ISLAMABAD: Pakistan has announced plans to launch an online trading platform for forex trading by the end of January.
According to details, the plan for an online FX trading platform has been submitted to the International Monetary Fund (IMF).
After the launch of this initiative, interbank foreign exchange trading will be done online.
The launch of an online forex trading platform is part of Pakistan's commitment to reforming the foreign exchange market, as assured to the IMF.
Such major initiatives regarding online FX trading were planned in the IMF's country report where Pakistan pledged to strengthen transparency and efficiency in the forex market.
According to the launch plan, exchange rates in the interbank and open market will be published daily after December 2023.
Additionally, the new trading platform will be connected to all banks, going live by the end of January 2024.
It is worth mentioning here that the foreign exchange reserves held by the State Bank of Pakistan (SBP) continued to decline, falling by $1.2 billion to $4.5 billion, according to sources. They say Pakistan returned $600 million to Emirates' NBD Bank and $415 million to DIB on Friday.
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