Oil companies in cash-strapped Pakistan have warned that the industry is on the "brink of collapse" as the dollar liquidity crisis persists and their cost of doing business balloons due to the rupee's devaluation.The government removed the dollar cap to meet the International Monetary Fund's (IMF) demand which resulted in the Pakistani rupee falling to a historic low of Rs 276.58 in the interbank market, according to a Geo News report.Oil industry in Pakistan on verge of ‘collapse' amid liquidity crisis
February 04, 2023
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Oil companies in cash-strapped Pakistan have warned that the industry is on the "brink of collapse" as the dollar liquidity crisis persists and their cost of doing business balloons due to the rupee's devaluation.The government removed the dollar cap to meet the International Monetary Fund's (IMF) demand which resulted in the Pakistani rupee falling to a historic low of Rs 276.58 in the interbank market, according to a Geo News report.
