KARACHI: September 26. 2022: Dollar crashed in domestic market as it plunged by around Rs 4 to a rupee in interbank and over Rs 7 in open market on Monday.
US dollar traded at Rs 236.80 in interbank and Rs 235. 50 in open market at closing of the first half of trading on Monday. On Friday US dollar traded at Rs 239.50 in interbank and Rs 242 in open market.
The dollar mafia seems in trouble over the news of Ishaq Dar’s coming to Pakistan and replacing Miftah Ismail as Finance minister.
The same has caused a panic like situation in currency market and in particular dollar mafia is worried over Ishaq Dar’s entry in Finance ministry.
This dollar mafia consists of the banks of Pakistan and forex companies had made unbelievable profit in Miftah’s time. Although Miftah as Finance minister either intentionally or due to lack of understanding of the issues provided full window to the dollar mafia to create artificial appreciation of US currency and cause irreparable loss to the national economy.
Miftah Imaeil has remained as a nightmare for Pakistan. During his four months tenure as Finance minister only dollar mafia thrived . The rest all went to dogs. Pakistan’s economy continued downward trend providing an opportunity to dollar mafia to keep jacking up US currency and make money as much as this mafia desired.
The role of State Bank of Pakistan also remained highly objectionable . It instead acting as a regular did such decisions which ultimately helped dollar mafia plunder the state and public both in one go.
Even injection of $ 1.171million by International Monetary Fund (IMF) could not help protect the rupee from the dollar mafia. The artificial appreciation of US currency devastated Pakistan’s economy . It opened up un-pluggable flood of inflation as dollar-rupee parity is directly related to price hike.
Miftah Ismail not only devastated national economy to give benefit to the dollar mafia since coming in Finance ministry in April this year , but he also torpedoed Pakistan Muslim League Nawaz (PMLN) which got bad name and turned as an anti people party due to historic level of poverty in the last four months of Pakistan Democratic Movement (PDM) rule.
Only Shahhid Khaqan Abbasi among PMLN ranks was happy over Miftah Ismail’s ‘performance’ as Finance minister . Probably, Mr Abbasi had been indirectly managing the helm of affairs and taking decisions of petroleum sector without coming in the limelight. Other than Mr Abbasi none in PMLN was happy over Miftah’s actions and everyone in its ranks wanted to get him fired as Finance minister.
