Post Reply 
 
Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
SBP Introduces FX Matching Platform to Enhance Interbank Forex Trading
01-25-2024, 03:32 PM
Post: #1
SBP Introduces FX Matching Platform to Enhance Interbank Forex Trading

SBP Introduces FX Matching Platform to Enhance Interbank Forex Trading


The State Bank of Pakistan (SBP) has officially introduced a centralized foreign exchange trading platform for interbank transactions, named FX Matching.

This platform is specifically designed to facilitate real-time and anonymous trading of US dollars against Pakistani rupees among authorized dealers.

By the SBP's Vision 2028 objectives outlined in a recent circular, the introduction of FX Matching aims to innovate and expand the digital financial ecosystem in Pakistan.

The platform represents a crucial step towards enhancing transparency and depth in the interbank foreign exchange market.

Authorized dealers (ADs) have received specific instructions and key components for the FX matching system to initiate trading. The platform sets a minimum trading lot size of $500,000 and its multiples.

Anonymity is a notable feature of the trading process, allowing participants to quote or respond without revealing their identities until a trade match occurs.

Additionally, participants can set credit limits for their counterparts in FX Matching, with the SBP advising the establishment of limits with major market players for optimal quotes.

Starting January 29, 2024, banks are mandated to utilize the forex matching platform for executing interbank foreign exchange transactions affecting the foreign exchange exposure limit.

In situations where the Federal Reserve Bank of New York is closed but the interbank FX market in Pakistan is open, trading on FX Matching will be conducted in Tom value.

This development follows a recent International Monetary Fund (IMF) report urging authorities to avoid exchange rate restrictions. The IMF emphasized that the SBP should limit its FX market interventions to building foreign exchange reserves and not impede the rupee's depreciation driven by market fundamentals.

Authorities are anticipated to intensify efforts to eliminate existing exchange restrictions and multiple currency practices in early 2024.

For More Details Visit Pakistan's Most Active Property Forum:

http://www.lahorerealestate.com/ads

Visit this user's website Find all posts by this user
Quote this message in a reply
Post Reply 


Possibly Related Threads...
Thread: Author Replies: Views: Last Post
  IMF Tranche Boosts Pakistan Forex Reserves to $8.27 Billion LRE-Azan 0 860 01-26-2024 03:31 PM
Last Post: LRE-Azan
  DHA Bahawalpur Introduces an Exciting Commercial Proposition in Sector B LRE-Azan 0 404 01-05-2024 07:10 PM
Last Post: LRE-Azan
  NADRA Introduces Digital Power of Attorney for Overseas Pakistanis LRE-Azan 0 419 12-08-2023 02:14 PM
Last Post: LRE-Azan
  DHA Quetta Introduces Limited-Time Incentive for Residential Applicants LRE-Azan 0 445 11-30-2023 06:43 PM
Last Post: LRE-Azan
  Islamabad: FBR Initiates Nationwide Campaign to Enhance Tax Collection and Combat Eva LRE-Azan 0 498 09-14-2023 04:27 PM
Last Post: LRE-Azan
  DHA Multan introduces ‘Incredible Business & Investment Opportunities’ LRE-Azan 0 470 09-02-2023 02:50 PM
Last Post: LRE-Azan
  LDA Introduces Revised SOP For Transfer Of Plots Salman 0 5,253 03-11-2014 06:43 PM
Last Post: Salman
  Excise Department Introduces A Website For Property Tax Payers Salman 0 3,977 02-17-2014 01:13 PM
Last Post: Salman
  Government introduces several new schemes Salman 0 3,879 06-13-2013 01:19 PM
Last Post: Salman
  CDA evolves comprehensive strategy to enhance revenue Salman 0 3,911 05-04-2013 05:58 PM
Last Post: Salman
  Pak-Afghan agree to enhance bilateral trade to $ 5 billion by 2015 Salman 0 4,120 01-18-2012 01:33 PM
Last Post: Salman
  EU urges Pakistan to enhance trade with ECO countries Salman 0 4,439 12-27-2011 02:03 PM
Last Post: Salman
  Pak 2nd trading partner of Lanka in SAARC region Salman 0 3,710 12-26-2011 11:52 AM
Last Post: Salman
  Pakistan ranks second on Arabia Fast Growth platform Salman 0 4,277 12-04-2011 02:21 PM
Last Post: Salman
  Expo Pakistan to enhance exports Lahore_Real_Estate 0 3,716 10-24-2011 01:31 PM
Last Post: Lahore_Real_Estate
  CDGK introduces modern system for cleaning of roads Lahore_Real_Estate 0 3,548 09-24-2011 01:14 PM
Last Post: Lahore_Real_Estate
  PTCL introduces data centres in Karachi and Lahore Lahore_Real_Estate 0 4,235 01-31-2011 04:35 PM
Last Post: Lahore_Real_Estate
  ZTBL to enhance agri loans Lahore_Real_Estate 0 3,575 01-27-2011 02:52 PM
Last Post: Lahore_Real_Estate
  HP introduces first web-connected printers Lahore_Real_Estate 0 3,059 10-11-2010 12:05 PM
Last Post: Lahore_Real_Estate
  Trading firms may supply Indian sugar to Pakistan Lahore_Real_Estate 0 4,062 08-12-2010 11:57 AM
Last Post: Lahore_Real_Estate

Forum Jump:


User(s) browsing this thread: 1 Guest(s)