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Currency dealers refuse to sell Dollars a day after lifting cap

ISLAMABAD: Currency exchanges across the country refused to sell Dollars a day after they decided to remove the cap on the Dollar.

Last night, the Exchange Companies Association of Pakistan (ECAP) had announced that the cap placed on the Dollar would be removed and that market forces would once again determine the price of a Dollar.

The cap had led to the presence of a grey market in which the Dollar was being sold for up to 270 rs.

Last night, negotiations between currency dealers and government officials were held in which it was decided that the fair rate of the Dollar would be set at 255 rs on which currency exchanges would sell the Dollar.

However, despite lifting the cap and a tacit agreement to sell the Dollar at 255 rs, money exchanges still aren’t selling Dollars to customers citing a lack of supply.

This is in contrast to ECAP Chairman Malik Bostan’s claim that the Dollar is being sold for 252 rs.

The Pakistan Daily spoke to six currency dealers which include Zeeque Exchange Company, Link International Exchange Co, Paragon Exchange and three others who all refused to sell Dollars today citing a lack of supply.

Experts have warned that the price of the Dollar may artificially hike up to 300 rs if the supply remains shut.

Meanwhile, exchange companies are claiming that it is because of State Bank’s pressure to sell a Dollar at 243 rs which is the real reason for the lack of supply.

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