The State Bank of Pakistan (SBP) Governor Jameel Ahmad announces to take action against the Banks involved in dollar rate manipulation and Smuggling.
In a statement, Governor State Bank Jameel Ahmad said the investigation into the matter of banks earning profit through dollar price manipulation has been completed.
The report will be presented before the media by 23 January 2023. The State Bank chief said action against the banks found guilty in the investigation will soon face action.
Remember here one thing Finance Minister Ishaq Dar after replacing Miftah Ismail summoned a report of the matter pertaining to the opening of LCs in banks at an inflated rate of dollars.
According to sources at the finance ministry, the finance minister summoned a report about the banks’ practice of opening letters of credit (LCs) five to eight rupees above the exchange rate of dollars.
“Strict action would be taken against the bank officers, found to be involved in the practice in the light of the investigation report,” sources had said.
Governor State Bank also said that the Country is likely to receive dollar inflows from “next week”, hoping the country’s foreign exchange reserves position will strengthen in due course.
“We are expecting to witness inflows from next week onwards, which would reduce pressure on our foreign exchange reserves”
Governor said that the inflow of the position of foreign exchange reserves which now stand at their lowest level since February 2014 will improve paving the way for the removal of restrictions on imports.
Remember here one thing The foreign exchange reserves held by the State Bank of Pakistan (SBP) fell another $784 million to $6.715 billion as of 2nd December 2022.
According to the data released by the State Bank of Pakistan (SBP), the foreign reserves held by the central stood at $6,714.9 million. This is the lowest level of SBP-held reserves since January 2019.