Pakistan’s currency market remains stable despite tensions with India. Foreign exchange companies are supplying $25 million daily to the interbank market and offering to provide up to $1 billion monthly to the government in case of emergency.
According to the Chairperson Exchange Companies Association of Pakistan (ECAP) Malik Bostan, the rupee has remained steady despite recent Indian airstrikes and the reported shooting down of 25 Indian drones by Pakistan. Exchange firms confirmed there is currently no dollar demand in the open market and no signs of market panic.
ECAP Chairperson Malik Bostan stated that once flight operations resume, dollar inflows are expected to rise. Over the past two years, the State Bank of Pakistan has bought $9 billion to support the exchange rate, while exchange companies added $6 billion to the interbank market in the last year alone.
Bostan also said that if facilitated, monthly remittances could double from $4 billion to $8 billion. He claimed the real value of the dollar is Rs. 250 but is not being adjusted due to pressure from the IMF and exporters. The government also plans to integrate exchange companies into the Pakistan Remittance Initiative (PRI) system to boost formal inflows.
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From his own pocket or from the people’s pockets?
If his offer is from own pocket, FBR and NAB should take notice of his wealth.
Great Bostan. Son of Lion