KARACHI: Currency dealers have brought $13 billion in Pakistan in the pasteight years, including $1 billion since August 2018, to stabilise thecountry’s foreign currency reserves, the dealers claim.
“Dealers contribute $200-300 million a month to the country’s reservesthrough commercial banks,” said Pakistan Forex Association President MalikBostan while briefing Finance Minister Asad Umar.
“They (dealers) have the potential to bring up to $1 billion a month,” hetold The Express Tribune after meeting the finance minister and FederalInvestigation Agency (FIA) Director General Bashir Memon in Islamabadrecently.
A delegation of currency dealers, headed by Bostan, asked the minister thatthe government should offer Rs2 per dollar in rebate to attract higherremittances from overseas Pakistanis. The incentive would help currencydealers to realise their true potential and contribute maximum dollars tothe country’s foreign currency reserves, it said.
“The government is paying Rs6 per dollar to commercial banks for the job(of attracting remittances),” Bostan pointed out.
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Pakistan receives around $20 billion in worker remittances a year. Thereceipts have remained a big source of stabilising the foreign currencyreserves and helped finance imports and debt repayments.
The central bank estimated the number of Pakistanis working in overseasmarkets at 10.1 million in calendar year 2017.
