Currency market ready to provide USD 1 Bln monthly if needed: Malik Bostan

Chairman of the Exchange Companies Association of Pakistan (ECAP), Malik Bostan, said that Pakistan’s currency markets remain stable and fully functional despite the current emergency and regional tensions.

He stated that the rupee held firm in the face of India’s “cowardly” actions and that there was no panic in the currency market. Speaking to headline.pk, Bostan said, “Today, there were no buyers for dollars in the open market, and exchange companies have sold $10 million in the interbank market so far.”

He added that exchange firms are currently supplying around $25 million to the interbank market on a daily basis, helping to stabilize liquidity. He stressed that if the situation escalates or an emergency arises, Pakistan’s exchange companies are in a position to provide the government with up to USD 1 billion per month. “This is our commitment to the country,” he said.

Commenting on the national sentiment, Malik Bostan lauded the response of the Pakistan Armed Forces. “Our military’s strong response has shattered India’s arrogance. We salute the Army Chief and the entire armed forces — the nation stands united behind them,” he said. Bostan further noted that as flight operations normalize, the inflow of dollars is expected to increase.

He reiterated that the currency market has shown resilience and confidence, and will continue to play its role in supporting the country’s economy.