RAWALPINDI: Sept 25: After dollar, gold rates have also started to reduce in the local market following a stringent crackdown on the currency smugglers and manipulators of gold market.
The gold rates had jumped up to Rs 240000 a tola in Pakistan some three weeks ago and it had invited wrath of the authorities who finally resorted to a stringent crackdown on gold market exploiters and smugglers of dollar from Pakistan. The harsh administrative action has resulted in reduction in the currency and gold rates in the local market.
The authorities had launched a crackdown against the smugglers and hoarders of gold and currencies some one month ago. So far, the authorities concerned have taken into custody dozens of currency dealers who were involved in smuggling of US dollar and manipulation of gold market.
The currency smuggling has caused Pakistan huge loss. It turned Pakistan into a big market of currency smuggling and as a result its currency started to lose its value against the US dollar.
Insiders disclose that both gold and currency market were being exploited by the money mongers. The money mongers’ drive weakened the rupee to such an extent that it exposed Pakistan’s economy to serious default on sovereign payments. Despite taking ugly turn of the currency smuggling, at least two consecutive rules of Imran Khan and Shahbaz Sharif did not bother for correction.
Finally, the law enforcing agencies (LEAs) decided to move to stop smuggling of dollar from Pakistan to Afghanistan and other countries of the Middle East.
These actions have stopped downfall of the rupee against dollar besides bringing exploitation of the gold market to and end. UD dollar has lost Rs 40 in the last one month and it traded at Rs 291 on Monday. Similarly, the gold rates have reduced by Rs 30000 a tola as the market exploitation is being checked by the LEAs.
