PCDMA registers complaint against banks for charging higher rate of dollars

July 28, 2022 (MLN): Pakistan Chemicals & Dyed Merchant Association (PCDMA) has registered a complaint regarding banks charging higher exchange rate than interbank rate.

Pakistan Chemicals & Dyed Merchant Association is one of the oldest and largest Associations whose members are all over Pakistan and mostly are commercial importers.

In a letter written to Acting Governor SBP, Dr Murtaza Syed, the association said that these days they are facing great hardship as the commercial banks are not following the interbank rate amidst the constant slide of the local currency against the US Dollar in retiring their documents.

“Commercial banks are charging arbitrary in the range of 235-40 while the interbank rate of rupee-dollar exchange is around 225-226 which seems no rule or regulation”, the letter read.

They requested SBP to keep a check on the banking sector to stop malpractices.

At the time of reporting this, the Pakistani rupee (PKR) made another historic low at PKR 239 per USD at 11:35 am on Thursday trade as the currency lost around three rupees compared to the previous close of 236.02 per USD. 

The local unit was quoted at 239/240.50 in the interbank market while in the open market, PKR is being traded at 239/241.5 per USD. 

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