FIA asked to start operation against dollar hoarding

ISLAMABAD: The Federal Investigation Agency (FIA) has been directed to launch a full-fledged operation against money changers involved in dollar hoarding and speculative currency trade in Pakistan.

Minister for Information and Broadcasting Chaudhry Fawad Hussain in a tweet said the operation is being launched in coordination with State Bank and Ministry of Finance.

The announcement comes few hours after Finance Minister Asad Umar said that no further rupee devaluation is likely and rumours should not be spread as they damage the market.

Addressing a gathering at the Pakistan Stock Exchange through video link, the finance minister said economic stability is government’s foremost priority.

He maintained that companies with large setups are present in Pakistan but they are only fulfilling the domestic needs. The collective value of Pakistan’s economy is $300 billion, he said.

Asad Umar urged the industrialists to invest in the market and advised all to not waste money by buying dollars.

He said that we have to transform our laws for international investments. Economic stability requires practical steps and the incumbent government is working hard to achieve the goals.

President Pakistan Forex Association, Malik Bostan, has said that the money changers and exchange companies have once again met with Irfan Ali Shah Executive Director of the State Bank of Pakistan (SBP) to overcome the rising demand of the greenback.

He further claimed that it was decided the dollar would only be sold to those customers who wants to travel abroad including Hajj and Umrah and sending money for educations. He said the decision would control the rising demand of the dollar in Pakistan.