Karachi:
Malik Boston, president of Pakistan’s Exchange Company Association, has said that the value of the dollar will no longer increase and people should avoid dollar storage as the dollar is likely to return to Rs 270.
Malik Boston said that one of the major reasons for the increase in dollar price in recent times has been smuggling in Afghanistan and Iran, where smugglers are buying dollars from the market by offering higher prices than the legal money changer, and due to this, the dollar supply on the legal money changer counters has fallen and it has fallen.
He said that under the recent law of the Federal Board of Revenue (FBR), non -filars are hiding their identity by buying dollars from the black market after levying tax on a cash transaction, which has increased the demand for dollars.
Malik Boston said that the government has suggested that up to $ 2,000 tax should not be imposed on the purchase of cash up to $ 2,000 so that people buy dollars from legal channels.
He said that the law enforcement agencies have taken immediate action on these proposals and the FIA has started raiding currency smugglers.
He said that these works have started having positive effects and today the dollar has fallen to Rs 288 after losing 60 money in the open market, while the interbank has been closed from Rs 285 to Rs 284 from Rs 284.
Malik Boston hoped that if the rift against the hundi context is going on, the dollar could fall to 280, 270 and even Rs 250.
He said that the State Bank has bought $ 9 billion from the Interbank during the last 9 months and transferred its reserves to $ 20 billion and now stopped buying dollars from the Interbank, after which the dollar will not increase further, but is expected to decline.
Malik Boston has warned people not to listen to rumors, avoid dollar storage and prefer transactions through legal sources as the rupee is currently low and the basic value of the dollar is Rs 250.
