FAP demands dollar exchange without CNIC condition

FAP demands dollar exchange without CNIC condition

KARACHI: Forex Association of Pakistan (FAP) on Monday demanded the government of allowing US dollar exchange without the condition of Computerized National Identity Card (CNIC) in order to ensure sufficient supply of the foreign currency.

In a statement issued by FAP President Malik Mohammad Bostan said an estimated amount of $3 billion were taken at home safes and bank lockers. “People want to exchange the foreign currency but without CNIC condition,” he added.

READ MORE: FAP suggests incentive to undeclared $3 billion

Bostan said prior to 2008 under Protection of Economic Reform Act, many people purchased the foreign currency and parked at foreign banks and also had taken at homes or bank lockers. “At that time there was no condition CNIC,” he added.

“If this condition is relaxed then exchange companies will able to purchase huge amount of dollars and other foreign currency from public,” Bostan said.

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FAP President said the government should allow purchase of gold from local market. “They may sale gold in international market and surrender foreign currency in the local market.”

There is need to channelize foreign currency invested in cryptocurrency, he said and demanded that the government should provide legal cover to bring foreign currency back home.

READ MORE: Pakistan’s forex reserves fall to $16.37 billion

He suggested that banks should stop forward dollar selling and should be allowed to sale dollar equivalent to purchase.

Bostan said the State Bank of Pakistan (SBP) should imposed 100 per cent cash margin on all imports except for necessary items.

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