Currency value manipulated by 8 private banks, Deputy Governor State Bank

Islamabad: Deputy Governor State Bank has revealed that 8 banks created illegal money by manipulating the currency value.

A meeting of the National Assembly’s Standing Committee on Finance was held under the chairmanship of Qaiser Ahmad Sheikh, in which Deputy Governor of State Bank, Minister of State for Finance Ayesha Ghous Baksh also appeared.

The committee members questioned how the dollar went above 245, why the State Bank as a regulator did not take action against the banks while a difference of 10 rupees was also seen in the dollar rate in the interbank and open market.

The Deputy Governor State Bank said that 8 banks National Bank, Meezan Bank, Bank Habib, Habib Metro, Standard Chartered, HBL, UBL and Allied Bank are involved in the manipulation of the value of the currency, who have earned illegal money. This has damaged the country’s economy and increased Pakistan’s external debt, which may increase further.

When the list of banks making illegal money from the dollar rate was presented in the committee, the members of the finance committee attacked the governor of State Bank and the secretary of finance.

Minister of State for Finance Ayesha Ghos Pasha said that the State Bank will proceed with the evidence and action will be taken against the banks with full evidence.

Earlier, Burgess Tahir has said that people call Ishaq Dar SHO, as soon as he came, the dollar became cheaper by 14 rupees in a few days.

A meeting of the National Assembly’s Standing Committee on Finance was held under the chairmanship of Qaiser Ahmed Sheikh, in which Senator Burgis Tahir asked what procedure was adopted after the arrival of Ishaq Dar that the dollar came down, people say SHO Ishaq. Dar came and the dollar recovered, with the arrival of Ishaq Dar, the dollar became cheaper by 12 to 14 rupees in a week.

He said that you people used to say that the dollar is uncontrollable due to political instability, then how did its value decrease after the change of the finance minister and the return of Ishaq Dar.