coal samples from Thar Coalfield and shipped them to a South African laboratory for testing and evaluation. The final report, which was received by the SCA on Friday, revealed positive and encouraging results. It…

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Rs210bn RLNG to be diverted to domestic sector

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lng-3

ISLAMABAD: To ensure gas availability for eight hours to residential consumers in the current winter season, the government will divert the costly Re-Gasified Liquefied Natural Gas (RLNG) worth Rs210 billion to the domestic sector. Unlike the last four years, this time around the the Rs210 billion cost of RLNG diversion will be recovered from the consumers through the new pricing mechanism by the caretaker regime. This is the backdrop of the fact that the RLNG diversion to the domestic sector in the last four winters could not be recovered which…

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