INTERVIEW WITH MALIK BOSTAN, CHAIRMAN EXCHANGE COMPANIES ASSOCIATION OF PAKISTAN
SHOULD ISSUE LICENSES TO HAWALA OPERATORS.
is one of the pioneers to start currency exchange business in Pakistan.
He was born on April 08, 1954 in Chakwal.
intermediate from Chakwal College
family moved to Karachi in 1977 for better prospects.
In December 1994, he
own money changing company called Bostan International, which was merged with Pakistan Currency Company
in June 2003.
Since then, he has been serving as its Chairman.
PAGE: WHAT ARE YOUR COMMENTS ON RECENT DEPRECIATION OF RUPEE?
: We have to look at things from a positive perspective.
said if the country fails to mend its relation with US and the IMF, it will have to face negative response from other lending agencies.
Pakistan would have to rely on remittances and export proceeds for foreign exchange reserves.
PAGE: WHAT ARE THE MAJOR ISSUES FACING EXCHANGE COMPANIES IN PAKISTAN?
: The foremost issue is that the State Bank of Pakistan
should provide a level playing field to exchange companies.
: The main reason why people prefer Hawala to the legal banking system for transferring remittances is to avoid paying high taxes and banking fees and not go through complicated banking procedures.
This system has been legalized in Dubai, so why not in Pakistan?
I am all for it.
should issue licence to Hawala operators in the country so that the business operates within a legal framework.
PAGE: WHAT IS YOUR TAKE ON BILATERAL CURRENCY SWAP AGREEMENTS?
: The signing of a currency swap agreement (CSA) between Pakistan and China recently has slightly improved sentiment.