KARACHI: Oct 3: Pakistan’s economy seems getting out of the clutches of the mafia which controls dollar and dictates the local currency market. The dollar mafia comprises of the currency dealers and banks which for many reasons could be named as a New East India Company.
These two mafias have a local network. For example, the banks, which are supposed to sell dollars to their clients flatly refuse to sell dollars to the clients at the banks’ counters when the rates of greenback sets for appreciation. The banks’ mafia refers the dollar buyers to their own networks which takes advantage of the situation and sells dollar to the buyer at black market rates. For example, if US dollar rate of interbank is Rs 285 the banks mafia manages to sell its stocks placed at some other point to the buyer at 295 and in some cases at even higher rates. The currency dealers’ mafia on the other hand work in a different style. It buys dollars at fixed rates from the sellers, but does not show major buying in the system. The dollars, which the currency dealer mafia buys without any record, sells in the black market and make windfall profit on it. The network of black market is run by both the banks and currency dealer mafia. These three characters of black market have created a domestic market over the years. The domestic dollar mafia comprises of the local people. In the last few years, the every Tom and Jerry who had some money had made buying and selling of dollar a business. This domestic mafia has given new height to illegal currency trade.
The same mafias are also involved in hoarding of gold. These mafias keep rotating their easy money for buying and smuggling of gold and
In the last two rules. One of Imran Khan and other of Shahbaz Sharif dollar’s appreciation had put Pakistan’s currency into severe crisis, hurting its people and economy both. In 16 months rule of Pakistan Democratic Movement (PDM) dollar sets new record of appreciation in value. This created a crisis like situation in the country.
After PDM’s ouster from the power, the army leadership decided to launch a countrywide crackdown on the currency dealers and other individuals involved in smuggling and hoarding of US currency.
As a stringent crackdown on the currency hoarders and smugglers continues in the country, dollar continues to lose its value in interbank and open market. The crackdown is producing extremely wonderful results. In the last one month or so, US dollar has lost value against the rupee massively. The same is the story of gold. Now both gold and dollar are sinking together. Dollar lost Rs 48 to the rupee and settles at Rs 285. Similarly, gold shed Rs 40 thousand per tola to settle at Rs 200000 in last one month.
The outcome of the on-going crackdown on currency and gold hoarding and smuggling has raised very serious questions for the so- called democratic rulers of Pakistan. One needs to ponder as to why none of the so -called elected democratic rule took any action against the gold and currency smuggling and hoarding? Another question which the nation should ask from itself as if the rulers of the recent past were involved in smuggling and hoarding of dollar currency and gold?
