Dollar rate drops: Plain-clothed officials deployed at exchange companies

KARACHI: The US Dollar (USD) rate goes down in the open market after an administrative crackdown and deployment of plain-clothed law enforcement personnel at exchange companies across the country, ARY News reported on Tuesday.

“The law enforcement personnel monitoring dollars’ sale and purchase in exchange companies,” secretary exchange companies body Zafar Paracha has said.

Plain clothed law enforcement personnel have been deployed in premises of exchange companies across the country.

“We had requested to the administration to deploy plain-clothed officials outside the exchange companies,” President Forex Association of Pakistan Malik Bostan stated. “Our members had complained that the black mafia agents giving headache to them,” he said.

“These agents grab the people, coming to the exchange companies for dollars, outside the premises of the companies,” Bostan stated.

“After deployment of personnel the dollar’s exchange rate has considerably dropped. Today US dollar has been present in abundance,” he further said. “Today dollar sellers are more and buyers less,” he stated. “The black mafia agents went in hiding after this crackdown,” he added.

On the other hand, Secretary General exchange companies’ body, Zafar Paracha has expressed reservations over deployment of plain-clothed officials. “We have filed complaint with the State Bank of Pakistan in writing over the matter”, he said.

“These officials could not sit in premises of the exchange companies,” he said.

The two officials related with the foreign exchange business have conflicting opinions about deployment of the personnel.

Zafar Paracha has said that that the US dollars exchange rate has dropped by three rupees in open market today. “The dollar’s rate will rapidly drop in open market if the crackdown continues,” Malik Bostan opined.