PM Imran Khan orders crackdown against companies selling dollar above market rate


Chief Minister (5k+ posts)

ISLAMABAD: Taking notice of the devaluation of rupee against the US dollar, Prime Minister Imran Khan has ordered to launch crackdown against money changer companies selling dollar above market rate, ARY News reported on Thursday.

As per details, the premier chaired a special meeting to review sudden surge in the dollar’s value. The meeting also had a delegation of E-Commerce Association of Pakistan (ECAP) in presence.

On the occasion, ECAP delegates assured of not supporting companies selling foreign currency at higher rates.They said the forum decided that companies deviating from set currency rates would not be given any concession.

It may be noted, just three days after the Prime Minister’s Adviser on Finance, Revenue and Economic Affairs Dr Abdul Hafeez Sheikh had announced to have finalised a three-year bailout with the International Monetary Fund (IMF) for $6 billion, the rupee went into free fall on Wednesday, hitting a record low of Rs146.25 against the dollar in the open market on Wednesday during trading and later bounced back to Rs144 at the closing of the trading.

The greenback was recorded an increase of Rs2.5 against the local currency to reach Rs146.25 in the open market.


Nadir Bashir

Senator (1k+ posts)
Now a days, we have banks in every corner of Pakistan................
Why we are allowing them to trade by Money changers..................

Banks shall only be allowed to buy/sell foreign currency with some rules. Other peoples hiding or trading foreign currency shall be subject to punishment.

I think its enough now and we can not see same bullshit everyday and every five years...........

People going abroad shall only be allowed to buy some foreign currency as per requirement after producing genuine visa and other requirements.

People requiring foreign currency for trade must go through certain audit through a group of various auditors and institutions. Over invoicing and under invoicing is the biggest problem as well.
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