KARACHI:
State Bank of Pakistan Governor Ashraf Mahmood Wathra has urged foreign
exchange companies to play their role in strengthening rupee against US dollar
in the open market.
The SBP
Governor, in a meeting with the representatives of the Forex Association of
Pakistan (FAP) here on Tuesday, expressed concern over the increase in US
dollar exchange rate to 108.60 in the open market, which is nearly four rupees
higher than the inter-bank rate.
He
stressed the foreign exchange companies to play their part to bring down dollar
rate in the free market.
SBP
Deputy Governor Saeed Ahmed, Senior Executive Director Muhammad Ali Malik and
Executive Director Irfan Ali Shah were also present.
FAP
President Malik Bostan explained that there is demand of 10 million US dollars
in the market as against the supply of five to six million dollars, which
include workers' remittances and cash foreign currency.
This
situation is pushing up the dollar's rate in the free market, he maintained.
Malik
Bostan apprised the SBP Governor that commercial banks are not providing them
cash dollar notes, which is causing shortage of dollar.
The SBP
Governor said if the commercial banks do not provide cash dollar note, foreign
exchange companies can directly get dollar from the Central Bank.
SBP
Executive Director Muhammad Ali assured the forex association of action if any
commercial bank does not provide dollar to foreign exchange companies or
client.
Malik
Bostan appealed to the SBP Governor to grant two-month exemption of the
condition of surrendering 10 per cent of dollars to inter-bank market out of
the dollars brought in the country by forex companies against the export of the
foreign currency.
This
step would help increase supply of dollar in the market, he added.
He also
assured the SBP Governor said dollar exchange rate in the open market would
soon come down from 108 to 106.
Copyright APP (Associated Press of Pakistan), 2017
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