The State Bank of Pakistan (SBP) and Federal Investigation Agency (FIA) have denied claims that the interim government plans a massive crackdown on bank lockers to collect US Dollars.
According to a national daily, the chief spokesman of the SBP declared such reports as completely false and said the central bank hasn’t initiated any such move nor is it possible to scan lockers from the outside.
FIA said for now no action is planned in terms of lockers or gathering the names of persons who purchased dollars in bulk from exchange companies.
Chairman of the Exchange Companies Association of Pakistan Malik Bostan warned that recent news would harm the government’s efforts to restore confidence in Pakistan’s economy. He lamented that recent initiatives had caused the currency to rise.
Pertinently, the Pakistani rupee surged even higher against the US Dollar on Friday, rising as high as 302.
The gap between interbank and open market rates has massively shrunk by roughly Rs. 35 this week. From 337 reported last week, the rates have gone down by up to Rs. 36 to as low as 301 and have since continued brief spikes between 302-307 today.
Traders have reported a heavy convergence of sellers eager to cash in before the rupee/$ rate settles on a level likely between 294-302 by next week, however, anxious sentiments still exist which may push the rupee below 310 again.
