The State Bank of Pakistan, under the chairmanship of Syed Irfan Ali, Executive Director, called an emergency meeting of officials of Exchange Companies Friday. The officials of ECs led by Zafar Paracha, General Secretary, Exchange Companies Association of Pakistan (ECAP) attended the meeting. The Executive Director Banking Policy, State Bank of Pakistan expressed concern over the increasing rates of US dollar and stated that there is no justification for such an increase. He stated that there is no shortage of USD and the supplies of cash USD are available in any quantity with SBP, banks and Exchange Companies. He also advised to refrain from speculations/rumours. The General Secretary with the consent of the State Bank of Pakistan ensured regular supply of US dollars in any quantity.
The Executive Director also promised to the officials of ECAP that he will consider their following suggestions/requests favourably. How to increase the flow of home remittance in the country:
1- Prepare and implement a strong national strategy for home remittance
2- Withdraw the PRI facilities from banks or allow Exchange Companies to play their role also
3- Reduce the illegal market (Hundi/Hawala)
4- Incentive to overseas Pakistanis or remitters for reducing the illegal channels (Hundi/Hawala) will be helpful for enhancing home remittance
5- Instruct the Western Union and other international remitting agencies/companies to allow all those Exchange Companies who are agent of the Money Gram
6- Allow commercial remittance (inward and outward) to Exchange Companies for increasing home remittance
7- Motivate and give incentive to those who are providing services online like online teaching, Providing computer technical services, virtual assistance services, medical services, legal assistance, online data entry services etc.
8- Attract/build the confidence of Overseas Pakistani to invest their saving in the homeland/country. 9- Encourage the international investor by offering excellent security services, tax holiday and low interest rate
10- Increase at least 2 percent profit/interest on Saving on Foreign Currency Bank Accounts 11- Allow Exchange Companies to deliver the home remittance at the doorstep of receiver
12- Develop a strategy for enhancing tourism
13- Search international market for exporting manpower
14- Mobilizing and energizing the financial sector in Pakistan for attracting home remittance
15- Maintain law and order situation to attract overseas Pakistanis/investors.
16- Stop unnecessary interference of FIA and other agencies on business operation of Exchange Companies. 17- SBP play a strong role for Exchange Companies as it is doing for banks and other financial institutions without any hindrance of other agencies.-PR
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