SBP names banks responsible for increase in US dollar rate<\/a><\/strong><\/em><\/p>\nCurrently, Pakistan\u2019s economy is suffering irreparable harm because of the Afghan transit trade, which has grown significantly. A significant portion of the dollars travelling from Pakistan to Afghanistan passes through the Afghan transit trade, and both Afghan and Pakistani traders are involved in this anti-national activity, he added.<\/p>\n
To lower the import bill, the government imposed high duties on many luxury goods.<\/p>\n
\u201cOur traders and importers thought that why should they pay a 200% duty to the Pakistani government,\u201d Bostan said, and added they operate a global network, accepting payments through hundi\/hawala in Dubai, London, Europe, America, Saudi Arabia, and everywhere else.<\/p>\n
They bring their items here in the name of Afghan transit, travelling from our port to Afghanistan and then returning to Pakistan in small trucks. Numerous importers from Pakistan who participate in this atrocious practice not only fail to pay import duties, which costs the national exchequer billions of rupees, but also prevent dollars from entering the country, he said.<\/p>\n
When the Afghan Taliban established a transition government in August 2021, the Pakistani rupee was trading at 155, the country\u2019s foreign exchange reserves were $22 billion, and its import bill was $4.5 billion. According to Bostan, today the rupee has fallen to almost 225 in the interbank market and 235 per dollar in the free market.<\/p>\n
He claimed that every month, about $3 billion in remittances were sent to Pakistan. The remittance flows have now decreased to $2 billion. \u201cWhere does this monthly $1 billion go? Because we are paying remittances at 225 rupees for every dollar, this $1 billion per month has become the sight of Afghan transit. The hawala\/hundi operators are giving those 270 for every dollar,\u201d said the chairman.<\/p>\n
Bostan said there are just three major international companies with which the exchange companies have signed money transfer agreements at the present. \u201cWe have requested that SBP let exchange companies negotiate partnerships with at least 50 significant global money transfer firms,\u201d Bostan said.<\/p>\n
\u201cExchange companies receive roughly $2 billion in worker remittances each year, and in terms of exporting foreign currency, these companies provided about $3 billion to Pakistani banks last year. The exchange companies are significantly contributing to the stabilisation of Pakistan\u2019s reserve, the Pakistani rupee, and the Pakistani economy by relinquishing it in the interbank market,\u201d he said.<\/p>\n
\u201cIf the government gives us an agreement with 50 international money transfers companies, the exchange companies can bring $7 to $8 billion to Pakistan annually.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Smuggling of US dollars to Afghanistan harming Pakistan\u2019s economy: currency dealer. The Pakistani currency is under pressure owing to the ongoing political unrest in the country and the smuggling of US dollars to Afghanistan, foreign exchange dealers said. \u201cPakistan is currently dealing with problems on several fronts, the political crisis being the first and biggest […]<\/p>\n","protected":false},"author":8,"featured_media":13013,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[389,443,7935,5423,6878,572,103,138,253,194],"class_list":["post-13012","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-afghanistan","tag-dollar","tag-exchange-companies-association-of-pakistan","tag-ishaq-dar","tag-pakistan-economy","tag-sbp","tag-imran-khan","tag-pakistan","tag-pmln","tag-pti"],"_links":{"self":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/13012","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/comments?post=13012"}],"version-history":[{"count":0,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/13012\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media\/13013"}],"wp:attachment":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media?parent=13012"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/categories?post=13012"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/tags?post=13012"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}