ISLAMABAD: National Assembly Standing Committee on Finance and Revenue was informed here that actions against eight banks involved in overcharging on opening of Letters of Credit (LC) would be taken by end of current month. Briefing Committee, Deputy Governor State Bank of Pakistan Dr. Inayat Hussain said that in light of inspection findings, SBP is also in process of completing enforcement action against concerned banks.

Committee met under Chairmanship of Qaiser Ahmed Sheikh and discussed various issues pertaining to Ministry and its attached departments. Chairman of Committee said that now monitoring process of Central Bank has been tightened and no complaints have been received yet. Inayat said shortage of dollars in market is due to gap between import and export and foreign exchange is also required for balance of payment. MNA Sabir Hussain Kaim Khani said that National Bank of Pakistan is also responsible for devaluation of rupee and increase in rate of dollar. Chairman of Committee said that banks were still saying that they don’t have dollars and market confidence was affected due to fluctuations in value of rupee. Governor State Bank should come to respond to this, Barjees Tahir said. MNA Khalid Hussain Magsi said that economy is not in right direction because we have not set direction. MNA Nafisa Shah said that according to her information, around 4 to 5 thousand children were died of Malaria in Khairpur district but there was no data available on flood victims.

 Zarai Taraqiati Bank Limited briefed Committee on its overall performance. Committee was not satisfied with briefing and allowed three months’ time asking it to come again with better preparation.

Published in The Daily National Courier, November, 17 2022

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