KARACHI, December 30th 2024: Zafar Paracha, Secretary General of the Exchange Companies Association of Pakistan (ECAP), has expressed his full endorsement of the newly introduced framework by the State Bank of Pakistan (SBP) for exchange companies. The framework aims to enhance operational efficiency, ensure customer security, and reduce illegal trading in the gray market. Paracha praised the SBP Governor for prioritizing Pakistan’s national interests, commending their efforts to stabilize the economy, particularly through actions that have successfully reduced the exchange rate gap and curbed inflation.
Key Outcomes of SBP’s Efforts:
- Narrowed Rate Gap: A significant reduction in the difference between open market and interbank rates.
- Increased Remittances: Higher remittance inflows, reflecting confidence in formal financial channels.
- Controlled Inflation: Lower inflation rates providing relief to the public.
- Economic Resilience: Economic strength with reduced interest rates and a flourishing stock market.
- Improved Macroeconomic Indicators: A sharp reduction in the current account deficit.
- Exchange Rate Stability: Stabilization of the Pakistani Rupee against foreign currencies.
- Enhanced Financial Inclusion: Successful initiatives like Roshan Digital Accounts and Asaan Mobile Accounts have expanded access to banking services.
Mr. Paracha affirmed his continued support in collaborating with the SBP for the successful implementation of the new framework, which is crucial for fostering a more secure and efficient financial ecosystem in Pakistan.
For further details, please contact: Zafar Paracha
General Secretary
Exchange Companies Association of Pakistan (ECAP)
