PAKISTAN
By Najeeb Naich
In the wake of heightened regional tensions, Malik Bostan, Chairman of the Exchange Companies Association of Pakistan (ECAP), assured the media on Friday that Pakistan’s currency markets remain stable and fully functional, with no signs of panic.
Speaking to journalists in Karachi, Bostan stated that despite a “cowardly attack” by India, the Pakistani rupee remains steady, and there was no demand for U.S. dollars in the open market today. He further shared that exchange companies have sold $10 million in the interbank market so far today, with daily supplies to interbank currently at $25 million.
Reaffirming confidence in the country’s economic resilience, Bostan said, “If a state of emergency arises, ECAP stands ready to support the government with up to $1 billion per month.”
He also lauded Pakistan’s armed forces for their decisive response, saying, “Our military has crushed India’s arrogance. We salute the Army Chief and the entire armed forces — the whole nation is united behind them.”
Bostan added that once flight operations normalize, foreign currency inflows are expected to increase further.
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