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SBP writes to CAA to curb dollar smuggling

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Salah Uddin
Salah Uddin
Salahuddin serves as ARY News' aviation correspondent

KARACHI: The State Bank of Pakistan (SBP) on Saturday wrote to Civil Aviation Authority (CAA) to curb dollar and other foreign currency smuggling, ARY News reported.

As per details, the CAA were asked to establish a SBP booth in the cargo export section of Jinnah International airport Karachi.

The state bank along with the Customs will stop foreign currency smuggling and monitor the exchange companies at the airport.

The SBP booths will also help exchange companies to export foreign currency exchange.

State bank took this step to establish booth in the CAA cargo section, after increase in the foreign currency smuggling.

Read more: US DOLLAR REACHES ALL-TIME HIGH AGAINST RUPEE

Earlier, the Pakistani rupee continued to depreciate steeply, as it hit a new all-time low of Rs276.58 against the US dollar in the interbank market.

According to forex dealers, the rupee’s losses continued as the local currency further depreciated by Rs 5.22 against the US dollar in the interbank market. The rate of the dollar has reached an all-time high of Rs276.58 in the interbank market.

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