LAHORE: State Bank of Pakistan (SBP) Governor Ashraf Wathra on Monday assured exchange companies to address their genuine grievances, besides telling that work is underway in requiring the importers to produce proof of payment at the time of customs clearance of their goods.
He stressed the exchange companies to play their role in stabilizing the exchange rate in the Kerb market.
Ashraf Wathra stated this while chairing a meeting with the representatives of the exchange companies at Karachi, a statement of the Central Bank issued on Monday said.
During the meeting, issues relating to prevailing exchange rate in the Kerb market, performance of exchange companies and the role of their association came under discussion.
The Governor highlighted different regulatory measures recently taken for providing opportunities to exchange companies to expand their businesses.
The exchange companies were reminded that strict regulatory action will be taken against those exchange companies those do not ensure meticulous compliance of the applicable rules and regulations.
While assuring the exchange companies to address their genuine grievances, the Governor apprised the participants that work is already underway in requiring the importers to produce proof of payment at the time of Customs clearance of their goods.
The Governor emphasized that there is adequate supply of foreign exchange in the market to meet the needs of the various stakeholders; hence the recent fluctuation of the exchange rate in the kerb market is not justified.
The gross reserves of SBP have touched the all time high of $21 billion.
