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KARACHI: In order to enhance the foreign inflows, the Exchange Companies Association of Pakistan (ECAP) has suggested a special exchange rate for remittances and export proceeds.

Zafar Paracha, General Secretary ECAP, has said that in the current situation the economic conditions are abnormal and banks are reluctant to open the LCs, of which various imports are pending.

This issue can be resolved through giving special rates to the overseas Pakistanis to bring the situation to normal condition.

ECAP has suggested introducing and setting the special exchange rate of the US Dollar against the Rupee for export-import bills and remittances.

The offer may be 240 rupee per dollar to the overseas Pakistani abroad and for receiving inward remittance through Exchange Companies. It will be helpful to enhance the remittances and lead to reduction of the Hundi/ Hawala, will support the official channel and also will lead to pull out of the grey market, Paracha said.

Pakistan: where formal channels suffer, and ‘grey’ markets prosper

A rate of Rs 228 per dollar may be fixed for export proceeds of the exporters. And the rate for importers would be Rs 234 on weighted average rates of the home remittance and the exporters. This will help to boost the inflows of the exporter and home remittances, he added.

He said that this move will motivate the exporter, overseas Pakistani and exchange companies and de-motivate the Hundi/ Hawala business. The healthy inflows of home remittances and export proceeds will lead to increase the foreign exchange reserves to support the country’s economy.

Paracha said that Pakistani banks are reluctant and refuse to open the LCs for which various sectors and industries are facing problems and badly affected.

In this connection the exchange companies feel their national responsibility and decided to reduce the burden to the government and intended to help out by providing USD 50,000/- as ECAP is providing for Credit Card Settlement, Education, Medical and travelling, Ziarat, Hajj & Umrah, he added.

Copyright Business Recorder, 2023


Comments are closed.

Zubair Hameed Jan 17, 2023 12:40pm
I have a lot to say on this.. but will say only this, "What is this non-sense?" Is this how economy of 230 million people works? By fixing whatever the rate you wish? Dar has already done big damage to Pakistan in 1998, and then in 2013-2016 and now doing the same hera pheri! Exporters are cursing him.
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Muhammed Jan 17, 2023 01:07pm
Put complete ban on all tourist, visit, Umrah & ziarat visa. Only overseas Pakistanis be allowed to buy locally assembled vehicles by making payments from their own foreign currency accounts. Put complete ban on import of all sorts of non essential goods.
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Fazeel Siddiqui (Overseas Pakistani) Jan 17, 2023 02:45pm
Utter nonsense. So you want to subsidies imports at cost of OP's pockets by buy cheap dollars? Whether govt, public or real estate fraud projects everyone in this country trying to ripoff Overseas Pakistanis as they think OP's are picking dollars on roads abroad.
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Sadaf Nasir Jan 17, 2023 05:30pm
I think dollar should not be artificially controlled and strict measures be taken to stop usd smuggling.usd rate should be determined by open market and illegal purchase and this money changers mafia has to be cracked down strictly .
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Mansoor Ali Khan Jan 18, 2023 05:47am
@Zubair Hameed, Dar is certified Minister in How to Make a Country Defaulter.
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