Friday, December 9, 2022

SBP issues notices to eight banks for dollar rate speculation

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Islamabad: The Finance Ministry has issued notice to 8 private banks for speculating dollar rates and opening LCs at Rs10 higher than the interbank rate, ARY News reported. 

Minsitry sources say that private banks earned Rs56 billion by manipulating the Greenback’s rate. Banks opened letters of credit at Rs10 higher than the interbank rate, they added.

The banks have been ordered to submit a response to the State Bank as soon as possible. The SBP would compile a reprote regarding the issue and submit it to the Fianance Minister Ishaq Dar.

Recently sworn-in Finance Minister has repeatedly said that the current dollar rate in unreasonably inflated due to speculation in the market. The Greenback would drop under Rs200, the Finance Minister claimed.

The dollar rate, since Dar took charge, has dropped more than Rs12 in the interbank market.

On Tuesday, the Pakistani rupee continued to recover in the interbank market, extending its gains against the US dollar for the eighth consecutive session.

Also Read: Rupee continues to recover against dollar in interbank

According to the Forex Association of Pakistan (FAP), the local currency was being traded at Rs225.45, after gaining Rs1.84 against the greenback during intraday trading in the interbank market.

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