Exchange Companies Association of Pakistan (ECAP) Chairman Malik Bostan announced that forex exchange companies will be removing the cap on US Dollar (USD) from tomorrow in hopes to dent the grey market for the greenback.
According to the ECAP, the removal of the cap on the US Dollar will prove beneficial for everyone and the economy as it will shift business to official channels as customers would have no benefit of using the grey market.
“There was artificial demand in the market as people would buy the dollar from us and sell it in the grey market,” said the association in its statement, adding that it will not only save depleting reserves but also reduce losses to the exchange companies.
Today, the US Dollar closed at Rs. 230.40 against the Pakistani Rupee (PKR) in the interbank market, but that rate was hard to find anywhere since most of the businesses were operating on the open-market rate, which was over Rs. 260.
Read more: Dollar Rate in Pakistan (Daily Updates).
