Take action against dollar hikers: PM

Dr Sania Nishtar appointed special assistant with federal minister status

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OUR CORRESPONDENT

ISLAMABAD

Prime Minister Imran Khan has ordered concerned authorities to take action against foreign exchange companies selling US dollar at higher rates. The decision was taken at a meeting pertaining to foreign currency rates in the country. The meeting, presided over by PM Khan, also had a delegation of E-Commerce Association of Pakistan (ECAP) in presence.

They said the forum decided that companies deviating from set currency rates would not be given any concession. The meeting also pondered over action against individuals not declaring their holdings under the recent Asset Declaration Scheme, the sources informed further.

On the occasion, ECAP delegates assured of not supporting companies selling foreign currency at higher rates, they said.

The meeting was informed that dollar’s purchasing price was Rs143.50 and selling price Rs144; Saudi Riyal was being purchased at Rs38.20 and sold at Rs38.35. The US dollar bounced back to Rs144 after reaching an all-time high of Rs146.25 during the day in the open market on Wednesday. The increase in dollar’s price came after Pakistan’s $6 billion bailout agreement with International Monetary Fund (IMF) on Sunday.

The US dollar down by Rs2 in the open market after reaching all time high of Rs 146 on Wednesday following strong speculations that the local currency will depreciate further after the signing of a bailout agreement with the International Monetary Fund (IMF). The US dollar closed at Rs144 in the open market.

A high level meeting held this afternoon at Prime Minister House Prime Minister Imran Khan met an ECAP delegation led by Sheikh Allaudin, Malik Bostan, and Mr. Sheikh Mureed Other meeting members were DG FIA, DG IB, Chairman FBR and Governor SBP. Government made it crystal clear that it will take strict action against Exchange Companies Rate of currency agreed and if they deviate they would not be spared.

According to officials, strict compliance has been insisted upon during the meeting. ECAP will not stand by any company diverging from these set rates and will not stand with the companies running dual sets of rates or avoiding receipting.

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