KARACHI: The dollar, cheaper in Interbank yesterday, became expensive again today.
Yesterday, the dollar closed at 275 rupees 44 paise with an increase of 10 rupees 55 paise in the inter-bank exchange. However, today the dollar became expensive by 1 rupee 97 paise in the interbank.
At the close of business in the interbank exchange market, the dollar stood at 277 rupees 41 paise. On the other hand, the price of the dollar has increased by one rupee to 281 rupees in the open market.
After the standby agreement between Pakistan and the International Monetary Fund (IMF), the value of the dollar was seen to decrease yesterday.
According to reports, Pakistan has given 9 assurances to the IMF through the Letter of Intent (LOI) that Pakistan will increase its total foreign exchange reserves by the end of FY 2024 against the current level of $4.056 billion for the future of FY 2023. It will take all measures to increase the reserves to 7.65 billion dollars, which will increase to 11.7 billion dollars.
The Executive Board of the IMF is scheduled to meet on July 12, 2023, in Washington, DC, to approve a short-term bailout package of $3 billion through the signed LoI and to issue a $1 billion tranche to Pakistan. The request will be considered.
This $1 billion installment will be disbursed in the next few days after the IMF’s Executive Board approves the loan package. IMF personnel have already distributed copies of the Letter of Intent to the Executive Board members, in which Finance Minister Ishaq Dar and Governor State Bank have promised to implement fundamental reforms in the banking and energy sectors to address financial account differences. It can be controlled.
