KARACHI: Exchange Companies Association of Pakistan (ECAP) on Tuesday said that the State Bank of Pakistan (SBP) has allowed export of dollar.
“Today [August 16, 2022] the SBP issued a circular to allow export of dollar,” said Malik Bostan, Chairman, ECAP in a statement.
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In a recent meeting with SBP governor, the ECAP apprised that the exchange companies had requested public to deposit their dollar in cash as the foreign currency hit Rs245 in the open market.
“We requested people to encash foreign currencies this will help in brining dollar value down to Rs185,” he added.
Malik Bostan said people responded to the appeal and sell millions of dollars at the counters of exchange companies, which helped the country to avoid default.
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ECAP chief apprised the SBP governor that banks were not buying cash dollars from exchange companies. “Due to this exchange companies were exporting dollars with prior SBP permission,” he added.
He further added that this process takes five days for transferring the amount into exchange companies accounts. “This results in huge losses to exchange companies.”
Bostan urged the SBP to allow one time export of US dollars as it had been already allowed in case of Saudi Riyal, UAE Dirham, UK Pound and Euro.
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“The exchange companies capital will not stuck in case permission is granted,” he added.
Once the SBP allows, the exchange companies will export dollars on daily basis and spread on buying and selling of dollar will also minimize.
“On this demand, the SBP issued a circular in this regard,” Bostan said and urged ECAP members to buy dollars from public at lower margin and export dollars.
