Exchange Companies sell $150 million to banks within first two
weeks of November
Exchange companies have successfully sold approximately $150
million to banks during the initial 13 working days of November, with plans to
further sell an additional $150 million by the month's end.
Malik Bostan, Chairman of the Exchange Companies Association
of Pakistan (ECAP), revealed that these companies achieved a $150 million sales
figure in the first half of November, a notable decrease from the $350 million
recorded in the previous month.
Banks
involved in foreign exchange activities to establish wholly-owned exchange
companies
He further highlighted that in September, exchange firms
sold $175 million to banks, with an additional $200 million each in August and
July.
In October, the country witnessed a surge in remittances,
reaching $2.5 billion, marking the highest for the current fiscal year (FY24).
This surpassed the figures of $2.2 billion in September, $2 billion in August,
and $2.02 billion in July.
Meanwhile, the Pakistani Rupee continued its positive
trajectory against other currencies on Tuesday, gaining for the fourth
consecutive day to reach 285.7/$. The local unit experienced fluctuations,
reaching as high as 281 before settling at the 285 level, with expectations of
further recoveries in the upcoming cycles.
Approximately
$1 billion deposited in banks following crackdown
The recent staff-level agreement with the International
Monetary Fund, reached last week, continues to be a driving force behind the
upward movement of the PKR.
Source: Pro Pakistani