FIA ordered to clamp down on dollar hoarding

ISLAMABAD: Federal Minister for Information and Broadcasting Chaudhry Fawad Hussain has said the government has directed the Federal Investigation Agency (FIA) to launch a full- fledged operation against dollar hoarding, and speculative currency trade.

In a tweet on his social media account, he said the operation was being launched in coordination with State Bank of Pakistan and Ministry of Finance.

Government has directed FIA to launch a full fledged operation against Dollar hoarding, and speculative currency trade the operation is being launched in coordination with State Bank and ministry of Finance

— Ch Fawad Hussain (@fawadchaudhry) April 5, 2019

Earlier, on April 5, Minister for Finance Asad Umar had clarified there was no reason now to further -devalue the rupee.

Addressing a ceremony held at Pakistan Stock Exchange in Karachi through a video link from Islamabad, Umar warned the investors not to waste their precious money in procuring dollars as the rupee was not going to be further devalued.

He said in the past, the rupee had been kept overvalued artificially which badly affected the country’s economy.

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