Exchange Companies Sell $150 Million to Banks in 13 Days

Exchange companies sold roughly $150 million to banks in the first 13 working days of November and plan to sell a further $150 million by the end of the month. Chairman Exchange Companies Association of Pakistan (ECAP) Malik Bostan said the companies sold $150 million in the first 13 days of November compared to $350 million in the previous month. He added that the exchange firms sold $175 million to banks in September, while another $200 million (apiece) in August and July. In October, the country received $2.5 billion in remittances, the most for the current fiscal year (FY24), compared to $2.2 billion in September, $2 billion in August, and $2.02 billion in July. Meanwhile, the exchange rate parity continued to move in favor of the Pakistani Rupee on Tuesday. The local unit gained 4th day in a row to 285.7/$. It managed to rise as high as 281 before dropping to the 285 level, with more recoveries expected in the coming few cycles. Last week’s staff-level agreement with the International Monetary Fund has continued to drive the PKR upwards.