Flight of dollar: FIA directed to crack down on hundi operators

ISLAMABAD: In a bid to control the continuous devaluation of Pakistani rupee against dollar, the government has directed the Federal Investigation Agency (FIA) to conduct an ‘immediate crackdown’ against illegal money changers and hawala and hundi operators, ARY News reported on Sunday.

According to details, Chief of Staff of FIA Director-General (DG) has forwarded a notification to all zonal offices, directing to launch crackdown against illegal money changers and hawala and hundi operators.

The notification stated that the continuous devaluation of Pakistani rupee has a negative impact on the economy. A weekly report of the crackdown will be sent to Director Economic Crime Wing (ECW) of FIA.

“Meanwhile, the zonal directors will keep an eye to prevent possible corruption in the guise of operations,” the notification stated.

The decision to take measures to stop the smuggling of US dollars was taken during a meeting chaired by Finance Minister Miftah Ismail.

It is pertinent to mention here that the Pakistani rupee weakened by 8.66 paisas against the United States (US) dollar in the interbank currency market in the outgoing week.

According to a weekly report, the greenback closed at Rs236.84 against the domestic currency, as compared to Rs228.18 at the start of the business week.

In the open market, the US dollar appreciated by Rs6.50 to close at Rs241 from Rs234.50 at the start of the business week.