FIA deposits $900 million in State Bank following action against currency smuggling
The Federal Investigation Agency (FIA) has transferred in
excess of $900 million to the State Bank of Pakistan as a result of its
crackdown on illegal dollar trading and hoarding activities in September. This
intervention has contributed to a 7% appreciation of the rupee within the first
three days of the operation.
Bloomberg, the financial news agency, lauded FIA's efforts,
noting that the rupee's value surged by 11 rupees in a single day during
September.
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The FIA's performance in this regard is highly commendable
and has delivered a positive impact on Pakistan's economy.
Media reports indicate that in August 2023, the US dollar
had reached a historical peak in Pakistan, trading at 335 rupees. However, due
to the government's actions, it has since declined to 280 rupees. In August,
foreign exchange reserves had dropped to 7.6 billion, but after the FIA's
actions in September, they deposited more than $900 million into the State
Bank. Consequently, the rupee's value appreciated by 7% within the initial
three days of the operation.
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The government's vigorous crackdown on illegal currency
trading is a laudable initiative, and it is anticipated that it will continue
to yield positive outcomes for Pakistan's economy.
Source: Pakistan Observer