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As the economic struggles in Pakistan continue, a black market for dollars has emerged as a result of the State Bank of Pakistan's (SBP) restrictions on foreign currency access.
KARACHI: In the money-changing businesses of Karachi, the exchange rate for buying dollars is still on display. But attempt to purchase the currency and operators will say they don’t have any left.
To safeguard the country's dwindling reserves, Pakistan's central bank recently placed restrictions on access to foreign currency. This as per recent reports has resulted in the emergence of a black market for dollars.
Pakistan's foreign reserves have reportedly plunged to a four-year low of $6.7 billion.
As per Bloomberg, on the surface, this hasn't impacted the exchange rates, but once you delve deeper you come face to face with the reality.