May 17

Banks increasing dollar rates; FAP tells Prime Minister

KARACHI: Malik Mohammad Bostan, President, Forex Association of Pakistan (FAP) on Monday informed Prime Minister Shehbaz Sharif that banks are increasing dollars rate. Prime Minister Shehbaz Shari, in a Zoom meeting with FAP President, expressed concerns of significant devaluation of Pakistan Rupee (PKR) and asked reasons behind the recent fall of rupee against the dollar. […]

by Hamza Shah

FAP demands dollar exchange without CNIC condition

May 16

Money & Banking

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 […]

by Faisal Shah

FAP suggests incentive to undeclared $3 billion

May 14

Finance, Money & Banking, Top stories

FAP suggests incentive to undeclared $3 billion

People have an undeclared amount of $2 billion to $3 billion foreign currency in their homes and personal bank lockers. They want to exchange with Pakistani Rupee (PKR) but due to certain restrictions they are unable to bring it out. The government should provide legal shelter for declaration of concealed dollars, which will help to […]

by Faisal Shah

Apr 6

Money & Banking

Rupee gains 20 paisas in open market

KARACHI: The Pak Rupee gained 20 paisas in open market on Saturday owing to monitoring launched by exchange companies after meeting with State Bank of Pakistan. The buying and selling of dollar was recorded at Rs142.30/Rs142.80 from previous day’s ending of Rs142.50/Rs142.50 in cash ready market. The representatives of Forex Association of Pakistan (FAP) held […]

by Anjum Shah

Exchange companies stop dollar selling except for needy customers

Apr 5

Money & Banking

Exchange companies stop dollar selling except for needy customers

KARACHI: Foreign exchange companies have decided to stop sale of dollars except for needy customers for education, health and Hajj, said Malik Bostan, President, Forex Association of Pakistan (FAP) on Friday. The representatives of FAP today again held a meeting with Syed Irfan Ali Shah, Executive Director of State Bank of Pakistan (SBP) to discuss […]

by Faisal Shah

Rupee value to strengthen in coming days, SBP tells FAP members

Apr 4

Money & Banking

Rupee value to strengthen in coming days, SBP tells FAP members

KARACHI: State Bank of Pakistan (SBP) has said that the rupee value to stabilize as large payment was made last week. Talking to representatives of Forex Association of Pakistan (FAP) on Thursday, Executive Director of SBP Syed Irfan Ali Shah said that last week large payments made last week and now the local currency would […]

by Faisal Shah