SBP Removes Restriction as Rupee weakens in Open Market

The State Bank of Pakistan has called an urgent meeting of officials of the Exchange Companies under the chairmanship of Deputy Governor, State Bank of Pakistan. The officials of Exchange Companies led by Mr. Zafar Paracha the General Secretary, Exchange Companies Association of Pakistan (ECAP).

The Deputy Governor, SBP expressed his concern about increasing rates of US Dollar against Pak Rupee from 110.70 to 113.00 and stated that there is no justification for such an increase. On the advice of Mr. Zafar Paracha, General Secretary, Exchange Companies Association of Pakistan, the Deputy Governor, State Bank of Pakistan has withdrawn the restriction of 35% on import of Cash US$ against the permissible export of foreign currencies.

Mr. Zafar Paracha has given firm assurance to the Deputy Governor, SBP for reducing the rate of US Dollar Inshallah approximately by Rs. 02/-. He also thanks to Deputy Governor on his wise decision.

Full Notification can be accessed here