KARACHI : September 5, 2022: Dollar mafia is back again to take advantage of rising demand of the US currency and jack- up its value in the open market .
On Monday , US dollar value increased by Rs 7.50 against the local currency .
The bullish trend in open currency market is not ending despite inflow of $ 1.16 billion tranche of International Monetary Fund (IMF).
IMF has released $ 1.16 to Pakistan last week and there was a strong expectation that inflow of such a huge funds will help the rupee appreciate to make correction in its value against the US currency . But it proved otherwise, dollar mafia not only managed to keep the US currency rates at higher end but also its using rising imports of edibles due to devastating floods as an opportunity to maintain bullish trend in the local currency.
At the end of the first working day of the week—Monday— US dollar made a gain of Rs 7.50 in terms of value against the rupee.
Interestingly , US dollar in interbank remained almost at the value of the last Friday. On the last working day, US dollar had closed at Rs 219.50 and with an increase of Rs 0.40 it closed at Rs 219.90 in interbank at the closing of the currency market on Monday.
There is hell of difference in value of US dollar in open market and interbank rates. This difference also suggests that State Bank of Pakistan (SBP) is a mere spectator as far as the currency market fluctuation is concerned. It also suggests how SBP is permitting maifas to operate and suck the financial resources of the public and keep ballooning in Pakistan.
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SBP should see the role of the central bank of Bangladesh which had fixed a difference of only one tukka in rates of interbank and open market rates . The same is the story of the central banks of the other countries. But SBP is least bothered in having some laws for a fair play in currency market in Pakistan.
Major jump in US dollar value on Monday suggests how dollar mafia manages its cartel in the local market in collusion with SBP.
