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_: PROFILE: Malik Bostan is one of the pioneers who started currency exchange business in Pakistan. He was born on April 08, 1954 in Chakwal. He completed his Intermediate from chakwal College in 1973. His family moved to Karachi in 1977 for better prospects. In December 1994, he incorporated his own money changing company called Bostan International, which was later on merged with Pakistan Currency Company in June 2003. Since then, he has been serving as its Chairman.
PAGE approached Malik Bostan for his views on the current situation in the currency market. The excerpts of his views are as under:
We all know that dollar touched Rsl09.50 in the open market last Wednesday. In this regard, the State Bank held an emergency meeting with us to resolve the issue of depreciation in value of rupee. The delegation of exchange companies led by me suggested imposition of 15 percent levy on gold import, increase in margin on LCs (Letters of Credit) for imports by 100 percent and for allowing free import of dollars from abroad. We presented some proposals to arrest the free fall of rupee, and asked the State Bank to abandon forward booking.
Six month forward booking rate is...