Forex Exchange Association offers government bailout from IMF

Pakistan Forex Exchange Association has offered the government to bail out the IMF.

Pakistan Forex Exchange Association Chairman Malik Bustan said in a briefing to the Standing Committee of Finance that we can give the government 1 billion dollars per month for the next 2 years, then Pakistan will not need the IMF.

“The demands of the IMF are increasing like the bowels of the devil.”

Malik Bustan has said that the demands of the IMF are increasing like the bowels of the devil.

He says that in the last 30 years, 180 billion dollars have gone abroad from Pakistan, there is no shortage of foreign exchange in Pakistan, but the market is never controlled by a stick.

“It should be allowed not to ask for ID cards from customers with up to 15 thousand dollars.”

Malik Bostan said that we need to give a free hand, money is being lost in cryptocurrency and foreign forex trade.

He says that customers with up to 15 thousand dollars should be allowed not to ask for ID card.

“They took 10 billion dollars after the nuclear explosions”

Malik Bustan, President of Forex Dealers Association, told the Standing Committee on Finance in a briefing that we took 10 billion dollars to the country after the nuclear explosions in 1998.

“Currently, they are giving 400 million dollars per month to the government.”

He said that at present they are giving the government 400 million dollars per month, 4 billion dollars are given annually to the people in travel and education expenses, 4 billion dollars have been provided to the existing government.

Malik Bostan said that according to the FATF law, identification is not required for selling up to 15 thousand dollars, now even for 1 dollar, biometrics has to be done.

“UK, Dubai issue licenses for reference banking”

He says that Sahaat and Handiwale provide home delivery, UK and Dubai have issued licenses for Sahaat Bank.

The President of Forex Dealers Association said that State Bank has greatly limited the charges of exchange companies, banks get Rs 20 for bringing 1 dollar and we get Rs 1.

“People have 4 billion dollars lying in their houses.”

He said that people in Pakistan currently have 4 billion dollars lying in their houses, to get this money, the government should lift the ban on identification, identification should be done only for those who buy and sell more than 10 thousand dollars.

Malik Bostan said that the Afghan transit trade has increased a lot, reference is being used in this trade, previously 10 million dollars were deposited in banks daily, now very little is being deposited.

“Trade from Afghanistan should be done in Pakistani rupees.”

He demanded that trade from Afghanistan should be done in Pakistani rupees, goods for goods trade from Afghanistan and Iran should be allowed, IT freelancers can bring in billions of dollars.