SBP Orders Money Changers to Reduce Price Margins for Dollar

The State Bank of Pakistan met with money changers on Thursday to discuss the ongoing Dollar price and asked them to decrease it by one percent.

This order came following the imbalance between open market and inter-bank rates.

President of Forex Association of Pakistan, Malik Bostan, said that there was a high demand for dollar in the open market because of a rumor regarding the devaluation of the Rupee.

Currently, in the open market, the Dollar is priced at Rs 107.30-50 while the inter-bank rate is Rs 105.35-45.

A local newspaper stated that while disapproving any such rumors, the SBP was informed by exchange firms of the purchase of approximately $800 million from the open market in the last 3 months.

Bostan added that around $1 billion was being spent on the annual import luxury of cars through hawala. This was met with disapproval by the money changers who called to put a ban on these imports.

The SBP has assured that the open market will be provided with dollars in case of any liquidity problems in the future.

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