Pakistan Prepares to Launch Online Forex Trading Platform

Breaking News about the Online Forex Trading Platform in Pakistan: The sources claim that Pakistan has declared its intention to introduce an online forex trading platform by the end of January 2024.

According to specifics, the International Monetary Fund (IMF) has been supplied with the idea for the online FX trading platform. Following the initiative’s introduction, foreign exchange trading at the interbank will be done online.

Pakistan has promised the IMF that it will bring reforms to the foreign currency market, and the establishment of an online FX trading platform is part of that pledge.

Pakistan committed to enhancing the efficiency and transparency of the foreign exchange market in the IMF’s country report, which included plan of action for these crucial steps pertaining to online forex trading.

After December 2023, the exchange rates in the open market and interbank will be released every day in accordance with the launch plan.

Furthermore, all banks will be integrated with the new trading platform, which is expected to launch by the end of Jan 2024.

The sources indicate that the Foreign Exchange Reserves of the State Bank of Pakistan decreased by $1.2 billion to reach $4.5 billion. Pakistan reportedly paid back $600 million to Emirates NBD Bank and $415 million to the DIB on Friday.

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