Islamabad: Finance Ministry has issued notice to 8 private banks for speculating dollar rates and opening LCs at Rs 10 higher than interbank rate. Ministry sources said that private banks earned Rs 56 billion by manipulating greenback's rate. Banks opened letters of credit at Rs 10 higher than interbank rate, they added.

Banks have been ordered to submit a response to State Bank as soon as possible. SBP would compile a report regarding issue and submit it to Finance Minister Ishaq Dar.

Recently sworn-in Finance Minister has repeatedly said that current dollar rate in unreasonably inflated due to speculation in market. Greenback would drop under Rs 200, Finance Minister claimed.

Dollar rate, since Dar took charge has dropped more than Rs 12 in interbank market. Rupee continued to recover in interbank market, extending its gains against dollar for eighth consecutive session. According to Forex Association of Pakistan domestic unit was being traded at Rs 225.45, after gaining Rs 1.84 against greenback during intraday trading in interbank market.

Published in The Daily National Courier, October, 05 2022

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