Pakistan presents plan to IMF to introduce an online forex trading platform
Pakistan is set to introduce an online forex trading
platform by the end of January 2024. The plan for the platform has been
presented to the International Monetary Fund (IMF), aligning with Pakistan's
commitment to bring reforms to the foreign exchange market. The initiative aims
to conduct the trading of foreign currency in the interbank sector online.
This move is in line with Pakistan's pledge to the IMF to
enhance transparency and efficiency in the forex market, as outlined in the
IMF's country report.
Approximately
$1 billion deposited in banks following crackdown
According to the launch plan, exchange rates in both the
interbank and open market will be published daily after December 2023. The new
trading platform will be interconnected with all banks and is scheduled to go
live by the end of January 2024.
The introduction of this online forex trading platform
signifies a step towards fulfilling Pakistan's commitment to financial reforms
and modernizing its foreign exchange processes. Meanwhile, it's noted that the
foreign exchange reserves held by the State Bank of Pakistan (SBP) have
experienced a decline, falling by $1.2 billion to reach $4.5 billion, with
repayments made to Emirates NBD Bank and DIB mentioned as contributing factors.
Source: ARY News