Bank staffers allegedly encouraged dollar hoarding, shares SBP governor

KARACHI: Governor State Bank of Pakistan (SBP) Reza Baqir Thursday met the heads of multiple banks and conveyed that their staffers are allegedly involved in rupee devaluation by encouraging importers to buy dollars in large numbers, ARY NEWS reported.

According to sources in the banking sector privy to the details of the meeting between the SBP Governor and heads of the multiple banks today, Reza Baqir conveyed that employees of private banks are involved in encouraging large-scale buying of dollars.

The sources said that Baqir has directed the banks to take strict measures regarding employees found in such activities besides also monitoring the computers and phone records of the suspicious employees.

They said that the dollar rate is likely to stabilize after the recent directives from the SBP governor.

The State Bank of Pakistan (SBP) Thursday shared that the country’s liquid foreign reserves have declined by US$381 million during the week ended on November 12.

According to details shared by the SBP, the country current liquid reserves stood at US$ 23,550.6 million on 12-November-2021 despite a decline in the central bank’s reserves by US$381 million.

While giving a break-up, it said that the foreign reserves held by the State Bank of Pakistan stood at US$ 16,945.4 million along with the US$6,605.2 million reserves with the commercial banks.

The Pakistani rupee pared some gains against the United States (US) dollars in the interbank currency market on Thursday. According to foreign currency dealers, the local unit depreciated 91 paisas to Rs174.67 against the greenback in the interbank.

In the open market, however, the dollar is trading at Rs175.40 against the rupee.