Chairman of the Pakistan Forex Exchange Association, Malik Bustan, has called for a stop to the harassment of individuals selling dollars to prevent them from resorting to the black market.
In a statement made in Karachi, Malik Bustan expressed appreciation for the efforts of the army chief in cracking down on illegal activities. He noted that the army chief has shouldered responsibilities that were originally the domain of the civilian government.
As a result of these efforts, sugar prices in Pakistan have declined, and there is optimism for reductions in electricity and petrol rates. The value of the dollar has been consistently decreasing, and if this operation continues and smuggling is curtailed, the dollar may even drop to 250 rupees.
Malik Bustan highlighted that since the crackdown commenced, the supply of foreign exchange companies has significantly increased. Currently, these companies are selling up to 15 million dollars in the interbank market, whereas previously, the sale of dollars in the interbank ranged from 5 to 10 million dollars.
It is anticipated that in the upcoming days, daily dollar sales in the interbank could reach 20 million dollars. There is also hope that over 500 million dollars will be contributed to the interbank market this month.