Exchange companies in Pakistan have handled an impressive $7 billion in foreign exchange transactions during 2024, significantly supporting the country’s economic stability and growth.
Zafar Paracha, Secretary General of the Exchange Companies Association of Pakistan (ECAP), revealed that exchange companies injected $3.85 billion into the interbank market to bolster Pakistan’s foreign exchange reserves. An additional $3.15 billion was managed in the open market to facilitate international travel, including Hajj and Umrah, overseas university fees, family assistance, and medical treatments abroad.
“These figures highlight the pivotal role exchange companies play in facilitating international trade, remittances, and currency exchanges,” Paracha said.
He noted that the sector has proven its resilience and efficiency by navigating fluctuating market conditions and addressing the diverse needs of businesses and consumers.
Paracha commended the collaborative efforts of law enforcement agencies and the State Bank of Pakistan (SBP) in ensuring the sector’s regulatory compliance and operational success.
He particularly praised the SBP’s introduction of an updated framework for exchange companies, which aims to enhance operational capabilities, safeguard customer interests, and curb illegal trading in the gray market.
