The Exchange Companies Association of Pakistan (ECAP) asked the government to “set” the dollar rate to prevent currency market volatility amid a severe economic crisis and depleting foreign reserves.
ECAP general secretary Zafar Paracha stated that banks and money changers might import remittance revenues at 240 per dollar. “It is advised to establish the rupee/dollar exchange rate for export-import bills and remittances,” he proposed.
The interbank market closed at 228.15, whereas the local currency closed at 228.34 per dollar. In the open market, the rupee traded at 238.75 against the dollar, offered at 238.50 last Friday.
Paracha requested the government give foreign Pakistanis and inward remitters Rs240 per dollar. He thinks it will boost remittances, reduce Hundi/Hawala, enhance the official route, and eliminate the grey market.
Paracha says the grey market dollar is 267/270 versus the local unit. Offer 228 rupees to the dollar to acquire exporters’ earnings. Importers would pay the weighted average of home remittance and exporter rates. Boosting exports and remittances, he said.
“It will encourage exporters to bring dollars into the country, improve the foreign exchange reserve, and strengthen the remittances segment of exchange firms.”
Pakistani expatriate remittances fell 19% to $2.0 billion in December.
Remittances dropped 11.1% to $14.1 billion in the first half of the fiscal year (July–December).
 asked the government to "set" the dollar rate to prevent currency market volatility amid a severe economic crisis and depleting foreign reserves.){kind=link}