The proposal for an online forex trading platform has been submitted to the International Monetary Fund (IMF).
Once implemented, the trading of foreign currency in the interbank will take place through online means.
This step aligns with Pakistan’s commitment to reform the foreign exchange market, a promise made to the IMF.
The details of the online FX trading plan were outlined in the IMF‘s country report, emphasizing Pakistan’s dedication to enhancing transparency and efficiency in the forex market.
Starting December 2023, daily publication of exchange rates in both the interbank and open market is part of the launching plan.
The new trading platform is set to be operational, connecting all banks, by the end of January 2024. It’s important to note that the State Bank of Pakistan (SBP) has witnessed a decline in foreign exchange reserves, dropping by $1.2 billion to $4.5 billion. This is attributed to the repayment of $600 million to the Emirates NBD Bank and $415 million to the DIB on Friday, as per sources