Dollar Crunch in Pakistan Leads to Dislocation in Forex Market
- Banks are giving dollars at a premium to interbank: Tresmark
- Pakistan’s economy is seeing stress amid delay in IMF program
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The shortage of dollars in Pakistan is creating a dislocation in the foreign-exchange market, with banks offering different rates than the interbank market.
Banks are offering higher spreads than the interbank market for import and export transactions because they are unable to cover import payments, Tresmark, a financial portal for treasury markets, said in a note to its clients. The portal has launched a new ticker to track this new rupee rate.