KARACHI: Sept 15: US dollar is continuously losing value in interbank and open market as law enforcing agencies (LEAs) keep chasing currency smugglers.
A number of currency dealers who were found involved in currency smuggling have been arrested and the routes used by the currency smuggling from have closed.
As a result of prompt action, the currency dollars who were smuggling dollar and other currencies from Pakistan have either gone into the hiding or they have suspended their illegal activity.
As a result of harsh action by LEAs, dollar rates have dropped down in the open market to Rs 297 today and its also trading at the same rates in interbank.
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.
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.
It’s 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