Banks release $5m to exchange companies, strengthening PKR

June 13, 2023 (MLN): Banks have released $5 million that was pending from exchange companies, thereby strengthening PKR as stated by Malik Bostan, the President of Forex Association of Pakistan, on Tuesday.

He expressed that the government’s initiative of the diamond card for overseas Pakistanis would help increase the Workers' remittances. 

Workers' remittances for the month of May marked a decrease of 4.4% MoM to $2.1 billion, compared to $2.196bn in April 2023.

From the current level of $2bn, expectations are that in the coming months, remittances will climb up to $2.5-$3bn per month due to numerous measures taken by the Government.

As a result of the release of dollars to exchange companies, the difference between the interbank and open market rates is also reduced, further reduction is expected tomorrow.

The difference between interbank and open market will be around 2%, he added.

He further proposed that the dollar is expected to decline and the population should invest in rupees as it will strengthen in the upcoming days due to the initiatives taken by the Government.

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