Karachi: Exchange companies said Thursday that the Pakistan currency market remains stable despite the current tensions with India, providing $ 25 million a day to the interbank market and can provide up to $ 1 billion per month in the event of an emergency.
Malik Muhammad Bostan, President of the Bourse Companies Association of Pakistan (ECAP), said in the press release that despite the recent aggression in Pakistani, the Pakistani currency market remains stable and the Rueli has not depreciated.
“We are able to provide government from $ 1 billion per month in the event of war or emergency,” said Bostan. Bostan’s comments are intervened after the Pakistani army said it had shot 25 Indian drones that entered its airspace. Hostilities between the two nuclear neighbors increased following Indian air raids on several locations in Pakistan.
He said that there are currently no dollars buyers on the free market. However, exchange companies have managed to sell $ 10 million on the interbank market. “There is no panic on the currency market,” he said.
Bostan said that the flight operations return to normal, the dollar influx is expected to increase. In the past two years, the State Bank of Pakistan has bought $ 9 billion to maintain a stable exchange rate, while exchange companies have contributed $ 6 billion to the interbank market last year.
He also suggested that if the government wanted, sending monthly funds could drop from $ 4 billion to $ 8 billion. According to Bostan, the real value of the dollar is 250 rupees, but it is not adjusted downwards due to the pressure of the International Monetary Fund (IMF) and exporters. He mentioned that the government planned to soon connect exchange companies to the PAKISTAN Initiative System (PRI).
