foreign exchange reserves

In order to save the outflow of dollars and curb immoral content, the State Bank of Pakistan (SBP) has approached Pakistan Telecommunication Authority (PTA) to block some live-streaming social media platforms such as Bigo Live, Mico, Stream Kar, and others. As per SBP; “It falls upon PTA to block URLs and social media applications containing and promoting immoral, pornographic, and sexually explicit content and activities.”

Ban on Live Streaming Social Media Platforms to Preserve the Foreign Exchange

According to the sources, the central bank said that a significant chunk of foreign exchange (FX) is being remitted abroad by Pakistani individuals over the use of certain live-streaming platforms that is putting a dent in the forex reserves which are already standing at a very crucial stage. As per SBP, a total of $8.93 million has been remitted over the last two years through these platforms.

It is not just about the foreign exchange; the live streaming platforms are also involved in spreading immorality, gambling through various in-app casino games, and virtual dating. SBP has directed PTA to review the content in light of relevant social media guidelines and regulatory framework and decide whether such applications/platforms could be blocked to prevent the spread of immoral content and activities to preserve the precious foreign exchange reserves of the country.

Also read: Government Will Not Tolerate Immoral Content on Social Media, Says Rana Sanaullah


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