PM Imran Khan orders crackdown against companies selling dollar above market rate
- By Web Desk -
- May 16, 2019
ISLAMABAD: Taking notice of the devaluation of rupee against the US dollar, Prime Minister Imran Khan has ordered to launch crackdown against money changer companies selling dollar above market rate, ARY News reported on Thursday.
As per details, the premier chaired a special meeting to review sudden surge in the dollar’s value. The meeting also had a delegation of E-Commerce Association of Pakistan (ECAP) in presence.
On the occasion, ECAP delegates assured of not supporting companies selling foreign currency at higher rates.
They said the forum decided that companies deviating from set currency rates would not be given any concession.
Read more: Pakistan, IMF reach agreement on bailout terms and conditions: Sheikh
It may be noted, just three days after the Prime Minister’s Adviser on Finance, Revenue and Economic Affairs Dr Abdul Hafeez Sheikh had announced to have finalised a three-year bailout with the International Monetary Fund (IMF) for $6 billion, the rupee went into free fall on Wednesday, hitting a record low of Rs146.25 against the dollar in the open market on Wednesday during trading and later bounced back to Rs144 at the closing of the trading.
The greenback was recorded an increase of Rs2.5 against the local currency to reach Rs146.25 in the open market.