SECP to reduce outflow of foreign exchange

The Securities and Exchange Commission of Pakistan (SECP) held a roundtable in Islamabad today to discuss measures to reduce outflow of foreign exchange pertaining to reinsurance business through optimizing local risk retention.

The participants were apprised of the fact that a growing trend has been witnessed in the export of reinsurance premium abroad, which has direct impact on the outflow of foreign exchange of the country.

The meeting discussed various measures and suggestions for reducing foreign exchange outflow, such as formation of a new local reinsurance company, formulation of quantitative reinsurance program, and retention policy among others.

The participants appreciated the SECP's consultative approach and suggested that similar consultation sessions with the insurance industry may be organized on a regular basis.

Source: Radio Pakistan

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