Karachi: State Bank of Pakistan (SBP) on Wednesday allowed settlement of credit card through an inter-bank exchange rate.
The SBP has also issued letter in this regard. Before this all credit settlement was conducted through open market rate. The SBP said that now the credit cards settlement will be made through the inter-bank now.
The Secretary Exchange Companies (SEC) Zafar Paracha has lauded the initiative of the SBP.
Before this, dollars were bought from the exchange companies for bank credit, Zafar Paracha apprised. Now credit card settlement was conducted on the interbank rates.
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
