Pakistan all set to launch online forex trading platform
- By Web Desk -
- Jan 22, 2024
ISLAMABAD: Pakistan has announced the plan to launch an online trading platform for forex trading by the end of January 2024, ARY News reported.
As per details, the plan of online FX trading platform has been presented to the International Monetary Fund (IMF).
After the launch of this initiative, the trading of foreign currency in the interbank will be carried out online.
The launch of an online forex trading platform is part of Pakistan’s commitment to bring reforms in the foreign exchange market, as assured to the IMF.
The plan of such key measures regarding online FX trading was present in the IMF’s country report where Pakistan pledged to strengthen the transparency and efficiency in the forex market.
As per the launching plan the exchange rates in the interbank and open market will be published daily after December 2023.
Furthermore, the new trading platform will be connected to all banks, will to go live by the end of January 2024.
It is pertinent to mention here that the foreign exchange reserves held by the State Bank of Pakistan (SBP) continued their declining spree, plunging by $1.2bn to reach $4.5 billion, citing sources. Pakistan paid back $600mn to the Emirates NBD Bank and $415mn to the DIB on Friday, they say.