Pakistan plans to introduce an online forex trading platform by the end of January 2024.
The International Monetary Fund (IMF) received the proposal, initiating reform in the foreign exchange market. The online system will facilitate interbank foreign currency trading.
Committing to IMF-assured reforms, Pakistan aims for enhanced transparency and efficiency in forex trading. The IMF’s country report includes this strategic move. Post-launch, the platform will display daily exchange rates in interbank and open markets from December 2023 onwards. Additionally, connecting all banks, the platform is set to be operational by late January 2024.
Notably, the State Bank of Pakistan’s foreign exchange reserves have fallen to $4.5 billion. This decline follows repayments totalling over $1 billion to Emirates NBD Bank and DIB.
