KARACHI, April 24: Exchange companies have decided to meet money changers country-wide to educate them about the mechanism of transformation into exchange companies and to encourage them to seek franchise with the existing ones.

This was decided after a meeting between State Bank Head of Treasury Zafar M. Shaikh and a delegation of the Exchange Companies Association of Pakistan headed by its president Haji Haroon on Friday.

"ECAP has decided to take this step to coordinate with SBP efforts to bring a corporate culture in the country and above all shape up a documented economy," said a press release issued by the ECAP on Saturday.

The State Bank of Pakistan has set June 30 as the deadline for more than 300 money changers to either transform their businesses into exchange companies or get franchise with any of a dozen such existing companies. Money changers are trying to persuade the central bank to allow them to continue to work in their present status, but so far the State Bank of Pakistan has not shown any sign of acceding to this demand.

The targeted transformation of money changers outlets into exchange companies is part of a comprehensive strategy being pursued by the SBP on the insistence of the IMF to block sources of illegal inflow and outflow of money.