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Karachi, The Exchange Companies Association of Pakistan has reported slight fluctuations in the exchange rates of major currencies against the Pakistani Rupee for the days of March 4 and 5, 2024. The detailed report showcases minor adjustments in buying and selling rates across a spectrum of currencies, indicating a dynamic currency exchange environment within the country.
According to Exchange Companies Association of Pakistan, the US Dollar (USD) was traded at a buying rate of 279.41 and a selling rate of 282.05, which saw a marginal increase on March 5 to a buying rate of 279.45 while the selling rate remained unchanged. Similarly, the Euro showed a slight uptick from a buying rate of 301.64 to 301.86 and from a selling rate of 304.51 to 304.74 over the same period. The British Pound (GBP) also experienced a mild increase in its value against the Rupee, moving from a buying rate of 352.27 to 352.98 and a selling rate of 355.48 to 356.25.
Other currencies such as the Japanese Yen (JPY), United Arab Emirates Dirham (AED), and Saudi Riyal (SR) showcased stability with negligible variations in their exchange rates. The interbank rate for the USD against the Rupee slightly increased from 279.26 to 279.31 (buying) and from 279.46 to 279.51 (selling) from March 4 to March 5.
These fluctuations in the currency exchange rates are reflective of the ongoing adjustments in the international and domestic financial markets. The Exchange Companies Association of Pakistan continues to monitor these changes closely, providing vital information for traders, businesses, and the general public to navigate the complexities of the currency exchange landscape.
Karachi, The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has voiced significant concerns regarding the non-implementation of the Renewable Energy Policy 2006, emphasizing the undue preference for costlier and obsolete power projects over more economical and sustainable wind power options. As per the FPCCI, such practices not only hinder foreign direct investment in the energy sector but also inflict financial losses on existing wind power plants (WPP), compromising their return on investment and jeopardizing future investments.
According to Federation of Pakistan Chambers of Commerce and Industry, The concerns were articulated by Mr. Atif Ikram Sheikh, President of FPCCI, who highlighted the challenges faced due to the prioritization of expensive energy sources, such as furnace oil imports, especially during times of economic pressures like stagflation and mounting circular debt. The situation has led to operational losses for wind power plants due to curtailment and reduced off-take by the national grid, despite these plants being categorized as “must-run” under the Renewable Energy Policy 2006.
Mr. Fawad Jawed, Convener of FPCCI’s Central Standing Committee on Renewable Energy, pointed out the competitive advantage of wind power in Pakistan, which offers clean energy at PKR 14.7 per kWh, significantly lower than the cost of RLNG, RFO, and coal-fired power plants. Despite the commissioning of 12 wind power projects in the Jhimpir Wind Corridor since 2021, with a total capacity of 610 MW, these plants face unfair treatment, leading to a loss of affordable clean energy for the national grid and power consumers.
The situation not only affects the cost of electricity and increases reliance on fossil fuels but also hampers Pakistan’s sustainable energy goals, including a 50 percent emissions reduction by 2030 and the expansion of renewables to 30 percent of the national power generation basket by 2030 as set under the alternative and renewable energy policy (ARE Policy 2019).
FPCCI urges the prioritization of immediate and complete off-take of power from existing, operational wind projects in alignment with both the Renewable Energy Policy 2006 and existing EPAs. Mr. Asif Inam, VP FPCCI and Chairman APTMA, added that addressing the underutilization of capacity in wind power plants, which can provide exceptionally cost-effective electricity to the grid once a 38 percent capacity factor is achieved, is crucial for passing on benefits to consumers.
The FPCCI’s statement, sourced from the Federation of Pakistan Chambers of Commerce and Industry, underscores the need for a shift in policy and practice to embrace renewable energy sources fully and ensure the economic and environmental sustainability of Pakistan’s energy sector.
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