KARACHI: Exchange companies have demonstrated remarkable performance in 2024 by successfully handling a total volume of approximately $7 billion, making a significant contribution to Pakistan’s economic progress and prosperity.
According to Zafar Paracha, Secretary General of the Exchange Companies Association of Pakistan (ECAP), exchange companies provided an amount of $3.85 billion to the interbank market to strengthen Pakistan’s foreign exchange reserves.
Moreover, $3.15 billion was dealt in the open market to support international travel, including Hajj and Umrah pilgrimages, payment of overseas university fees, family assistance, and medical treatments abroad.
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The significant volume underscores the crucial role the exchange companies play in facilitating international trade, remittances, and currency exchanges, contributing to the stability and growth of Pakistan’s economy.
Paracha said that exchange companies play a vital role in Pakistan’s economic growth and prosperity by effectively managing substantial volumes of foreign exchange. This achievement highlights the resilience and efficiency of the exchange sector in managing large-scale foreign exchange transactions, he added
“The ability of exchange companies to effectively navigate fluctuating market conditions and meet the diverse demands of businesses and consumers has further cemented their pivotal role in Pakistan’s financial ecosystem,” Paracha said.
This achievement, which saw exchange companies manage a significant volume of foreign exchange, is a testament to the sector’s continued growth and resilience. Their capacity to adapt to market challenges, combined with efficient operations, has contributed to the stability of the country’s financial system, he added.
Secretary General ECAP emphasized that this milestone was not only a reflection of the sector’s evolution but also a result of the strategic guidance and unwavering support from law enforcement agencies and the State Bank of Pakistan (SBP). Their collaborative efforts have been instrumental in ensuring the sector’s success, regulatory compliance, and sustained contribution to Pakistan’s economic progress, he added.
He has appreciated the SBP’s efforts for an updated framework for exchange companies and said that this transformative framework aims to strengthen the operational capabilities of exchange companies, ensure customer security, and curb illegal trading activities in the gray market.
Copyright Business Recorder, 2025
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