SBP Takes 3 Steps to Curb Increasing Dollar Rate in Pakistan

Increasing Dollar Rate

US Dollar is in increasing trend in Pakistan and now it is historically at the highest position against Pak Rupee.

Now the dollar has crossed 171 Rupee which is the historical highest rate.

Increased Dollar rate has potential threats for Pakistani economy, to increase more inflation and to increase external debt volume of the country.

Govt is taking it very seriously and hence SBP has announced three new regulations to curb the dollar Rate in Pakistan.

The First Measure taken by SBP is about traveling of Dollars from Pakistan to Afghanistan.

People going to Afghanistan taking a lot of Dollars with them. This is causing a huge demand of dollars whereas supply is the same as previous.

If somebody travels from Pakistan to Afghanistan he/she may carry just $1000 per visit. Maximum one may carry to Afghanistan up to $1000 in a year.

Find more detail at the SBP website

2ndly If someone wants to exchange a dollar or any currency whose worth is $500 or more then he would have to pass through biometric verification.

The same above rule is applicable if somebody sends money abroad from Pakistan which is equivalent to or greater than $500.

Through the implementation of measurement 2, SBP will come to know finally about the purchasers and stockers of the dollars.

The third measurement is related to the heavy amount of dollars being exchanged by foreign exchange companies or being remitted out of the country.

If someone wants to exchange equivalent ir greater than $10,000 or more then will only be possible through a banking channel.

The customer will have to provide Cheque or any banking instrument to exchange $10,000 or more or to remit such a big amount to abroad.

It has been observed that since the Taliban has occupied Afghanistan, the currencies of both Pakistan and Afghanistan are devalued.

The demand of the dollar in both countries is increased hence same resulted in increased dollar rate.

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