SBP allows the opening of exchange companies

MG News | April 08, 2020 at 05:42 PM GMT+05:00

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April 8, 2020 (MLN): The State Bank of Pakistan has allowed the opening of exchange companies, President Forex Association of Pakistan Malik Bostan said on Wednesday.

The above decision has been taken after considering the difficulties in the arrival of remittances amidst the lockdown.

The President said that following the permission obtained in two days, around 10 million dollars remittance arrived in Pakistan.

Moreover, Exchange companies have reportedly brought in around 150 million dollars of remittances.

He further said that halt in supply from overseas and outflow of foreign portfolios had placed pressure on the local currency.

As a result of this halt and pressure, the Dollar in the open market has reached USD 168 against the PKR.

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