ISLAMABAD: June 13, 2023: All Pakistan Currency Dealers Association (APCDA) chairman, Malik Bostan Khan, has said our strategy of brining stability in Pakistan’s currency through de-dollarisation has worked well and it was ultimately going to bring much-needed stability in the local currency market soon.
In his recorded video message released by his office in Karachi on Tuesday, Malik Bostan Khan said he had requested to State bank of Pakistan Governor to take measures to reduce widening gap between interbank and open market rates which, in his views, had gone alarmingly high in the recent past.
APCDA chairman said “ The last week US dollar had taken upward flight and rose to Rs 315 level, but finally id has started to lose its position in the market and today US dollar has gone down as low as Rs 298 and it will lose the more value in coming days”.
Balik Bostan Khan added that he request to every Pakistani not to buy US dollar as any such action was bound to harm Pakistan economy and ultimately those who are converting their money in dollars will be at the losing end.
Pakistan’s top currency dealer, Malik Bostan Khan, is pleading for de-dollarisation to remove pressure on the local currency. He has also been suggesting to SBP officials and top economic managers of Shahbaz government to take corrective measures to discourage the commoners to buy dollar and keep them in their lockers.
Since ouster of Imran Khan’s rule in 2022, Pakistan is undergoing un ending economic crisis and its first victim is a common man. The on-going economic crisis is stoking inflation all times high in the last 75-year history and subsequently open up a flood gate of price-hike in Pakistan. In such an environment, money makers are buying US dollar with an objective to make windfall profit. This money-maker drive of the filthy rich in Pakistan has put last impact on the local currency. PKR is losing continuously for the last over one week.
Rumour mongers are, meanwhile, at work they are circulating rumours of Pakistan’s default so that the people remain in panic and subsequently lose confidence in the local currency .
In these hard times, Malik Bostan Khan is giving very useful input to the economic team of the government for revival of he rupee. He was the one on whose advice the government has introduced a bar trade system for Afghanistan , Iran and Russia. With implementation of this idea , Pakistan’s currency will get a fair chance to get out of bad times and rebound to regain lost glory.
