KARACHI - A copy of Computerided National Identity Card has been made mandatory for purchase of dollar from local market while the central bank also issued directives to money exchange companies to install biometric system for verification of buyers.
Exchange Companies Association of Pakistan Chairman Malik Bostan told The Nation higher demand of second currency would be settled in a couple of days.
“Demand of dollar was raised as 30,000 unlicenced money dealers run business without fear and most of the business deals are being sealed through dollar accounts to evade tax,” he said.
He added that Exchange companies have 1500 licenced locations to facilitate buyers, following all rules and regulations, paying taxes and answerable to everyone.
Bostan said one million Pakistan travel abroad a year and average single buying for spending are $5000 and the total buying of $5 billion dollar take place in a year, while the intending pilgrims purchase $600 million during Haj. That too is the motive behind the higher rate of US currency. He suggested the foreign currency buying would helpful for everyone excluding dollar, buying at higher price of dollar is not in the national or personal interest, he added.
Dollar seen strengthen in interbank on last day of trading week while unchanged in open market. The Forex Association of Pakistan dollar traded at minimum rate of Rs102.05 and maximum rate of Rs 102.10 in interbank while traded at highest rate of Rs 103.50 and lowest rate of Rs 103.70 in cash free market.
The State Bank has recently allowed currency dealers to bring dollars from Dubai directly in their accounts in Pakistan instead of surrendering dollars to a bank and then getting them within a week`s time. The step was taken on demand of currency dealers and for speedy supply of dollars in the open market.