Pakistan steps up FX market oversight in response to IMF loan deal

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2023-09-06 11:53:44  • 2 mins

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KARACHI, Pakistan :Pakistan on Wednesday stepped up supervision of its foreign exchange market, ordering banks to set up separate entities to conduct forex transactions and extending a clampdown on hard currency hoaders and smugglers.

Under a $3 billion loan programme agreed in July to avert a default on Pakistan's sovereign debt, the International Monetary Fund told authorities to limit the premium between the local rupee's interbank and open market rates to 1.25 per cent over any given five business days.

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