Finance Minister Ishaq Dar has warned exchange companies to refrain from speculation and unethical practices. PHOTO: PPI
KARACHI: Finance Minister Ishaq Dar has warned exchange companies to refrain from speculation and unethical practices as he addressed a meeting held with their representatives at the State Bank of Pakistan in Karachi.
Meanwhile, the representatives informed the finance minister about some of the procedural difficulties being faced by them. In response, Dar directed the SBP governor to look into the matter.
The spokesperson of the exchange companies also told the finance minister that the volume of gold import had increased under the new entrustment policy issued by the ministry of commerce. Dar, after hearing these complaints, directed the ministry of commerce to investigate the matter and prepare a comprehensive report.
Taking up the issue of unsupervised investigation by the Federal Investigation Agency (FIA), the delegation of the exchange companies protested against their actions and demanded them to be carried out in the presence of SBP officials. Addressing these complaints, Dar directed the FIA to strictly comply with rules and regulations.
It was decided that the next meeting between the exchange companies and the ministry of finance would be held in Islamabad in the presence of the SBP governor.
Prominent members who participated in the meeting included SBP Governor Yaseen Anwar, Exchange Companies Association of Pakistan Chairman Malik Bostan and Advisor to the Ministry of Finance Rana Asad Amin.
Published in The Express Tribune, January 16th, 2014.
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