KARACHI: Oct 19: Upward trend in dollar price took a reverse on Thursday when the greenback lost Rs 2 in interbak and Rs 1 in open market.
With the latest reduction, dollar value educed to Rs 279.00 in interbank on Thursday. In open market, US dollar shed one rupee and settled at Rs 279.00 in the open market.
After one week US dollar had taken a big upward flight on Wednesday when it gain over Rs 5 in a single day. Dollar and gold mafia had stopped smuggling fearing apprehension in the crackdown. However, these two mafia struck on Wednesday to test the level of the crackdown. Sources said the departments which are pushing crackdown on hoarding of US dollar and gold had taken strong exception on sudden increase in dollar and gold prices and conveyed to the authorities concerned not to spare anyone involved in gold and dollar smuggling or hoarding.
This blatant warning probably worked to the expectations of the watching departments. US dollar mafia led by the banks and forex exchanges companies have caused huge loss to the economy. Seeing the negative impact of artificial appreciation of the dollar Pakistan’s top agencies had taken up a role to chase down dollar and gold mafia. This action resulted in quick fall in US dollar and gold rates in the local market giving a relief of sigh to the people who were facing unprecedented rather killing inflation. Reduction in dollar rates have given much needed-relief to the people. The authorities were planning to have a check on the household and other items used by the people on day-to-day basis and meanwhile, dollar and gold mafia struck back to regenerate the impression that the reduction in dollar and gold rates was a temporary phenomenon and both dollar and gold rates are going to come back to hit the market again.
Mafias exist in every society, but these crooks became a monster to pose risk to the very survival of the country in the last rule of Pakistan Tehreek e Insaf (PT I) and Pakistan Muslim League Nawaz (PMLN) led collation government.
Imran Khan rule gave birth to many new mafias in Pakistan which boomed in Shahbaz Sharif’s 16 month rule.
Seeing threat to Pakistan’s survival, incumbent army chief took decided to take mafias of all kinds and design to task. He publically announced that all those who have caused losses to Pakistan’s economy will be spared any more. He launched indiscriminate crackdown against all mafias . He warned to the agencies and other departments responsible of checking smuggling at borders that they will be punched if the menace of smuggling goes unabated. He also made the district managements to take action against all kinds of hoarders. These actions have yielded good results
