Karachi May 31 2023: State Bank of Pakistan allow Authorized Dealers to purchase dollars from interbank for settlement of card based cross border transactions with international Payment System (IPS).
The new instructions are applicable with immediate effect till July 31, 2023.
Gap between open market and interbank widen to 29 rupees against dollar due to surge in demand from pilgrims and credit card payments. Dollar is trading at 314.0 in the open market as compared with interbank closing of 285.47.
Earlier, the commercial banks are allowed to purchase from any exchange company for settlement of card based cross border transaction with International Payment System (IPS) such as Visa, Mastercard etc.
The International Monetary Fund is working with Pakistan to fix its currency market and resolve other issues before it resumes its $6.7 billion bailout program that ends in June.
Authorities are focusing on the restoration of proper foreign-exchange market functioning, the passage of a fiscal year 2024 budget consistent with program goals and adequate financing, says Nathan Porter, IMF mission chief for Pakistan.
