The dollar can now be bought for Rs157.95 in the open market as thegreenback rate has dropped to a one-year low. The last time dollar wastraded below Rs158 was on March 10 last year.
“The State Bank took several initiatives such as Roshan Digital Accountslast year during the pandemic,” said Zafar Paracha, the secretary of theExchange Companies Association of Pakistan. “The dropping rate shows thoseinitiatives have been bearing fruits.”
He added that the inward remittances, the foreign exchange overseasPakistanis send back to the country, have been strong. The remittances inthe first seven months of the fiscal year 2021 (July to January) stood at$16.5 billion, which was 24% higher than the same period of the previousyear.
Last month, the State Bank announced that the remittances send throughRoshan Digital Accounts have crossed $500 million.
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Paracha added that Naya Pakistan Certificate also offers lucrative 7%interest for overseas Pakistanis, which was also increasing dollar inflowto the country.
Meanwhile, foreign exchange reserves of the country stand at $20.058billion by week ended February 12, 2021, SBP said. The official foreignexchange reserves of the central bank stood at $12.889 billion whilereserves held by commercial banks clocked in at $7.168 billion by the weekended February 12, 2021.
