Sunday, October 25, 2020

FAP decides not to provide USD to speculators, hoarders: Malik Bostan

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Zain Zubair
Zain Zubair
Zain Zubair is a staff writer for World News Observer. He is studying ACCA in Pakistan. Besides Accountancy and writing pieces, he loves cooking and nature photography. Zain has attended various modern journalism workshops. Contact: [email protected]

President Forex Association of Pakistan Malik Bostan Khan along with the representatives of other exchange companies met Executive Director SBP Irfan Ali Shah and discussed USD rate and its availability in the market.

After the meeting, association decided that only the genuine customers will be sold USD to control it’s demand.

The greenback will only be sold to travellers, pilgrims and those going abroad for health and education purposes.

The association decided that USD would not be provided to speculators and currency hoarders.
Malik Bostan urged the people to invest in local currency as investing in USD tentamount weakening the currency by our own selves.

He said higher demand results in higher rate of USD, which causes loss to the national economy.

He said that several countries boycotted the USD to strengthen their currency adding Pakistan should do the same.

He said if people refrain from buying USD, it’s rate would automatically come down.

Bostan informed that at present the USD supply was around 5 million while the demand was around 8 million.

Zain Zubair
Zain Zubair
Zain Zubair is a staff writer for World News Observer. He is studying ACCA in Pakistan. Besides Accountancy and writing pieces, he loves cooking and nature photography. Zain has attended various modern journalism workshops. Contact: [email protected]

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