In Pakistan, the grey currency market has reemerged due to increased smuggling of dollars to neighboring countries, attracting around $500 million monthly by offering a higher exchange rate. Zafar Paracha, General Secretary of the Exchange Companies Association of Pakistan, states that the grey market rate is about Rs284 per US dollar, Rs4 higher than the open market rate. Currency dealers report that the grey market, previously controlled after a government crackdown in 2023, has resurged due to smuggling to Afghanistan and Iran, increasing local demand for dollars. This resurgence led to a remittance loss of $4 billion in FY23 and contributed to dollar shortages.
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