KARACHI: The Exchange Association of Pakistan (EAP) predicts that the US dollar will gradually fall to the level of Rs 270, and then to Rs 250 following the release of required funds from the International Monetary Fund (IMF).
EAP chairman Malik Bostan said that the increase in the interbank rate of the US dollar today (July 10) was "purely temporary" as the undeclared restrictions on payments, and imports of 6,000 import containers, both of which have been stalled for a long time in the interbank market, have been lifted. "After the opening of new import LCs, demand for the dollar has increased, and the dollar will return to the back foot once the required demand is met," Bostan said.
He said he was "encouraged" by government policies regarding inflows, and said that the regulator and Exchange Companies Association (ECA) are keeping a close watch on speculators.
Malik Bostan there was concern over the decrease in worker remittances. "A hundred million skilled manpower is required worldwide, and the need of the hour is to prepare skilled manpower in Pakistan, and then send it abroad," he advised. According to Bostan, Pakistan's inflow of workers' remittances can reach up to $4 billion per month.
EAP chairman Malik Bostan said that the increase in the interbank rate of the US dollar today (July 10) was "purely temporary" as the undeclared restrictions on payments, and imports of 6,000 import containers, both of which have been stalled for a long time in the interbank market, have been lifted. "After the opening of new import LCs, demand for the dollar has increased, and the dollar will return to the back foot once the required demand is met," Bostan said.
He said he was "encouraged" by government policies regarding inflows, and said that the regulator and Exchange Companies Association (ECA) are keeping a close watch on speculators.
Malik Bostan there was concern over the decrease in worker remittances. "A hundred million skilled manpower is required worldwide, and the need of the hour is to prepare skilled manpower in Pakistan, and then send it abroad," he advised. According to Bostan, Pakistan's inflow of workers' remittances can reach up to $4 billion per month.