ISLAMABAD: Sept 14: US dollar became cheaper in open and interbank on Thursday.
US dollar is being sold in open market at Rs 298 today in interbank and open market of Pakistan. This is continuous gain of the rupee against US dollar since launch of operation against smuggling of US currency.
In the last few years, Afghanistan was major route for smuggling of US dollar which damaged Pakistan economy more than anything else. Unfortunately, this anti Pakistan activity boomed in two ‘Elected’ governments of Pakistan Tehreek- e- Insaf (PTI) from 2018 to April 2022 and Shahbaz Sharif rule spanning over 16 months
The illegal activity of currency smuggling thrived in these two tenures. Both past ‘Elected’ governments showed criminal negligence on alarming level of smuggling of US currency to Afghanistan. This trend shows how Pakistan’s interests were compromised by these two ‘Elected’ governments.
US dollar was trading at Rs 333 in open market just one week ago and then a crackdown began across Pakistan against dollar mafia for hoarding and smuggling of US currency. The crackdown made smugglers of the currency, who are basically B team of the banks and the currency dealers, go into hiding to save their skins. It has resulted in quick downfall in US dollar rates in the open market in Pakistan. Since the banks are operating like an organized dollar mafia they are still carrying out exploitation of US dollar in interbank.
The State Bank of Pakistan (SBP), rather than acting as a regulator, is facilitating the banking mafia to exploit dollar market and make undue rather illegal profit on their fund.
Its continuously increasing the interest rates to legalise undue rather unlawful profit of the banking sector. Pakistan’s banking sector is thriving as the central bank has provided it a golden opportunity to get unreasonably higher profit on lending to the government. The banks of Pakistan have been a new East India Company. This ‘East India Company’ is making hundreds of billions of ‘profit’ from money lenders to the government.
The State Bank of Pakistan (SBP) is pushing up interest rates on the pretext of high inflation in the country. For the last four to five years, high interest rate did not play any role to control inflation in Pakistan but it did provided a golden opportunity to the banking mafia to make undue profit and add to Pakistan’s financial crisis in these testing times.
Interestingly, there is no one in Pakistan’s financial sector or the state institutions to check as to why SBP was jacking up the interest rate in Pakistan and paving way for the banking mafia to grab public money in the name of profit on their lending.
Meanwhile, gold pries reduced by Rs 4000 per tola in the local market. The gold prices settled on Thursday at Rs 215000 per tola against last day’s rates of Rs 219000 per tola in Pakistan