[vc_row][vc_column][vc_column_text dp_text_size=”size-4″]The federal government has begun a review of the Forex Association of Pakistan’s proposals to increase the country’s foreign exchange reserves.
Last week, Forex Association of Pakistan President Malik Bostan presented a number of proposals to the Senate Standing Committee on Finance and Revenue, including providing the government with $24 billion over the next 24 months.
According to Express, the National Assembly Standing Committee on Finance and Revenue has summoned representatives of the Forex Association of Pakistan to provide a briefing on the proposals. The committee will review the proposal and make recommendations to the prime minister.
According to the report, the State Bank of Pakistan (SBP) and the Ministry of Finance are reviewing the proposals.
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Bostan has also stated on several occasions that the Forex Association of Pakistan can provide the government with $1 billion per month for the next two years. He stated that the association’s proposals include removing the requirement to provide CNIC for sales and purchases of up to $15,000. Other measures to ease restrictions on the forex trade market have also been proposed by the association.
Bostan has also stated that all of the association’s proposals are feasible and will ensure that Pakistan no longer requires the International Monetary Fund (IMF).[/vc_column_text][/vc_column][/vc_row]
