Newspaper's contribution

I felt relieved and happy with newspaper's editorial of 8th December 2014, captioned: "Exchange companies and their franchises".
Exchange companies had to wait for long to get approval for a new franchise outlet. It has dawned with the above editorial that it was due to: "The central bank fears that exchange companies are facing difficulties in monitoring and supervising their franchises". Standing with the Leader I look forward to new rules arid regulations for exchange companies, drafted in line with the State Bank framework and the companies genuine aspirations.
The newspaper is very right that due to limited scope of services exchange companies can provide to their clients, policies need to be framed in keeping with hazards of the stake holders and strength of these companies to reach 'small men' and earn goodwill for themselves and the country. They have an edge over Banks in this respect, I would believe.
Exchange companies are handicapped in the matter of staffing. Due to a limited number of hands and their education not compatible with the banks executives, they do not and cannot have the needed training imparted to their staff. Added to this is the problem of banks hijacking good workers trained at the cost of exchange companies. While one would not grudge the staff leaving for greener pastures, one would be within his limits to seek State Bank's assistance in the matter. State Bank may give thought to run exclusive training courses for exchange companies' staff. Improvement in their corporate governance will also facilitate superintendence of the companies.
Of course, the State Bank needs to large heartedly consider not only paying the success fee of 25 riyals for each 100 dollars of remittance to exchange companies, side by side the banks. Moreover, the incentive given to PRI on such transaction comes to approximately 8 to 9 rupees whereas ECs are providing said services free of cost. The rate of bounty/reward needs to be enhanced in the case of exchange companies whose expenses are relatively higher than banks who, given the needed incentives, can multiply their operation with the assistance of State Bank. Fatherly role expected of the State Bank we all aspire and look to.
I take this opportunity to also eulogise the newspaper on its bold and forthright stand in the case of KASB Bank Ltd. May this newspaper live long to hold high the flag of journalism in Pakistan.
These lines come from my heart in my individual capacity.