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KARACHI: Malik Muhammad Bostan, Chairman of Exchange Companies Association of Pakistan (ECAP), Tuesday said Exchange Companies (ECs) have no role in the volatile exchange rate. They are fully supporting the government’s action taken against the black market.

While expressing concern over reports that the government is considering closing exchange companies, Bostan said these reports have created panic in the exchange business.

“In this regard we have contacted the government and higher authorities on Tuesday and categorically rejected the allegations that ECs are involved in the black marketing of dollar,” he said.

He said that it has also made it clear that Exchange Companies have no role in the volatility in the currency market and fully support the government’s move and actions being taken against black marketers or illegal currency dealers, involved in black marketing of dollars.

Artificial appreciation of PKR to encourage imports: Pasha

“We are with the government and if any exchange company is found involved in illegal dealing, the government must take legal action against it. ECAP will not support such illegal activities at all,” he added.

Bostan said that all Exchange Companies are with the government and Pakistan Army and supporting the efforts to keep the exchange rate at a reasonable level.

Since the crackdown has started against the illegal currency dealers, the rate of dollar has reduced from Rs 330 to Rs 296 in open currency market and Rs 297 in inter-bank as the exchange company’s supply has increased after crackdown, he maintained.

The decline in dollar rate will continue and likely to reach Rs 250 in the coming days. However, the exchange company’s supply has increased since the Siya crackdown has started.

He informed that exchange companies are surrendering $ 15 million in inter-bank on a daily basis and will reach $20 million in the coming days. Cumulative surrender into the inter-bank will reach $400 million by the end of this month, he added.

Copyright Business Recorder, 2023


Comments are closed.

Usman Sep 20, 2023 08:39am
Done with there manipulation.Time to close them.
thumb_up Recommended (0)
Ch. K A Nye Sep 20, 2023 08:43am
Jokers will continue to joke.
thumb_up Recommended (0)
Hilarious Sep 20, 2023 02:55pm
Everyone can pull whatever string they can to make artificial and superficial changes to boost their support. It’s never worked out for any country before this and it will not work out for Pakistan. In the end, the truth shall prevail, and the truth usually is bitter and we as a nation prefer lollipops instead.
thumb_up Recommended (0)
Fazeel Siddiqui (Overseas Pakistani) Sep 20, 2023 03:08pm
Wait, wait, ECs will cry more. I said it the very day when Crackdown started when Malik Bostan was praising the actions of agencies destroying the market, the only thing the guy with hammer to do is to hammer everything to fix it.
thumb_up Recommended (0)
Fazeel Siddiqui (Overseas Pakistani) Sep 20, 2023 03:16pm
Government and Pakistan Army CAN NOT decide that reasonable level, when will 75 years failed dumbs will understand the thing also pointed by IMF. Let market & economy to decide it, come what if it hits 500 for few months and diminishes back to natural 250 for years. I see "people" are destroying things deliberately just to be on sacred jobs.
thumb_up Recommended (0)
Muhammad Baber Siraj Sep 20, 2023 04:01pm
Definitely they all are culprits involving in dollar fake rates even the public who are really wants dollar to buy from them they never give not even dollar any currency they all are holding big amounts and manipulate the market. Only banks should be allowed to hold exchange companies so the rate will be controlled
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