PM Khan orders crackdown against money changers selling dollars above the market rate

While taking the notice of the devaluation of the Pakistani rupee against the US dollar, PM Khan has ordered the concerned authorities of the country to start a crackdown against the companies which are selling US dollar above the market rate.

According to the details, Prime Minister Imran Khan chaired a meeting to review the sudden surge in the price of the US dollar. A delegation of the E-Commerce Association of Pakistan (ECAP) was also present in the meeting chaired by the PM.

Read Also: Pak Rupee Drops to an all-time low of Rs. 148.5 against the US dollar

During the meeting, the representatives of the ECAP have assured the premier of not supporting the money changers companies selling the foreign currencies at the high rates in Pakistan.

They said the forum decided that the companies deviating from set currency rates would not be given any concession.

It is pertinent to mention here that just three days after the Adviser to PM on Finance, Revenue, and Economic Affairs Dr Abdul Hafeez Sheikh announced to have finalized an agreement of three-year bailout package with the IMF for $6 billion, the value of the Pakistani rupee decreased on Wednesday, hitting a record low of Rs 146.25 against the US dollar in the open market. At the closing of the trading on Wednesday, the rupee bounced back to Rs144 against dollar.

On Thursday, the Pakistani rupee has devalued to an all-time low of Rs 148.5 in the interbank market. In early hours of trading, the rupee weakened by more than 5% or Rs 7.10 from Wednesday’s close of Rs 141.4.

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