The currency exchange rates have stabilised in the South Asian country following a crackdown on hoarders and illegal exchange companies, according to experts.

They also attribute the International Monetary Fund agreement to the improvement, saying that such a deal has improved market sentiment.

In September, the IMF’s Executive Board approved a new $7 billion, 37-month loan agreement for Pakistan that requires “sound policies and reforms” to strengthen macroeconomic stability. The approval released an immediate $1 billion disbursement to Islamabad.

The crisis-wracked South Asian country has had 22 previous IMF bailout programs since 1958.