After the steps taken by the State Bank of Pakistan and action taken by the government against some big foreign exchange companies for their alleged role in illegal money transfers out of the country, the rupee is relatively firm against dollar. A few days back rupee had touched the height of 87 rupees a dollar because of sudden increase in demand of dollar. This was mainly because of huge transfers of dollars to foreign destinations particularly Dubai. Now that the central bank has tightened its policies and intervened in the money market, the situation has been brought under control to some extent.
The steps taken by the central bank are rather belated. It should have taken action against the money changers immediately after knowing about their illegal activities. Now that such a large amount of dollar has been taken out of the country, I wonder if it would be brought back. It is alleged that the money changers were acting on behalf of powerful politicians and bureaucrats. I wonder if the names of the big fish will be disclosed to public.
After the steps taken by the State Bank of Pakistan and action taken by the government against some big foreign exchange companies for their alleged role in illegal money transfers out of the country, the rupee is relatively firm against dollar. A few days back rupee had touched the height of 87 rupees a dollar because of sudden increase in demand of dollar. This was mainly because of huge transfers of dollars to foreign destinations particularly Dubai. Now that the central bank has tightened its policies and intervened in the money market, the situation has been brought under control to some extent.
The steps taken by the central bank are rather belated. It should have taken action against the money changers immediately after knowing about their illegal activities. Now that such a large amount of dollar has been taken out of the country, I wonder if it would be brought back. It is alleged that the money changers were acting on behalf of powerful politicians and bureaucrats. I wonder if the names of the big fish will be disclosed to public.
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