Notable oil and gas reserves discovered in Sindh’s Daharki | The Express Tribune

DAHARKI: In a significant development that brings relief to the people of Pakistan grappling with a persistent gas shortage, Mari Petroleum Company Limited (MPCL) on Monday announced the discovery of notable oil and gas deposits in Daharki district of Sindh. The company stated that the Shawal-1 well, drilled in January 2024, reached a total depth […]

Federal Reserve’s Jerome Powell rules out recession in US economy

American economy evades recession despite earlier predictions. — Bloomberg/File Jerome Powell, the chair of the Federal Reserve, ruled out the possibility of a recession in the economy of the United States in the near future, saying that there is no reason to believe it. Addressing a conference in San Francisco, Powell said, “Growth is strong. […]

Govt plans to increase strategic petroleum reserves

A large number of the Oil Tankers are parked at the Shireen Jinnah Colony in Karachi on September 19, 2023. — Online As tensions in the Middle East continue to soar, the caretaker government Sunday decided to increase its strategic petroleum reserves, sources in the Petroleum Division told Geo News on Sunday. The government’s decision comes […]

Forex reserves fall by $220m to $7.5b | The Express Tribune

KARACHI: Pakistan’s foreign exchange reserves fell by $220 million on a weekly basis, with the total now standing at $7.494.2 billion. Reserves dropped by 2.8% as of October 20, data released on Thursday by the State Bank of Pakistan (SBP). According to data released by the central bank on Thursday, its foreign currency reserves decreased […]

Ban on profit outflow lifted as reserves rise | The Express Tribune

KARACHI: Pakistan has lifted an unannounced ban on foreign companies freely sending their earned profits to their headquarters abroad, following increased supplies of US dollars in the domestic economy, sending a strong message to global investors to resume initiating new investment projects in the country. The State Bank of Pakistan (SBP)’s latest data shows multinational […]

Consumers to get gas for only 8 hours in winter amid depleting reserves

A representational image. — AFP/File Amid depleting gas reserves in the country, Caretaker Power Minister Muhammad Ali has said that under the load management plan gas will be provided to the consumers for eight hours only. “[Gas] loadshedding has been taking place for the last few years. The loadshedding will occur this year as well […]

Forex reserves fall by $59m to $7.64b | The Express Tribune

KARACHI: The State Bank of Pakistan (SBP) reported a 0.76% decrease in its foreign exchange reserves on a week-on-week basis, with the total now standing at $7.64 billion. According to data released by the central bank on Thursday, its foreign currency reserves fell by $59 million to reach $7,636.7 million in the week ending on […]

Forex reserves rise by $56.4m to $7.7b | The Express Tribune

KARACHI: The State Bank of Pakistan (SBP) has reported a 0.74% increase in its foreign exchange reserves on a week-on-week basis, with the total now standing at $7.7 billion. According to data released by the central bank on Thursday, its foreign currency reserves increased by $56.4 million and reached $7,695.3 million in the week ended […]

Foreign currency reserves fall by $140m to $7.64b | The Express Tribune

KARACHI: The State Bank of Pakistan (SBP) has reported a 1.8% decline in foreign exchange reserves on a week-on-week basis, with the total now standing at $7.64 billion. According to data released by the central bank on Thursday, its foreign currency reserves decreased by $140 million and reached $7,638.9 million in the week ended on […]

Reserves down to $7.85b | The Express Tribune

KARACHI: The State Bank of Pakistan (SBP) reported a 1.02% decrease in foreign exchange reserves on a week-on-week basis, revealing a total of $7.85 billion as of August 25, 2023. The data, unveiled by the central bank on Thursday, indicates a reduction of $81.2 million compared to the previous week’s $7.93 billion. The SBP attributed […]

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