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SBP terms rumours of currency exchange companies’ closure false

SBP terms rumours of currency exchange companies’ closure false

KARACHI: The State Bank of Pakistan (SBP) on Monday stated that rumours of currency exchange companies being closed down are false.

A spokesman for the State Bank said there were false reports circulating on social media that currency exchanges were being closed down and foreign currency would only be sold at banks. The false reports circulated when the dollar reached an all-time high of Rs152 in the open market.

The rupee is heading down a steep slope and has been termed Asia’s worst performing currency. Analysts predict that the worst is not yet over. The rupee is expected to go through another bout of devaluation in the coming days when Pakistan gets the first credit tranche of the $6 billion loan from the IMF.