Karachi June 5 2023: Dollar move up 6 Rupees in the open market higher demand due to expectation of dollar amnesty in the upcoming budget.
Dollar is trading at 308 in the open market (PST 17:30) against closing of 302 on Friday. On June 1, dollar in the open market fall by 17 Rupees to 297 as State bank of Pakistan allowed settlement of card payments through interbank.
Dollar in interbank closed at 286.19 against Pak Rupee according to State Bank of Pakistan against Friday closing of 285.62.
“This new dollar Amnesty (being contemplated by the govt) is one of the reasons why dollar in the Open market in Pak is going up, as people (tax evaders) must’ve started buying & stashing it in their lockers at whatever rates possible, so eventually all go tax-free,” says Economist Khurram Khurram Schehzad.
In a bid to bolster the country’s economy, the President of Lahore Chamber of Commerce and Industries (LCCI), Kashif Anwar, has called on the Pakistani government to introduce an amnesty scheme for individuals holding undeclared foreign exchange. Anwar believes that this initiative could potentially inject up to $12 billion into the national economy.
