Exchange companies threaten to surrender licence


Staff Reporter

The delegation of Exchange companies of Pakistan headed by Chairman Malik Bostan meet the Executive director of State Bank of Pakistan Syed Irfan Ali Shah.
During the meeting the delegation raised the concerns of circulating rumors as the government is planning to shift currency trade to the commercial banks after closing down exchange companies’ businesses.
Chairman Forex Association of Pakistan Malik Bostan said that if the country profits on closing the exchange companies then we will voluntarily surrender our licenses, and in return government should compensate our location costs.
Executive director SBP Syed Irfan Ali Shah has assured the delegation that the government has no intention to close the exchange companies rather the steps are in pipeline to boost the businesses of open market in the country.
Chairman FAP said in 1993 the government issued exchange companies licenses and since then through open market, Exchange Company’s country received $ 11 billion. Malik Bostan said the government should clarify the stance on currency exchanges those who operate legally. He also urged the government to take strict measures against currency smuggling.

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