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2016-02-04T00:00:00.000Z

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Wrong Malik Bostan?

Mr. Malik Muhammad Bostan

Chairman

Exchange Companies Association of Pakistan

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Exchange Companies Association of Pakistan

Background Information

Affiliations

Member, Experts Committee
SBP

Web References (74 Total References)


INTERVIEW WITH MALIK BOSTAN, ...

www.pakistaneconomist.com [cached]

INTERVIEW WITH MALIK BOSTAN, CHAIRMAN EXCHANGE COMPANIES ASSOCIATION OF PAKISTAN

SBP SHOULD ISSUE LICENSES TO HAWALA OPERATORS.
...
Malik Bostan is one of the pioneers to start currency exchange business in Pakistan. He was born on April 08, 1954 in Chakwal. He completed his intermediate from Chakwal College in 1973. His family moved to Karachi in 1977 for better prospects. In December 1994, he incorporated his 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?
MALIK BOSTAN: We have to look at things from a positive perspective.
...
Malik Bostan 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?
MALIK BOSTAN: The foremost issue is that the State Bank of Pakistan should provide a level playing field to exchange companies.
...
MALIK BOSTAN: 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. SBP 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?
MALIK BOSTAN: The signing of a currency swap agreement (CSA) between Pakistan and China recently has slightly improved sentiment.


National News | Rupee makes fresh gains against dollar | KalPoint.com

www.kalpoint.com [cached]

Malik Bostan, Chairman of the Exchange Companies Association of Pakistan, said the dollar might stay at Rs95 in the open market, but it was difficult to say for how long.


"Factors like the prevailing poor law ...

www.pmln.org [cached]

"Factors like the prevailing poor law and order, government's inability to announce the election schedule, lingering talks with the IMF for a fresh loan and the resultant dollar shortfall have panicked the importers and general public," Malik Bostan, chairman Exchange Companies Association of Pakistan (ECAP), told Pakistan Today. He also cited "forward deal" as a reason for dollar's appreciation alleging that the banks, despite government's warnings, were doing 6-month advance booking of the greenback by the importers at Rs 101. "They (banks) still are making huge profits out of forward deal with importers who are becoming more concerned over the rupee-dollar parity," he claimed adding "The forward deal must be banned as it leads to speculative trading of the dollar. The ECAP chief went on to say politico-economic uncertainties, specially the "Qadri factor", had played havoc with the sentiments on the local currency market. "Qadri's long march and his routine revolutionary statements have made the importers and other buyers afraid of political instability," Bostan said.


Cnn Top News | Latest News About Pakistan, Entertainment, Movies, Sports, Health, Fashion

cnntopnews.com [cached]

According to Exchange Companies Association of Pakistan Chairman Malik Bostan, the dollar is expected to be at Rs100 in the next few months.


webmaster | Cnn Top News

cnntopnews.com [cached]

According to Exchange Companies Association of Pakistan Chairman Malik Bostan, the dollar is expected to be at Rs100 in the next few months.

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