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This profile was last updated on 4/19/14  and contains information from public web pages.

Mr. Malik Muhammad Bostan

Wrong Malik Muhammad Bostan?


Exchange Companies Association of Pakistan

Employment History

  • President
    Forex Association
  • Chief
    Forex Association
  • President
    Forex Association of Pakistan
  • Chairman
    Forex Association of Pakistan

Board Memberships and Affiliations

  • Member
    Forex Association
48 Total References
Web References
"The open market also witnessed dollar ..., 19 April 2014 [cached]
"The open market also witnessed dollar appreciation but the State Bank, the Ministry of Finance and exchange companies have made a strategy to keep the dollar in the range of Rs98 to Rs100 in the open market," said Malik Bostan, Chairman, Exchange Companies Association of Pakistan.
The dollar was traded as high as Rs99.80 in the open market. It gained Rs1.40 in just one session. A number of currency dealers in the open market said the dollar can cross Rs100 on Saturday.
"We will intervene in the market to keep the dollar at Rs100 and the State Bank has assured supply if there is any physical shortage," said Bostan.
The currency slid 0.9 per cent ..., 1 June 2012 [cached]
The currency slid 0.9 per cent to 93.8350 per dollar, which is a record low, according to Malik Bostan, president of Forex Dealers Association.
Development News, 15 Mar 2002 [cached]
Malik Bostan who was on the SBP experts committee that has drawn rules for exchange companies claimed that the majority of money changers share his view."Hardly half a dozen money changers from Karachi - and up to 10 from all over Pakistan are capable of setting up a company with Rs100 million paid up capital.The remaining 460 cannot think of it - not even through mergers," he remarked.
Bostan said he would convene a meeting of money changers from across Pakistan next week to draw a strategy with regard to the paid up capital requirement and other issues relating to foreign exchange companies.He said money changers also wanted to co-exist with exchange companies but the central bank has given them two years time to merge with these companies or pack up and quit."That is not fair."
Ovais Kalia of Khanani & Kalia International said that being a member of Forex Association of Pakistan he too had favoured Rs50 million paid up capital for exchange companies "But since SBP has now finalized the regulations we have to follow them."
He said KKI that runs 8 outlets of currency brokering was quite keen on setting up a foreign exchange company adding that it had enough resources to meet the paid up capital requirement."But if some shortfall occurs we may ask others to join us."
Another leading money changer Haji Haroon said his currency brokerage Dubai Exchange was also keen on setting up an exchange company."We have not obtained the application form as yet but we will fetch it tomorrow.We are definitely interested in setting up an exchange company."
Forex Association chief ..., 15 Sept 2011 [cached]
Forex Association chief Malik Bostan was of the view that increase in dollar buying caused dearth of dollars in the market, and it was likely that the rupee may not be able to retain its current level versus dollar in near future.
'This is one of the biggest ..., 4 Oct 2008 [cached]
'This is one of the biggest declines in just one week,' said trader Malik Bostan, president of Forex Association of Pakistan.
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