Dollar-to-rupee trading at a rate of Rs 207.23, or Rs 4.7 less than the previous day’s closing rate, helped the interbank dollar rate to rise significantly today.
It was reported that the State Bank of Pakistan “clarified yesterday that the banks have no insufficiency of dollars.”
“The payment of dollars is taking place.”
“Pakistan’s agreements with the IMF have reduced the interbank rate,” he noted, “positive news about a $2 billion investment in Pakistan was also received from China.”
The Chinese consortium of banks has today signed the RMB 15 billion (~$2.3 billion) loan facility agreement after it was signed by the Pakistani side yesterday. Inflow is expected within a couple of days. We thank the Chinese government for facilitating this transaction.
— Miftah Ismail (@MiftahIsmail) June 22, 2022
Pakistan and the International Monetary Fund agreed on budget measures for 2022-23 on June 22. Negotiations saw some significant progress, although the IMF loan was conditional on Pakistan achieving specific macroeconomic targets.
In the open market, the dollar is being traded for Rs 210.
Works at The Truth International Magazine. My area of interest includes international relations, peace & conflict studies, qualitative & quantitative research in social sciences, and world politics. Reach@ aimen.bukhari@tti.org.pk
