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KARACHI: The State Bank of Pakistan (SBP) has assured dollar supply against export of other currencies to exchange companies so they can meet their requirement.

A meeting between the representatives of State Bank and Exchange Companies was held on Wednesday at SBP office to discuss the dollar supply and exchange rate issue. The meeting was chaired by Deputy Governor SBP Dr Inayat Hussain and attended by Chairman Exchange Companies Association of Pakistan (ECAP) Malik Bostan, General Secretary Zafar Paracha, SBP officials and others. The meeting was held after the ECAP’s announcement to lift the Cap on dollar rate in the open currency market.

During the meeting, exchange companies informed the SBP officials that they are facing difficulties in getting US dollars to fulfil the customers’ demand and even banks are not providing dollars to the exchange companies against the export of other currencies.

In order to ensure the sufficient supply of greenback in the open currency market, the SBP has assured the exchange companies that they will get dollar against the export of other currencies.

Exchange companies set to remove ‘self-imposed price cap’ on open-market dollars

Malik Bostan has confirmed that SBP has asked the banks for supply to dollars to exchange companies and also deputed a representative of SBP to ensure that exchange companies may get dollars against the export of other currencies.

He informed that during the meeting that it was decided that SBP and Exchange Companies will jointly make efforts to keep the exchange rate at a reasonable level to curb the black market.

He said that Exchange Companies will fully support all measures taken by the SBP for a sustainable exchange rate in the country. He hoped that with the supply of dollar by the banks will improve the situation and help the exchange companies to meet the public demand for travel, education and other purpose.

Copyright Business Recorder, 2023

Comments

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Abdul Sheikh Jan 26, 2023 12:36pm
SBP and money changers ganged up on innocent people to deprive them their hard earned money.
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