Forex Companies to Help Improve Rupee’s Value With Special Plan

Foreign exchange companies will visit other countries, collect US dollars and bring them to Pakistan. Exchange firms have decided to bring in more dollars by making foreign trips in order to increase domestic foreign exchange reserves and boost the rupee’s value. In this regard, Chairman Exchange Companies Association of Pakistan (ECAP) Malik Bostan informed Finance Minister Ishaq Dar and Advisor Tariq Pasha, local media reported today. The ECAP chairman told Dar that exchange companies will ask overseas Pakistanis to help collect dollars which will then be sent back into state coffers. Malik Bustan implored the Finance Minister that the black market should be closed down by increasing the supply of dollars in the formal market. It was proposed that First Information Reports (FIRs) be registered against the names of those who transfer foreign exchange abroad via hundi/hawala channels. Ishaq Dar agreed and promised to inform the Federal Investigation Agency (FIA) of this. It was further decided that instructions will also be issued against individuals who frequently use hawala to send dollars abroad. Finance Minister Dar stated that those who buy and sell dollars on the black market will face consequences. The Afghan transit trade is being closely watched, and mis-declaration by opening transit containers is being closely monitored. According to Advisor on Finance Tariq Pasha, cases will be registered by confiscating foreign currency, including dollars/other currencies seized without proof and invoice.