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KARACHI: Governor State Bank of Pakistan (SBP) Jameel Ahmad has vowed to take actions against banks involved in dollar manipulations as the central bank announced completion of investigation.
“The central bank is going to take action against banks involved in the dollar manipulations (within their foreign exchange operations),” Jameel Ahmed said while responding to a query raised by a journalist during his visit to Federation of Pakistan Chambers of Commerce and Industry (FPCCI), on Wednesday.
“More details about the investigation will be shared with media on January 23,” he said.
Governor SBP also recommended a joint committee with FPCCI for the resolution of the huge backlog in LCs.
He said that we will discuss individual or sectoral cases in the joint committee with FPCCI.
However, he announced some broad measures to alleviate the concerns of the business community: (i) SBP will be striving to clear the backlog of approximately 11,000 cases, (ii) food products, industrial raw materials, energy producing imports and agricultural raw materials will be given priority when opening LCs, (iii) SBP will share its findings pertaining to the mismanagement of foreign exchange; and, appropriate action will be taken against commercial banks – if required (iv) he will personally interact with the FPCCI committee to reach resolutions fast.
