KARACHI, May 8, 2025 – Amid escalating tensions between Pakistan and India, the Exchange Companies Association of Pakistan (ECAP) has assured the government and public of sufficient availability of dollars to maintain financial stability and market confidence.
Malik Muhammad Bostan, Chairman of ECAP, stated that the local currency market remains calm despite India’s recent aggressive move within Pakistani territory. “There is no panic in the markets, and the rupee remains stable,” he said while addressing a press conference. “We are fully capable of supplying one billion dollars per month to the government if the situation demands it—be it war or any national emergency.”
Bostan highlighted that, despite rising geopolitical tensions, the open market has seen minimal demand for dollars. In fact, exchange companies sold 10 million dollars to the interbank market recently, reflecting the strength and confidence within the financial system. He emphasized that ECAP is currently contributing 25 million dollars daily to the interbank market, and stands ready to significantly increase this amount if required.
“The situation is under control. There has been no increase in the dollar rate due to India-Pakistan tensions. Our currency remains firm, thanks to a combination of national resilience and responsible financial management,” he added.
Malik Bostan also credited the armed forces of Pakistan for their decisive and dignified response to Indian aggression, which helped maintain public and investor confidence. He expressed pride in the military’s efforts and pledged the full support of ECAP during this critical time.
Looking ahead, Bostan expressed optimism that dollar inflows would rise once flight operations normalize. He also pointed out that the State Bank has accumulated 9 billion dollars over the last two years to stabilize the exchange rate, while ECAP contributed 6 billion dollars to the interbank market during the same period.
Bostan concluded by urging the government to link exchange companies to the PRI (Pakistan Remittance Initiative), which could potentially double remittance inflows to 8 billion dollars per month.