The Forex Association of Pakistan (FA) has decided to issue USD-PKR rate 3 times a day. The association took this decision to save the market from speculation in dollar value. Those who don’t follow FA’s rate will be penalized heavily.
A meeting of FA members was held to discuss the issue of the rapid surge in dollar price. Members showed their concern over the dollar reaching Rs.119.50, the highest rate in Pakistan’s history.
With consensus, the members decided that the FA would announce the dollar rate three times a day. The association will announce the exchange rate at 10 am, 2 pm and 4 pm. FA also announced new committees in all cities for monitoring the exchange rate’s implementation.
The members who are not following FA’s dollar exchange rates will have to pay a financial penalty, which will range from Rs. 100,000 to 500,000.
On the other hand, FA contacted the State Bank of Pakistan (SBP) and informed it about the current demand and supply situation.
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In his statement, FA President Malik Bostan appealed to the public to not panic and buy dollars. If people stop buying, the exchange rate will come down automatically, he said.
While talking to ProPakistani, Malik Bostan said that after the government’s tax amnesty scheme was introduced, investment in property had almost stopped. People are parking their black and undeclared money in dollars now.
This is causing a rapid surge in dollar price in the open market.
Editorial & Legal Practice Group
Authored and reviewed by the corporate law and tax litigation practice group at Javid Law Associates. Our team comprises High Court advocates, corporate legal advisors, and authorized tax practitioners across Pakistan.
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Jurisdiction: Pakistan