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[ad_1] KARACHI: In a significant regulatory move, Pakistan’s central bank has mandated open-market currency dealers to submit their day-end closing prices for the six major currencies to their association, aiming to establish a more accurate average buying and selling price for individual buyers and sellers at the close of each working day. The State Bank of Pakistan (SBP)‘s directives, set to be effective from Tuesday, December 26, were outlined by Zafar Paracha, General Secretary of the Exchange Companies Association of Pakistan (ECAP), in a conversation with The Express Tribune. The major currencies included in these directives are the US dollar, EU euro, UK pound, Saudi riyal, UAE dirham, and Japanese yen. Paracha conveyed that the SBP’s latest instructions obligate exchange companies to submit their day-end buying and selling prices to the association. Paracha said that this measure is designed to improve the overall pricing mechanism, leading to a more robust and reliab...

[ad_1] KARACHI: The price of gold hit a three-month high at Rs221,000 per tola (11.66 grams) in Pakistan, following a global trend, as the domestic currency remains largely stable at around Rs285 against the US dollar in the interbank market on Wednesday. With the latest increase of Rs2,600 per tola in the day, the precious metal has cumulatively increased by 2.45% or Rs5,300 in the past four consecutive working days to date, according to the All Pakistan Sarafa Gems and Jewellers Association. According to State Bank of Pakistan’s (SBP) data, the domestic currency ticked up for the second successive working day by 0.05%, or Rs0.13, to close at Rs285.39 against the greenback. The currency has been fluctuating near and around the currency level for the past around 10 days. While talking to The Express Tribune, AA Gold Commodities, Director Adnan Agar said gold has hit a seven-month high at $2,047 per ounce (31.10 grams) in the international market. This provided the basis for...