Security officials deployed outside exchange firms at our request: Bostan

KARACHI: Exchange Companies Association of Pakistan (ECAP) Chairman Malik Bostan has said it was they who had requested the army chief and other higher authorities to deploy security personnel outside the offices of money exchange companies for taking on black market agents offering higher dollar rates to buyers, not for monitoring purposes.

Speaking in Geo News programme ‘Aaj Shahzbeb Khanzada Kay Sath’ on Tuesday, Bostan explained that the request for security was made because black market agents were offering higher dollar rates to exchange companies’ clients and affecting their supply of the foreign currency as a result.

This malpractice had also led to a difference of Rs30 in the interbank and open market dollar rate, he said, emphasising that they had no objection to monitoring.

He said a crackdown was carried out against black market agents outside the offices of exchange companies. He refuted reports that security personnel had been stationed inside the offices of exchange companies for monitoring. He said the personnel entered the premises just to ask what the exchange rates were in different exchange companies.

Bostan made it clear that they themselves had demanded the task force that had been formed and it was meant to take action against the black market operators.

He noted that the dollar even sold at Rs317 in the open market on Tuesday and would come down even further.