Black Market Booms in Pakistan as Dollar Becomes Hard to Find

A Black Market for Dollars has risen up after the State Bank of Pakistan (SBP) fell to 4 Year low of $6.7 Billion.

Now Dollars are hard to Find after SBP has restricted its access to Foreign Policy.

A big worry for Pakistan as it is already dealing with Floods, Political Instability, and Economic uncertainty.

Asmat Ullah, chief executive officer of Ravi Exchange Company Pvt, a Lahore-based money-exchange business, said: “A third market has developed now and has become very big.”

The year 2022 was a roller-coaster ride for Pakistan with floods affecting over 33 million people and causing damage worth over $30 billion.

Key Facts:-

• Money-changing firms claim they have no US currency available.
• In the black market, dollars are selling for a 10% premium.
• “Whenever you impose restrictive policies, the grey economy picks up,” the analyst says.