Summary Exchange companies provide employment opportunities to at least 25,000 persons
KARACHI (Dunya News) – Exchange Companies Association of Pakistan (ECAP) stated on Monday that business of foreign currencies has increased considerably posing a threat to stability of Pakistani Rupees.
The association stated that Sindh Revenue Board is drawing additional taxes for past many years while traders also pay federal excise duty which escalates trade of illegal and unregistered currencies.
Adding to their woes, traders stated that police were shutting down different companies in name of ‘insufficient security’. The association demanded the government to take notice of the issue otherwise, stability of Pakistani Rupee and United States Dollar (USD) will be at risk.
According to statistics, exchange companies add around USD 5 billion which is the second biggest source of foreign reserve for Pakistan after textile industries.
Exchange companies provide employment opportunities to at least 25,000 persons in Pakistan.
