KARACHI: State Bank of Pakistan on Tuesday verbally took back a notification which restricted import of dollars up to 35 percent and permitted currency exchange dealers to import 100 percent of the greenback.
Before the withdrawal of the notification, the PKR had been depreciating against the dollar due to this restriction imposed by the central bank on import of dollars up to 35 percent via a notification on 1st January 2018.
The dollar touched a record high of Rs113.50 on January 8th due to shortage of greenback on back of SBP’s notification on January 1st. Due to further erosion of PKR against the dollar, the central bank called an emergency meeting with currency dealers on Tuesday to address this issue.
SBP asked the currency dealers to ensure the dollar rate was brought down in the open market, in its meeting on Tuesday.
During the meeting, it was decided that SBP would take back the notification and allow currency exchange companies to import 100 percent dollars, said Exchange Companies Association of Pakistan (ECAP), secretary general Zafar Paracha.
Paracha added SBP had been assured that the rate could be brought down by Rs2 per dollar within the next 10-15 days.
Central bank’s chief spokesman confirmed that a meeting had been held between SBP officials and currency exchange companies over the 35pc limit on the import of dollars. But he added, no official notification regarding the withdrawal of this limit imposed had been issued.
