Zafar Paracha, General Secretary Exchange Companies Association of Pakistan has said that Federal Investigation Agency (FIA) did not arrest him and he was called as FIA wants to know some information regarding hike of the US dollar in interbank.
In a statement he also welcomed the State Bank of Pakistan EPD Circular Letter No. 16 of 2021 dated October 06, 2021 and ERD/M&PRD/PR/01/2021-107 dated October 6, 2021 wherein the State Bank taken the concrete steps to control the undesirable foreign currencies outflow and flight of USD from country.
Zafar Paracha appreciated the content of the circular especially for the following: Biometric verification for all transactions equivalent to and or above USD 500/-.
USD 10,000/- or above (or equivalent other currencies) shall be conducted through cheque/bank transfer from the personal account of the customer, all outward transactions of USD 10,000/- or above shall be conducted through cheque/bank transfer from personal account of customer.
Persons travelling to Afghistan will be allowed to carry only USD 1,000/- per person per visit with maximum annual limit of USD 6,000/-
He thanked the SBP and welcomed from the core of heart that his deepest desire fulfilled and hope that the such steps will help to bring down the USD price also will helpful to mitigate the smuggling of USD including to bring down the inflation in the country.
Zafar Paracha further said that the SBP has taken numerous decision and multiple steps to fulfill the FATA requirement. We hope that the SBP hard working will INSHALLAH pull out the country from grey list.