Karachi: Sept 22: Dollar mafia is losing its grip as a result of the on-going crackdown of the Law Enforcing Agencies (LEAs) and its ultimate result is continuous appreciation of the rupee in value against US dollar.
On Friday, US dollar fell as low as Rs 292 against the rupee in interbank. It also lost by Rs 1 in the open market to settle at Rs 295
In the current month, US dollar has lost around Rs 38 in the open market and Rs 28 in interbank and its credit goes to LAEs which are continuing crackdown on the currency smugglers. The caretaker government had tasked LEAs to take stringent action against the currency smugglers and stop outflow of US dollar from Pakistan through illegal means like smuggling and “Hundi”.
The intelligence reports had disclosed that the forex exchange agencies were involved in illegal business of US dolar and other major currencies and it had led to a severe crisis of greenback in recent months.
The intelligence reports had pinpointed 722 forex exchange companies which were involved in smuggling of dollar from Pakistan to Afghanistan and Dubai.
According to the intelligence reports, the crooked forex agencies were using “Hundi” to smuggle US dollar to Afghanistan and then the smuggled currencies are en-routed to Dubai.
LEAs have arrested a number of owners of forex exchange agencies and the concerned authorities are investigating them.
Meanwhile, LEAs have enhanced surveillance at borders to make sure that nothing including currencies and edibles are smuggled out of Pakistan.
Dollar smuggling had boosted in the last couple of years, particularly in Imran Khan and Shahbaz Sharif’s rule. This unlawful business severely dented Pakistan’s economy. According to official sources, around $ 30 million to $ 40 million were being smuggled from Pakistan every month in PDM rule, but then government of Shahbaz Sharif remained unmoved to check this illegal trade of currency in Pakistan.
Inaction of Shahbaz government against dollar mafia raised serious questions about Shahbaz Sharif government’s efficiency and will to act to stop any activity that was hurting Pakistan at difficult times.
Now when LEAs have taken the responsibility to check currency smuggling and fix up smugglers, Pakistan’s currency has appreciated by Rs 38 against US dollar. Its high time to take the intelligence reports seriously and fix up all those forex companies which were involved in smuggling of currency to Afghanistan and Dubai.
