ECAP Chairman Malik Bostan Rejects Dollar Trading Claims in Black Market

Chairman of the Exchange Companies Association of Pakistan (ECAP), Malik Bostan, has emphasized that exchange companies are not connected to the fluctuating exchange rates and fully support the government’s efforts to combat the black market.

He addressed concerns regarding the government’s purported intention to close exchange companies, expressing that such reports have generated anxiety within the industry. He strongly refuted any allegations linking exchange companies to illicit trading of US Dollars.

Bostan underscored that all exchange companies are collaborating closely with the government and the military to maintain exchange rate stability.

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He reiterated their unwavering backing for the government and affirmed that stringent measures will be enforced against any exchange company found engaged in illegal currency trading. Bostan made it clear that ECAP unequivocally condemns such unlawful activities.

The ECAP chairman highlighted that the rupee-to-dollar rate has decreased from 330 to 296 in the open market and 297 in the interbank market following the nationwide crackdown on black market operatives. He maintained his belief that the rate will further decrease, potentially reaching 250 in the near future.

Furthermore, Bostan mentioned that exchange companies are currently contributing $15 million daily to the interbank market, with this figure anticipated to rise to $20 million in the upcoming days. He added that the total deposits in the interbank market are projected to surpass $400 million by the end of the month.