Crackdown: Currency dealers deposit nearly $900m with banks in a month
Business
Daily average trading volume of exchange companies has expanded to $50m from $5-$7m earlier
KARACHI (Web Desk) - Currency dealers have deposited approximately $900 million in banks since the start of carckdown against illegal forx trading in September, Exchange Companies Association of Pakistan (ECAP) general secretary Zafar Paracha has said.
The ongoing crackdown against illegal forex trading and smuggling has so far yielded up to $900m surplus in the open market, he added.
Paracha said as a direct outcome of the crackdown, the daily average trading volume of exchange companies had expanded to $50m from $5-$7m earlier.
“We are selling up to $40m per day to the banks while inflows from overseas Pakistanis are also unprecedented,” the ECAP office-bearer maintained.
