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        Exchange companies have formally requested the State Bank of Pakistan (SBP) to prohibit banks from forward-booking of US Dollars (USD) for import purposes to stabilize the rupee-dollar parity. In a meeting with the Finance Minister, Shaukat Tarin, and the Governor SBP, Dr. Reza Baqir, the Chairman of the Exchange Companies Association of Pakistan (ECAP), Malik Bostan, asked that commercial banks should be stopped from forward-booking of US Dollars (USD). He also demanded that banks must not sell dollars to importers more than they [banks] buy from exporters. “Only this way, a balance could be achieved,” he said. If the federal government announces incentives for exchange companies, the exchange firms have the ability to attract $10 billion in remittances every year, he remarked. Bostan stated that the ECAP advocated trading with Afghanistan in the Pakistani Rupee because importers from the neighboring nation are buying the greenback on the Pakistani market to...

        The Cabinet Committee on Institutional Reforms (CCIR) has decided to retain the sugar advisory board under the Ministry of Industries and Production (MoIP). According to ministry officials, CCIR has deferred the summary moved by MoIP to transfer SAB from industries to food security or commerce ministry. Sources claimed that during the last meeting of the CCIR, the Ministry of Food Security and the Ministry of Commerce opposed the summary. ALSO READ Govt to Constitute Committee to Resolve Tax Issues for Telecom Sector in Mini-Budget After the denial from the Ministry of Food Security and Research and the Ministry of Commerce, the CCIR decided to defer the summary. MoIP officials say that the Minister for Industries and Production, Makhdoom Khusro Bakhtiar, is not participating in the meetings of Sugar Advisory Board meeting. The Federal Secretary for Industries and Production is chairing the meetings, whereas Commerce and Food Security ministers participate in...