IMF ‘satisfied’ with Pakistan’s measures to curb currency smuggling

ISLAMABAD: The International Monetary Fund (IMF) review mission has expressed satisfaction over the measures taken by government of Pakistan to curb smuggling and hoarding of foreign currency, ARY News reported on Saturday, citing sources.

Sources told ARY News that the IMF mission, visiting Pakistan, held talks with officials reviewed the issues related to exchange rate management of Pakistani Rupee against US dollar.

The review mission was briefed on measures taken to curb smuggling and hoarding of US dollars and against organised criminal cartels involved in such activities.

During the meeting, IMF expressed satisfaction over the measures, including crackdown against illegal currency dealers.

Furthermore, the lender also praised Special Investment Facilitation Council (SIFC) for taking strict measures against currency smuggling.

It is pertinent to mention here that the government had initiated a large-scale crackdown against elements involved in the smuggling and hoarding of US dollars and against organised criminal cartels involved in such activities.

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The action was directed against the enablers, government officials facilitating the smuggling and those patrons who have been identified.

Earlier, caretaker Prime Minister Anwaarul Haq Kakar directed the customs authorities to establish a monitoring system at irregular border crossings to prevent smuggling in the country.

The decision to crack down on the dealers was made the day the rupee-dollar parity in inter-bank trading crossed Rs300, a threshold breached for the first time in Pakistan’s history on the back of high dollar demand because of imports, dollarisation of the economy, smuggling and financing of Afghanistan’s imports.