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State Bank of Pakistan Bans Export of Pound, Euro and Dirham

State Bank of Pakistan (SBP) has halted indefinitely all exchange companies from exporting British Pound, Euro and Dirham, meanwhile, the dollar in open market still got costlier.

Central Bank spokesman, Syed Wasim Ahmad told Geo News that the cash export of currencies by the exchange companies has been stopped forthwith. Exchange companies used to carry out in cash different currencies with the permission of the Central Bank and as against that dollars were imported. Forex market sources told that the government had taken this step in 2001 also for salvaging the sinking rupee, which had triggered black marketing of dollar.

Dollar in the inter-bank market was sold during Friday trading at Rs69.70, while in the open market it remained at Rs69.20. Forex Association president, Malik Bostan urged the Central Bank to take action against banks instead of exchange companies, as they were indulging in rupee value speculation trading.(via The News) End Post

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