Monday, July 15, 2024

PKR Replaces USD for Trade Transactions in Gwadar Free Zones

All companies in the Gwadar Free Zones are allowed to exercise their trade transactions with the tariff area (Pakistan’s markets and industries that work out of the jurisdiction of Gwadar Free Zone) in Pakistani currency instead of the US dollars, as enshrined in federal budget 2024-25. This impetus will protect trades of both sides from the fluctuations of the dollar.

In Gwadar North Free Zone, two export-based companies have started operations, namely fertilizer exporter Agven and Hangeng agricultural industrial park. A lubrication oil firm and a textile company have also agreed to build plants here, creating tens of thousands of job opportunities for the locals.

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