In keeping with its pledge to carry out changes in the foreign currency market, Pakistan is preparing to provide an online FX trading platform by the end of January 2024, as informed by the International Monetary Fund (IMF). The IMF has received a formal presentation of the initiative’s proposal.
Following the platform’s introduction, interbank foreign exchange trading will move to an online format in keeping with Pakistan’s pledge to improve the FX market’s efficiency and transparency. The IMF’s country report contained a summary of these important actions.
The implementation plan calls for the daily posting of currency rates in the open market and interbank starting in December 2023. The new trading platform is expected to launch by the end of January 2024 and be fully integrated with all banks.
It is noteworthy that the State Bank of Pakistan (SBP) has seen a decrease in Pakistan’s foreign exchange reserves, which now total $4.5 billion after decreasing by $1.2 billion.
The reason for this decline is the recent Friday repayment of $415 million to the DIB and $600 million to the Emirates NBD Bank.
