Pakistan has revealed plans to present an online forex trading platform by the end of January 2024, with the proposition previously introduced to the International Monetary Fund (IMF), as detailed by ARY News.
Upon execution, online foreign exchange trading in the interbank sector will change to an online platform. This move lines up with Pakistan's commitment to IMF-agreed changes in the foreign exchange market.
The drive, illustrated in the IMF's country report, centers around upgrading straightforwardness and proficiency in the forex market. The arrangement incorporates the everyday publication of exchange rates in the interbank and open market from December 2023 onwards.
Planned to go live toward the finish of January 2024, the new trading platform will be connected to all banks. The advancement expects to modernize and smooth out forex trading processes in Pakistan.
It's imperative that Pakistan's foreign exchange reserves, held by the State Bank of Pakistan (SBP), have encountered a downfall, falling by $1.2 billion to reach $4.5 billion. This lessening is credited to the reimbursement of $600 million to Emirates NBD Bank and $415 million to DIB on recent Friday.
