Malik Bostan Promises $1 Billion Per Month to the Government in Case of War With India

Malik Bostan, the chairman of the Exchange Companies Association of Pakistan (ECAP), has made a surprising offer: he says that exchange companies will give the government $1 billion every month if there’s a war with India. This shows his strong support for the country’s defense and security.

Malik Bostan also spoke about recent rumors that the government wants to shut down exchange companies. He said these reports are not true and have created fear in the industry. He firmly denied the accusations that exchange companies are involved in black market activities, especially selling US dollars illegally.
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Malik Bostan explained that all exchange companies are working closely with the government and the military to stabilize the value of the Pakistani rupee. Their primary goal is to support the government’s efforts to control the exchange rate and stop illegal currency trading. Bostan said, “We will never support illegal activities. We stand with the government and the Army in protecting the economy.”

Malik Bostan also gave an update on the exchange rate. Since the government took action against black market traders, the rupee has become stronger. The dollar’s rate dropped from 330 to 296 in the open market and to 297 in the interbank market. He believes the rate will keep falling further and may reach around 250 soon.

He added that exchange companies are also playing a vital role in giving dollars to the government. Every day, they are handing over about $15 million for the interbank market. In the coming days, this amount could increase to $20 million daily. By the end of this month, he expects total deposits into the banking system to cross $400 million.

This large support from exchange companies highlights their commitment to helping stabilize Pakistan’s economy during tough times. Bostan’s offer of $1 billion a month shows how serious they are about defending the country and fighting financial crime. His statement reassures people that exchange companies are working honestly and in cooperation with the government to protect the Pakistani Rupee and the nation’s economy.