I WOULD like to highlight the dirty role being played by money-changers in Pakistan. I am no economist, but fail to understand the wisdom behind this private money changing business. It is almost a mafia now and is a parallel stock exchange where a few hundred people become billionaires overnight by manipulating currency rates artificially.

Pakistan has now a well-established network of banks, and the people are well-versed with the banking system. Anyone requiring foreign currency legally can easily get it through some bank.

This way the State bank of Pakistan can better monitor, regulate and control the foreign currency flow. Another possibility is having a fixed currency rates as it used to be till the early 1980s.

This system suits us better as our economy is mostly import-dependent. Our open currency system has only added to our miseries.

The fixed currency would ensure a predictable and stable economy by avoiding sudden and uncontrolled price hikes by importers on the pretext of fluctuating currency rates, much to the relief of the common man.

My suggestion is open to experts’ opinion.

Wing Commander (r) Khalid Ismail

Islamabad

Published in Dawn, March 25th, 2018