Currency dealers offer to lend the government 24 billion dollars
Free market currency dealers have loaned the government $24 billion over the next two years to keep the government out of the International Monetary Fund (IMF) program that has devastated Pakistan’s economy.
In an interview with The Express Tribune, Chairman of the Stock Exchange Association of Pakistan (ECAP) Malik Bostan said: We have offered the government one billion dollars per month for the next two years to cancel the International Monetary Fund.
He stressed that the government should pass an ordinance allowing exchange companies to borrow directly from overseas Pakistanis, foreign companies and global exchange companies in US dollars.
Loans are free and transferable if needed. We are in touch with millions of Pakistani immigrants. They are our customers. They are ready to lend us dollars.”
Bustan, along with other members of the association, made the proposal in a meeting in Islamabad with Salim Mandaviwala, chairman of the Senate Standing Committee on Finance.
Officials of the Central Bank and other officials of the country were present in this meeting.
“Exchange companies currently supply $300-400 million per month to the interbank market, totaling $4 billion per year.” Pakistan is strengthening the economy.
He asked the government to review the laws, rules and regulations for IT freelancers with billions of dollars in foreign banks. These stocks will be brought to Pakistan after restrictions are eased.
In February 2023, Finance Minister Ishaq Dar authorized the Sailani Welfare Fund to raise $2 billion from overseas Pakistanis.
The Pakistani rupee continued its downward trend for the second straight day on Wednesday, depreciating by 0.13 percent against the US dollar, or Rs 0.37, to trade at Rs 283.92 in the interbank market in the last week. The rupee closed at Rs 283.55 against the dollar on Tuesday, according to the SBP report.
