Exchange companies stop dollar selling except for needy customers

KARACHI: Foreign exchange companies have decided to stop sale of dollars except for needy customers for education, health and Hajj, said Malik Bostan, President, Forex Association of Pakistan (FAP) on Friday.

The representatives of FAP today again held a meeting with Syed Irfan Ali Shah, Executive Director of State Bank of Pakistan (SBP) to discuss reducing dollar rate and availability of the greenback to customers in the open market.

After the conclusion of the meeting, the FAP decided that US Dollars should only be sold to real customers, including persons going abroad for heath and education. Further, buyers of dollars for Hajj and Umrah should also be entertained, it was decided.

It is decided that dollars should not be sold to people, who wanted to create uncertainty in the market.

Malik Bostan urged people to invest in local money instead of US dollar. “We should shun use of dollar to strengthen our economy,” he said.

He appealed the people that if they avoid dollar buying for few days then its value would automatically reduce.

Malik Bostan said that at present the dollar demand is around $7-8 million and in contrast the supply is only $4-5 million.

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