Pakistan’s top currency dealer says corruption money behind gold , dollar artificial boom

ISLAMABAD: Oct 5: Malik Bostan Khan, Pakistan’s top currency dealer who is also chairman All Pakistan Currency Dealers Association (APCDA), foresees PKR-Dollar parity below Rs 240 and the gold rates to Rs 150,000 per tola in Pakistan in next couple of months.

“I can say with authority that dollar and gold will depreciate to below Rs 240 and Rs 150,000 respectively in the next couple of months”, Malik Bostan claimed in his exclusive talk with NEWSMAN.

Malik Bostan Khan wanted stringent action against dollar and gold hoarders and smugglers to restore the real value of the rupee and gold in Pakistan. He also demands action against unlicensed currency traders who had actually developed a black market for currency trade. Malik Bostan said the people who stored dollars at home should be taken to task as their action has pushed Pakistan in economic crisis.

APCDA chief quoted downfall in international market as a major factor in big drop of the gold prices in the local market and believes that the downward trend in the precious metal price will continue in the near future. He referred Ukraine-Russia war a basic reason of high gold prices in the last around two years as the global banks were buying the gold in the international market to build up their reserves. He strongly feels that since Ukraine –Russia war is losing its momentum the banks have stopped buying gold in the international market and it resulted in reduction of gold price in the international market from $ 1965 to $ 1822 per ounce in the last one month. He foresees big downfall in the rates of gold and dollar in next one and half months or so and it will benefit Pakistan in a big way. Malik Bostan Khan is pretty confident that with coming Ukraine-Russia to end gold will lose $ 400 and settle at around $ 1400 level. He said with sliding down of dollar Pakistan will also see big downfall in inflation in the near future. He claimed that corruption money was driving gold and currency market in Pakistan and with putting in the harsh measures by the government inflows of illgotton money into gold and currency market has come to an end. Malik Bostan Khan said “ Thriving corruption damaged Pakistan in many ways like ill-gotton money was used to buy dollar and gold and it created an artificial price of dollar and gold in the domestic market, Now when putting in of harsh steps by the government inflow of corruption money in gold and dollar markets have almost ended and it resulted in freefall of dollar and gold rates in Pakistan.

Malik Bostan Khan gave credit of rise in the rupee value and big fall in gold rates to army chief , Syed Asim Munir. There is no doubt that army chief, Syed Asim Munir, is acting as a moving brain behind all measures taken in the last one and half months to give a clear direction to Pakistan’s economy and pull the country out of financial crisis. He is strongly supportive of crackdown on all those who are involved in illegal business of gold and dollar. “The concerned departments are continuing crackdown against smugglers of gold and dollar and we support this action with full commitment’, Malik Bostan Khan concluded.