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Revamped System: Exchange Companies’ New Exchange Rate Method

“Discover the latest in transparent and simplified currency exchange rates with ECAP! Implemented as per SBP directives, our new mechanism ensures a single, reliable rate for major currencies. Stay informed with timely updates by 5:00 PM daily.”

Revamped System: Exchange Companies' New Exchange Rate Method

The Exchange Companies Association of Pakistan (ECAP) has started using a new way to tell people the value of money from six important countries. They did this because the State Bank of Pakistan (SBP) told them to.

Before, ECAP and the Forex Association of Pakistan (FAP) gave two different rates for six important currencies. But on December 22, the SBP made a new plan to gather exchange rates from the open market. They wanted to make sure things were clear and believable.

The SBP told ECAP to use this new plan by December 26, 2023. Now, twelve exchange companies are giving the rates for the US dollar (USD), euro, pound sterling (GBP), Japanese yen (JPY), UAE dirham (AED), and Saudi riyal (SAR). ECAP then combines these rates and gives out one rate for each currency.

This new way makes things easier to understand and shows only one rate to everyone. It follows the SBP’s plan for a better and clearer system for exchange rates.

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ECAP now tells people the average buying and selling rates for these six currencies by 5:00 PM. This gives people the information they need on time and they can trust it.

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