ISLAMABAD: In the face of acute shortage of US dollars, which collapsed the rupee to highest weekly drop since 1998 State Bank of Pakistan (SBP) does not approve of interbank trading, Bloomberg reported, citing people familiar with the matter.
To control the free fall of rupees against United States dollar Central bank— with its limited power under an agreement with the International Monetary Fund, called on commercial banks to manage payment claims for imports from their own revenues, such as exporters’ charges and remittances.
Pakistani rupee fell by almost 8% last week is the longest drop in more than two decades – since the country’s gold and foreign exchange reserves below $10 billion, and that’s only enough to cover less than two months. of import.
However, SBP Acting Governor Murtaza Syed told Bloomberg that Pakistan will easily meet its funding needs. with IMF assistance on track.
Citing sources, the publication said that it was previously noted that some commercial banks seek permission from the FBP and provide US dollars at a premium, which increases costs. for their clients.
Commercial banks provided dollars for energy companies by tariffs of 238 and 242 rubles. dollar on July 20 about 8% higher how official closing rate for day.
Moreover, banks that previously issued overseas payments in per day now accept more less than a week, said Rahil Ahmed, chief executive officer of VN Lakhani and Co, a steel importer from Karachi.
“Pakistan has seen dollar payment pressure because of payments for electricity,” Finance Minister Miftah Ismail said. in a news briefing on 21 July in Islamabad. “The trend will change with there is more dollar offer than demand next month,” Ismail said.