No shortage of foreign currency in market: Ecap warns speculative buyers

[LRE]

No shortage of foreign currency in market: Ecap warns speculative buyers
KARACHI (October 10 2008): The Exchange Companies Association of Pakistan (ECAP) has said that exchange companies, without any exception, have obtained millions of US dollars from State Bank of Pakistan. Hence there is no dearth or shortage of foreign currency in the market. Speculative buyers will not be benefited by their purchases, as the rate of US dollar is not going to escalate.

An ECAP press release issued here on Thursday said that the financial crises of the West would spill over to our country, which has led to speculative buying of US dollars and withdrawals from the banks. "This fear is unfounded and unrealistic as our banking system is on sound footing and there is no liquidity crunch."

To meet the demand of customers State Bank of Pakistan has offered out right sale of US dollars to all the exchange companies without any restriction of amount. This offer was made in a meeting chaired by the Executive Director of State Bank of Pakistan.

ECAP has set up a cell at its office. Customers, in case fail to acquire US dollars according to their needs or out of market rates are quoted to them, can contact at the following numbers: +92-21-2275342 - +92-21-2275344. The press release bears the signatures of Haji Haroon, President and Munaf Kalia, General Secretary, ECAP.-PR

Copyright Business Recorder, 2008


http://www.brecorder.com/index.php?id=81...=&supDate=