A senior official from Pakistan’s intelligence agency met with currency exchange companies this week amid a steep decline in the rupee, prompting a crackdown on black market dollar trading, Reuters reported on Thursday quoting Malik Muhammad Bostan, chairman of the Exchange Companies Association of Pakistan.
This marks the second such intervention, following a similar army-led effort in 2023 that halted a previous sharp fall in the currency and helped stabilize the exchange rate until recently.
Currency dealers report renewed pressure on the rupee due to dollar hoarding, cross-border smuggling, and banking restrictions, which have pushed demand toward unregulated dealers offering more attractive or faster rates.
Following the meeting, security forces, including the Federal Investigation Agency (FIA), began targeting illegal currency dealers, many of whom have since gone into hiding, Bostan said.
He noted that the open market dollar rate fell by Rs. 1 after the intervention, attributing the drop to the enforcement actions and an improved dollar supply in the market.
That bostan guy is himself part of problem not part of solution, what a sorry state we’re living in
ہر شاخ پر الو بیٹھا ہے
Ku business reh na jai formula is very simple by the way.
They first create an issue and then solve it . Funny how that works
All the budget went to them
all these currency exchanges are involved in smuggling especially to Afghanistan and Iran . only solution is to close these exchanges and if some one needs foreign money. go to the bank.
Cross border smuggling is big issue for the rise of dollar rate. Rangers can stop smuggling of dollar Afghanistan/ Iran.
Useless effort. By using unnecessary force and threat in business no one get durable solution.Pak army must not intervene in such issues otherwise lose its credibility.
Sorry to say they already lost.
Agri
Pakistan should deal in bricks currency except Dollar