Zafar Paracha, General Secretary, Exchange Companies Association Pakistan (ECAP), has appreciated the State Bank of Pakistan (SBP) role for stabilizing the exchange rate. "The SBP and ECAP have played an important role in stabilizing the exchange rate and with the support of steps taken by SBP and ECAP, open currency market will further stabilize and Pak rupee will appreciate against the greenback," he said in a statement on Saturday.
Paracha urged the government to accept the remaining suggestion of ECAP as it will be helpful in increasing forex reserves and stop Hundi/Hawala. This will also be helpful in stabilizing the Pak rupee in open currency market, he added. He said at present Pakistan is facing multiple challenges and the gravest problem is terrorism. Though, it is a global issue but Pakistan's economy has faced billions of rupees' losses in war against terrorism, he added.
He suggested that the government should bring the looted amount back. The General Secretary ECAP said Pakistan is spending a huge amount on PRI through which various external and internal banks and other financial institutions are making money. "If the same facilities will be provided to overseas Pakistanis and exchange companies, it will be helpful in enhancing home remittance inflows, besides reducing the rate differences between the bank and open market. He also appreciated the efforts made by Syed Irfan Ali, Executive Director SBP for taking measures to stabilize the currency market.
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