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.
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Confidence Building Can Bring $200Bn to Pakistan: ECAP Chief
Karachi, August 15, 2024 – Confidence-building measures could unlock $200 billion in foreign reserves for Pakistan, stated Malik Bostan, Chairman of the Exchange Companies Association of Pakistan (ECAP), at the 77th Independence Day ceremony of the Association.
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ECAP Chief Envisions Dollar at PKR 250 Amidst Robust Crackdown on Currency Smuggling
Karachi, September 13, 2023 –Malik Bostan, Chairman of the Exchange Companies Association of Pakistan (ECAP), has expressed optimism that the Pakistani Rupee (PKR) may strengthen to PKR 250 against the US Dollar following a massive crackdown on currency smuggling and hoarding.
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Pakistani exchange companies demand regulations for cryptocurrencies
Pakistani exchange companies have demanded the government issue regulations for cryptocurrencies, in order to bring in inflows of dollars into the country.
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Pakistan should ban trade in cash dollars: forex association
KARACHI: The government should immediately ban trade in cash dollars to prevent depreciation in Pakistani Rupee (PKR), forex association demanded on Thursday.
Exchange Companies Association of Pakistan (ECAP) in a statement claimed that an amount of around $2 billion transferred to Afghanistan which was pressurizing the foreign exchange reserves of Pakistan.
READ MORE: Dollar extends gain to reach PKR 221.95 in interbank
“The government should enforce trade with Afghanistan through banking channels,” ECAP Chairman Malik Bostan said.
The Afghan government issued a circular last month allowing exchange Pakistani currency with Afghani currency or other foreign currencies.
“There are trillions of Pakistani rupees with the Afghanis and they are exchanging with the foreign currencies,” Bostan said, adding that he already had informed authorities in Pakistan that it would put pressure on the local currency.
Furthermore, Pakistan government had an agreement of coal purchase worth $ 2 billion with the Afghan traders. Under this agreement Pakistan is importing 22,000 tons of coal worth $6 million on a daily basis.
READ MORE: Dollar gains 78 paisas to end PKR 221.43 in interbank
“The Taliban government assured that Afghan traders will export coal in Pakistani rupee. But in contrast Afghan traders were demanding dollars or UAE Dirham. This is creating black marketing of dollars in the local market,” Bostan added.
He said that in a meeting with Finance Minister Ishaq Dar, the exchange companies were asked to sale dollars on the market rates. “Due to this restrictions, people were selling dollars in black market,” Bostan added.
He further added that due to this illegal trade the business of exchange companies drastically declined by 80 per cent since September 2022. “Prior to this, exchange companies were making transactions of about 10-15 million dollars on a daily basis. But now it reduced to only 2-4 million dollars.”
READ MORE: Rupee rebounds after Dar holds meetings with banks, exchange companies
Bostan said that only one per cent people are visiting exchange companies to sell dollars and 200 per cent increase in those people who are visiting to purchase the foreign currency.
He informed the State Bank of Pakistan (SBP) had imposed restrictions on the exchange companies that the inflows under workers remittances should be surrendered 100 per cent in the interbank market.
READ MORE: Rupee crashes to dollar as PTI long march starts
The exchange companies demanded that the central bank should allow sale of 50 per cent of the inward remittances to the real customers, which would ease dollar demand. “The SBP however allowed the exchange companies the sale of 20 per cent of inward remittances to customers,” Bostan said.
Besides, the exchange companies demanded the government of reducing travelling expenses limit to $5000 from existing $10,000.
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SBP allows export of US dollar: ECAP
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.
READ MORE: Dollar falls for ten straight days against Pakistani Rupee; ends at Rs213.98
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.
READ MORE: Dollar plummets to Rs215.49 against Pakistani Rupee on August 12, 2022
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.
READ MORE: Dollar continues to fall against PKR; ends at Rs218.88
“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.
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Prime Minister takes notice of rupee depreciation
KARACHI: Prime Minister Imran Khan took notice of recent depreciation of rupee in the open market. In this regard the prime minister met a delegation of Exchange Companies Association of Pakistan (ECAP) on Wednesday at Prime Minister House.
The ECAP delegation was led by Sheikh Allaudin, Malik Bostan, and Sheikh Mureed. Director General FIA, Director General IB, Chairman Federal Board of Revenue and Governor State Bank of Pakistan (SBP) were also present at the meeting.
The government made it crystal clear that it will take strict action against Exchange Companies, which involve in creating artificial shortage of the foreign currency, a member ECAP said.
The meeting agreed on exchange rate and the government warned of serious consequences in case of deviation.
Dollar rate agreed upon are Buying – 143.50 and selling 144.00
Saudi Riyal buying and selling at 38.20 / 38.35
UAE Dirham buying and selling 39.05 / 39.20
Strict compliance has been insisted upon
ECAP will not stand by any company diverging from these set rates, a statement said.
ECAP will not stand with the companies running dual sets of rates or avoiding receipting, it added.