ISLAMABAD :. Governor State Bank of Pakistan (SBP), Jameel Ahmad has confirmed here that the National Bank of Pakistan (NBP) is among those 8 banks which manipulated US dollar value artificially that eroded the credibility of the rupee in previous few months .
Other banks which were also involved in hi-jacking of the rupee to create panic in currency market included Allied Bank, Habib Bank Limited (HBL), United Bank Limited (UBL) , Standard Chartered Bank , Habib Metro Bank, Meezan Bank and Bank Al Habib .
The SBP governor presented the details as to how these banks distorted the market and created artificial shortage of dollar to make ill-gotton money during a meeting of the standing committee of the national assembly on Finance .
The SBP governor told the committee that the central bank has taken action against those Forex agencies which were involved in creating artificial value of US dollar and camcelled the licenses of two of them.
The banks and forex companies nexus thrived in Miftah Ismail”s tenure as Finance minister . This nexus jacked US dollar value up to all time high in Pakistan’s 75 years history at the cost of the local currency. This dirty game of the wicked banks and forex companies eroded Pakistan’s credibility in global market, besides creating a severe economic crisis at home.
This dirty game continued as the same SBP remained obvious to all this plundering of the banks and forex companies .
The plundering of the banks and Forex companies came to a grinding halt on Ishaq Dar’s return back to Pakistan to replace Miftah Ismail as Finance minister.
The standing committee of the national assembly remained short of asking the SBP governor why it did not act in time to stop this nexus of banks and Forex companies from hi-jacking of the rupee?.