SBP cracks the whip on money changers

E-Paper | March 16, 2026

KARACHI: The State Bank of Pakistan (SBP) asked money changers on Thursday to bring down the dollar price by at least one per cent to reduce the gap in the open market and interbank rates.

SBP officials held a meeting with exchange companies at the central bank to address the issue of rising dollar rates in the open market.

The open market currently offers Rs107.30-50 per dollar while the interbank rate is Rs105.35-45.

No devaluation imminent, dealers assured

“The open market is overloaded with demand (for the dollar) in the wake of news reports about the rupee devaluation,” said Malik Bostan, president of the Forex Association of Pakistan.

However, the SBP categorically denied reports about the likelihood of devaluation. The exchange companies informed the SBP that about $800 million was bought from the open market in the last three months alone.

Mr Bostan said 80,000 luxury cars are being imported annually, costing $1 billion through hawala.

The exchange companies asked the government to stop luxury car imports. The SBP assured the exchange companies that the open market will be kept supplied with dollars should liquidity issues arise.

Published in Dawn, October 13th, 2017

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Syed FaridurRehman Qadri

Oct 13, 2017 10:55am

Dear Sir, please maintain your reputation of a high standard publication and not use cheap language. You definitely understand on whom the whips are cracked. Thank you. I am your reader from childhood and my father specially appreciated the news and the language that was used by Dawn. Thank you

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Shazad

Oct 13, 2017 09:41pm

Pakistan should increase import duty to 500 percent on new cars imported from abroad, reducing to 100 percent on 5 years old car imported from abroad and 0 percent duty on car over 5 years old .. but .. plus ... extra 500 percent duty on car above 2000 cc, 400 percent on car above 1600 cc, 300 percent on car above 1300 cc, 200 percent for car above 1000 cc and 100 percent duty on car below 1000 cc. It would mean, new car above 2000 cc would have 1000 percent duty and 100 percent duty on over 5 years old car having engine below 1000 cc. Further, import of car above 2500 cc should be banned.

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