According to the source, Pakistan has declared its intention to introduce an online forex trading platform by the end of January 2024.
Country’s Online FX Trading Platform
According to specifics, the International Monetary Fund (IMF) has been presented with the plan for the online FX trading platform.
Following the initiative’s launch, foreign exchange trading at the interbank will be done online.
Pakistan has promised the IMF that it will bring reforms to the foreign exchange market, and the launch of an online forex trading platform is part of that commitment.
Pakistan committed to enhancing the efficiency and transparency of the foreign exchange market in the IMF’s country report, which included a plan of action for these crucial steps pertaining to online FX trading.
After December 2023, the exchange rates in the open market and interbank will be released every day in accordance with the launch plan.
In addition, the new trading platform, which is scheduled to launch by the end of January 2024, will be integrated with all banks.
It is important to note that, according to sources, the State Bank of Pakistan’s (SBP) foreign exchange reserves continued to decline, falling by $1.2 billion to reach $4.5 billion.
According to reports, Pakistan repaid $415 million to the DIB and $600 million to the Emirates NBD Bank on Friday.
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