The State Bank of Pakistan (SBP) has asked the Federal Board of Revenue (FBR) to provide the record of foreign currency buyers through exchange companies across the country.
A letter from the central bank has sought the data of all buyers of the US dollars from money exchangers during the past few months.
The letter said that the FBR is authorized to collect the data from exchange companies to trace such buyers. The initiative is in line with the government’s policy to keep track of banks and exchangers’ activities under the Foreign Exchange Regulation Act.
The data will help the government’s efforts to curb dollar hoarding in the country. It said that all concerned departments and institutions are collaborating with the government in this crackdown including, Federal Investigation Agency (FIA), State Bank of Pakistan (SBP), Federal Board of Revenue (FBR), Financial Monitoring Unit (FMU) and Anti-Narcotics Force (ANF).
The government had directed FIA to launch a full-fledged operation against dollar hoarding and speculative currency trade in the country.