The Exchange Companies Association has decided to end the dollar rate cap.
In the Exchange Companies Association meeting, it has been decided to remove the cap on the price of the dollar in the open market.
General Secretary Exchange Companies Association of Pakistan Zafar Paracha told Geonews that the dollar cap was decided in the country’s interest but its results are coming wrong, there was artificial demand in the market.
Zafar Paracha added that people were buying dollars from us and selling them in the gray market, the gray market was transferring the business of the open market day by day.
He said that our cap rate is 240 rupees while the real exchange rate of the dollar against the rupee is more than 250 rupees.
The General Secretary of the Exchange Companies Association also said that removing the cap would increase the price of the dollar in the open market.
He said that those who buy dollars from us and sell them in the gray market will also be cut off, the decision will be implemented from tomorrow and there will be nocturnal as needed.
Zafar Paracha said that the decision to cap was ours and the decision to end it is also our own.