• He said hawala market was around Rs270 to 275 per dollar
• Their $8-10 billion was deposited abroad, he said.
• “The cap from dollar was lifted to remove difference.”

KARACHI: Chairman Exchange Companies Association Malik Bostan on Friday said they could bring $1 billion per month to Pakistan, Bol News reported.

“The cap from dollar was lifted to remove difference between market and interbank rate,” Malik Bostan said in a statement. He said the exporters and importers were demanding to bring the dollar on the market rate.

Their $8-10 billion was deposited abroad, he said therefore we decided to finish the black market, he said. The Exchange Companies Association chief said free market was around Rs265 to 268 per dollar.

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He said the hawala market was around Rs270 to 275 per dollar, so this leaves the difference of Rs2 to Rs5. He said $200 billion of Pakistanis was deposited abroad, if they brought that to Pakistan then it would make Pakistan stand up on its feet.

Malik Bostan blamed importers for the economic situation in Pakistan. “The importers imported $4 billion items without opening of the LCs,” he said adding that the country had to sacrifice everything to get out of this situation.

He said when demand of dollars would be fulfilled then we would not buy dollars but sell them. If Pakistan completed the IMF programme then $23 billion would come from the friendly countries, he maintained.