Islamabad: The Finance Ministry has issued notice to 8 private banks for speculating dollar rates and opening LCs at Rs10 higher than the interbank rate.
Ministry sources say that private banks earned Rs56 billion by manipulating the Greenback’s rate. Banks opened letters of credit at Rs10 higher than the interbank rate, they added.
The banks have been ordered to submit a response to the State Bank as soon as possible. The SBP would compile a report regarding the issue and submit it to the Finance Minister Ishaq Dar.
Recently sworn-in Finance Minister has repeatedly said that the current dollar rate is unreasonably inflated due to speculation in the market. The Greenback would drop under Rs200, the Finance Minister claimed.
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The dollar rate, since Dar took charge, has dropped more than Rs12 in the interbank market.
On Tuesday, the Pakistani rupee continued to recover in the interbank market, extending its gains against the US dollar for the eighth consecutive session.
