Important meeting on exchange rate situation to be held today

KARACHI: Dr. Abdul Hafeez Shaikh to chair an import meeting of a committee which will also be attended by members of exchange companies association today (Tuesday) to discuss the options for strengthening the local currency.

Prime Minister Imran Khan had constituted the committee suggestions submitted by Exchange Companies Association of Pakistan (ECAP).

The meeting will also be attended by officials of State Bank of Pakistan and other relevant authorities.

Malik Bostan, Chairman, ECAP will lead a five – member team at the meeting.

According to the ECAP chairman the association had submitted proposals for the strengthening the rupee value.

Malik Bostan said that the proposals had focused on improving foreign exchange reserves of the country.

He said that due to recent measures the local currency had strengthened by Rs3 against dollar during last few days.

Malik Bostan urged people not to pay heed on the rumors about shortage of dollar. He said that the greenback would further weaken in coming days.

He said that the exchange companies had given around $15 million to scheduled banks.

He said that inflows were coming from overseas Pakistan on the occasion of Eid-ul-Fitr. “The overseas Pakistanis are sending around $3-4 million daily,” he said.

Malik Bostan said that hopefully another $100 million would be given to scheduled bank by Eid-ul-Fitr.

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