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Govt Not Considering Any Foreign Exchange Amnesty Scheme

The Minister of State for Finance, Dr. Ayesha Ghuas Pasha, has stated clearly that the government has no intention of introducing any program that would allow account holders to deposit foreign currency into their bank accounts without disclosing the source of the funds. 

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Speaking to the National Assembly Standing Committee on Finance, the minister explained that both the Pakistani government and the International Monetary Fund have agreed not to implement any amnesty schemes.

 As the IMF is against the concept of such schemes, the government is not considering any proposals for account holders, she added.

During the briefing, Malik Bostan, the President of the Forex Association of Pakistan, reported that his association had held discussions with the Finance Ministry and the State Bank of Pakistan to develop viable solutions to address the shortage of dollars in the country.

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 He highlighted that exchange companies contribute between $300 million and $400 million monthly and $4 billion annually to the government via commercial banks. 

Bostan suggested that if the government were to allow direct currency swaps with overseas Pakistanis, exchange companies could arrange up to $12 billion per year. 

He further stated that exchange companies had provided the current government with approximately $4 billion since April 2022.

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