State Bank of Pakistan Warns exchange companies to refrain from speculation
Friday, May 9, 2008 at 9:52 pm Under Business Articles
KARACHI: Governor, State Bank of Pakistan, Dr Shamshad Akhtar Thursday directed the exchange companies to refrain from indulging in speculative activities forthwith.
Talking to the heads of exchange companies here she said urged them to bring dollar-rupee parity within normal limits and warned of illegal action in case of failure.
“Our intention is to take you (exchange companies) forward and promote your businesses provided you abide by rules of business.” She urged them to seek mergers, acquisitions to consolidate, strengthen sector and increase its efficiency.
On recent speculative trends in kerb market, she told exchange companies to keep dollar-rupee parity differential between Inter-Bank and Kerb markets at rational levels, restrain from speculation, focus on bringing in home remittances into the country. This differential should not be beyond normal trends seen in past, she said.
Exchange companies representatives gave firm commitment they will ensure dollar-rupee parity differential between Inter-Bank and Kerb market comes down to normal levels within a week. They assured cooperation to work with SBP.
Dr Akhtar said instead of curbing speculative trends, some exchange companies are playing a role in speculation that is totally unacceptable. “You should not be led by speculation -it is time to serve country not to mint money through irregularities.”
She said whole idea behind setting up exchange companies was that these would play pivotal role in attracting home remittances and curbing activities of illegal operators. But, it has been noted some companies are indulging in illegal activities. “Any evidence obtained against any exchange company would be sufficient to suspend or cancel its licence,” she warned.
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