KARACHI: State Bank of Pakistan (SBP) Governor Ashraf Wathra has said that the recent fluctuation in the exchange rate in the kerb market is not justified as there is adequate supply of foreign exchange in the market to meet the needs of the various stakeholder.
He said this while chairing a meeting with the representatives of the exchange companies. The issues relating to prevailing exchange rate in the Kerb market, performance of exchange companies and the role of their association came under discussion during the meeting.
The SBP governor stressed the need for curbing speculative trading which exerts undue pressure on the exchange rate. The gross reserves of SBP have touched the all time high of $21 billion, he added. He also emphasized the need to make the association of the exchange companies more effective in order to address related issues in a more coordinated manner.
Ashraf Wathra highlighted different regulatory measures recently taken for providing opportunities to exchange companies to expand their businesses. He, however, stressed the exchange companies to play their role in stabilizing the exchange rate in the Kerb market. The exchange companies were reminded that strict regulatory action will be taken against those exchange companies who do not ensure meticulous compliance of the applicable rules and regulations.
