KARACHI: The State Bank of Pakistan (SBP) has asked the exchange companies to stabilise the dollar rate as there was adequate supply of the greenback in the market.

In a meeting with the money changers on Monday, SBP Governor Ashraf Mahmood Wathra termed the recent fluctuation of the exchange rate as “not justified”.

He warned the traders of strict regulatory action for not ensuring meticulous compliance of the applicable rules and regulations, said a press release.

The governor highlighted different regulatory measures recently taken for providing opportunities to the exchange companies.

During the meeting, issues related to prevailing exchange rate in the kerb market, performance of exchange companies and the role of their association came under discussion.

The governor emphasised that there was sufficient supply of foreign exchange in the market to meet the needs of various stakeholders.

He further stressed the need for curbing speculative trading which exerts undue pressure on the exchange rate.

While assuring the traders to address their grievances, the governor apprised the participants that work was under way in requiring the importers to produce proof of payment at the time of customs clearance.

He emphasised the need to make the association of the exchange companies more effective in order to address issues in a more coordinated manner.

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