Karachi September 6 2022: SBP has decided that effective September 7, 2022, Exchange Companies shall seek prior approval from SBP for such export of USD currency notes and the Intended date should not be beyond two days from the date of request submission.
State Bank of Pakistan allowed Exchange Companies on August 15, 2022 to export USD currency notes on consignment basis through cargo or Security Company to divert the flow of foreign exchange mobilized by them towards interbank market.
Gap between Interbank and Open Market exchange rates widen to unprecedented level of 12 Rupees against the Dollar. Dollar in the interbank close at 221.42 as pre SBP data after depreciating 0.7% in today’s trading while dollar in the Open Market recorded at 233.5 against Dollar according to Forex Association.
“Credit cards and imports of onions and tomatoes from Iran and Afghanistan increased demand for dollars” says Malik Bostan President Forex Association of Pakistan.
He added, “The rate of LCs in interbank is something and the dollar rate of payment of credit cards is something else.”
Currency dealers claim that “Banks are selling dollars for credit card payments at Rs 235”.
