Pakistan is gearing up to launch an online forex trading platform by the end of January 2024, in adherence to its commitment to implement reforms in the foreign exchange market, as communicated to the International Monetary Fund (IMF). The plan for this initiative has been formally presented to the IMF.
Upon the platform’s launch, interbank trading of foreign currency will transition to an online format, aligning with Pakistan’s promise to enhance transparency and efficiency in the forex market. These significant measures were outlined in the IMF’s country report.
Starting December 2023, daily publication of exchange rates in both the interbank and open market is part of the implementation plan. The new trading platform will be seamlessly connected to all banks and is scheduled to go live at the close of January 2024.
It is worth noting that Pakistan’s foreign exchange reserves, held by the State Bank of Pakistan (SBP), have experienced a decline, falling by $1.2 billion to a total of $4.5 billion.
This decrease is attributed to the repayment of $600 million to the Emirates NBD Bank and $415 million to the DIB on a recent Friday.
