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Top related persons:
Akhtar Soomro - 1 Asim Munir - 1 Malik Bostan - 1 Bostan - 1 General Munir - 1 Haji Luqman Khan - 1 Sheikh Allauddin - 1 ECAP - 1
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Karachi Pakistan KARACHI PESHAWAR Peshawar Islamabad Lahore Quetta
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REUTERS - 1 Pakistan - 1 Exchange Companies Association of Pakistan - 1 Federal Investigation Agency - 1 FIA - 1 Inter - 1 Services Intelligence - 1 ISI - 1

Search resuls for: "Malik Bostan"


3 mentions found


☆ Pakistan's military helps stifle currency black market to stabilise rupee
  + stars: | 2023-09-14 | by ( Ariba Shahid Mushtaq Ali | Ariba Shahid | Mushtaq Ali | ) www.reuters.com   time to read: +6 min
Tens of millions of dollars have poured back into Pakistan's interbank and openmarkets, dealers say, since raids on black market operators began on Sept. 6. Ninety percent were going to black market dealers, cutting our supply of foreign exchange," Bostan explained. While a crackdown on the black market was needed to stabilise the rupee, it "is a temporary fix," said Fahad Rauf, Head of Research at Ismail Iqbal Securities. High inflation and chronic external deficits lie at the heart of the currency's problem, and closing off people's access to black market dollars risks storing up pent-up demand. "There is an unprecedented demand for the dollar," Hanifullah Mohmand, a trader in the Peshawar market, said.
Persons: Akhtar Soomro, Asim Munir, Malik Bostan, Bostan, General Munir, Haji Luqman Khan, Sheikh Allauddin, ECAP, Fahad Rauf, Ismail Iqbal, Ariba Shahid, Mushtaq Ali, Gibran Peshimam, Simon Cameron, Moore Organizations: REUTERS, Pakistan, Exchange Companies Association of Pakistan, Reuters, Federal Investigation Agency, FIA, Inter, Services Intelligence, ISI, Locals, International Monetary Fund, IMF, Research, Ismail, Ismail Iqbal Securities, Thomson Locations: Karachi, Pakistan, KARACHI, PESHAWAR, Peshawar, Islamabad, Lahore, Quetta, Afghanistan
☆ Pakistani rupee plummets as markets adjust to removal of unofficial controls
  + stars: | 2023-01-26 | by ( Ariba Shahid Asif Shahzad | Ariba Shahid | Asif Shahzad | ) www.reuters.com   time to read: +4 min
The currency's official value closed at 255.4 rupees against the dollar versus 230.9 on Wednesday, the central bank said. Facing an increasingly acute balance of payments crisis, Pakistan is desperate to secure external financing, with less than three weeks worth of import cover in its foreign exchange reserves. Aside from wanting the government to reduce its budget deficit, the IMF is pushing for it to move to a market-determined exchange rate regime. The foreign exchange companies said on Wednesday that they had removed the cap for the sake of the country, because it was causing "artificial" distortions for the economy. Aside from moving towards a market-determined exchange rate, Islamabad has also announced it will take fiscal measures recommended by the IMF.
☆ Pakistani rupee falls after market maker group removes currency cap
  + stars: | 2023-01-25 | by ( Ariba Shahid Asif Shahzad | Ariba Shahid | Asif Shahzad | ) www.reuters.com   time to read: +3 min
The Exchange Companies Association of Pakistan (ECAP) said late on Tuesday it was lifting the cap on the currency in the interest of the country. Before the cap on the rupee was removed, markets eyed three different rates to assess its value -- the state bank's official rate, the one assessed by the foreign exchange companies and the black market rate. He said the removal of the cap would curb the black market. "The black market rate is still sticky in the range of 260-270. The decision of exchange companies has not had any impact as such," said Fahad Rauf, Head of Research at Ismail Iqbal Securities.
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