Govt Considering Proposals of Forex Firms to Increase Foreign Reserves

The federal government has started a review of proposals put forth by the Forex Association of Pakistan to increase the country’s foreign exchange reserves. Forex Association of Pakistan President Malik Bostan had put forth a number of proposals before the Senate Standing Committee on Finance and Revenue last week that included providing the government $24 billion over the next 24 months. According to a report in Express, the National Assembly Standing Committee on Finance and Revenue has asked the representatives of the Forex Association of Pakistan to appear before the committee to provide a briefing on the proposals. The committee will review the proposal and forward its recommendations on the matter to the prime minister. The report, citing, sources said that the State Bank of Pakistan (SBP) and the Ministry of Finance are reviewing the proposals. Bostan has also once against reiterated that the Forex Association of Pakistan can provide the government $1 billion a month for the next two years. He said that proposals of the association include removing the requirement of providing CNIC for the sale and purchase of up to $15,000. The association has proposed some other measures as well to ease restrictions imposed on the forex trade market. Bostan has also claimed that all of the proposals suggested by the association are practical and will ensure that Pakistan does not need the International Monetary Fund (IMF) anymore.