- January 8, 2023
- Posted by: Stratford Team
- Category: Economy
KARACHI: In the middle of a serious dollar shortage that’s forcing the government to withhold import payments for even food and industrial raw material, one startup is rolling out a US trading and investing product for Pakistani investors.
Elphinstone Pakistan wants Pakistanis to remit dollars for investments in American stocks and treasury bills, even though the government is trying to minimise dollar outflows at all costs.
“If you have a USD (US dollar) account in a Pakistani bank, the law says you’re allowed to send that money abroad for any purpose. The only restriction is that the account can’t be used for commercial purposes if it belongs to an individual. There’s not even a limit on how much you can remit abroad,” said company CEO Farooq Tirmizi while speaking to Dawn in a recent interview.
A personal finance advisory firm registered and licensed in both the United States and Pakistan, Elphinstone aims to help “middle-class…