Karachi: After the State Bank of Pakistan (SBP) allowed credit card settlement in the inter-bank rates, the US dollar suddenly devalued by Rs 12 in a single day.
Owing to Rs 12 decrease the greenback has reached Rs 311 to Rs 299.
On the other hand, the dollar shed 9 paisa and closed at Rs 285.38.
Interbank closing #ExchangeRate for todayhttps://t.co/gbMRk8GubR#SBPExchangeRate pic.twitter.com/z6lkqd35wq
— SBP (@StateBank_Pak) June 1, 2023
Yesterday, the State Bank of Pakistan (SBP) had allowed settlement of credit card through an inter-bank exchange rate.
The SBP issued letter in this regard. Before this all credit settlement was conducted through open market rate. The central bank said that now the credit cards settlement will be made through the inter-bank now.
The secretary Exchange Companies Association (ECA) Zafar Paracha lauded the SBP initiative. He said that earlier, dollars were bought from the exchange companies for bank credit.
Now credit card settlement was conducted on the interbank rates, he added.
He said that owing to the high demand of the credit cards the dollar prices were increasing while he added that the SBP has taken timely and correct decision.
With this measure of the SBP it is likely that dollar prices will decrease, Paracha said
