Economics & Business

State Bank stops import of Pound Sterling, Euro, Dirham

KARACHI: State Bank has issued orders on Friday to stop inflow of Pound Sterling, Euro and Dirham through Stock Exchange Companies. However, Dollar has upped in the open market in the inter-bank. Syed Wasimuddin, spokesman of the central bank told that the decision was taken to stop import of currency through the Stock Exchange Companies. He said that the Stock Exchange Companies used to lend cash in Rupees and imported Dollars instead that has been stopped. He said, now the same would be done through the Forex Accounts in the commercial banks. The spokesman said that the State Bank has also directed that all the borrowed amounts should be incurred till May 31. Experts suggest that the decision would encourage flow of dollar in inter-bank that would give Rupee a decent rise.-SANA

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Rubab Saleem

Rubab Saleem is Editor of Pakistan Times

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