The scarcity of dollars in Pakistan is causing a schism in the foreign-exchange market, with banks giving rates that differ from the interbank market. Because banks are unable to cover import payments, they are giving greater spreads than the interbank market for import and export transactions. Tresmark, a financial portal for treasury markets, stated in a client letter. The portal has included a new ticker to keep track of the new rupee rate. Pakistan is experiencing significant dollar shortages as a delay in its IMF rescue programme has fuelled fears that it would follow Sri Lanka into default this year. The country has also prohibited certain imports in order to reduce currency outflows, which has resulted in a components scarcity at Toyota and Suzuki’s local businesses, and plans to halt production for several days next month. The rupee fell to its lowest level since 1998 last week as the country’s foreign finances deteriorated. Banks lent dollars to energy firms last week at approximately 8pc above the official closing rate. Importers who used to get dollars in a day for international payments are now facing a week-long wait, according to Raheel Ahmed, CEO of V.N. Lakhani and Co., a steel importer located in Karachi. Pakistan’s central bank is discouraging interbank trading owing to a serious scarcity of dollars. The currency has hit a string of all-time lows and is down more than 30pc this year. The central bank has increased its efforts to safeguard foreign funds. According to persons familiar with the situation, it has requested commercial lenders to manage import-payment requests from their own inflows, such as exporter accruals and remittances. According to the country’s finance minister, the rupee’s depreciation will end soon. In a conversation with the research tank Tabadlab on July 26, Finance Minister Miftah Ismail predicted that in a few weeks, the country’s dollar inflows will exceed the amount of its imports. “When that occurs, the pressure on the rupee will disappear.” After the IMF board meeting on the 24th of the month, Pakistan is anticipated to get $1.2b in funding in late August. Another $4b in finance is anticipated from bilateral nations like Saudi Arabia.