| KARACHI: The banking currency market is again operating on a dual-rate system, where dollars are selling at a premium compared to the official exchange rate, particularly impacting small-scale importers, banking sources said on Saturday.
The discrepancy comes even though there are no official restrictions on imports or the opening of letters of credit (LCs).
Atif Ahmed, a currency dealer in the interbank market, said that while a few importers could still access dollars at the official rate, most, especially small importers, were charged Rs2 to Rs3 more per dollar than the official rate quoted by the State Bank of Pakistan (SBP).
Bankers noted that opening LCs became relatively easier during the government’s recent discussions with the International Monetary Fund (IMF). In its report, the lender has expressed concerns about Pakistan’s exchange rate policies, advising against administrative measures to control currency movements.
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