The link between black marketers and banks exposed Economists warned dollar holders by predicting an incredible fall in the value of the dollar in the coming days.
Talking to a local newspaper, the Chairman of the Exchange Companies Association in Pakistan (ECAP), Malik Bustan, has expressed hope that the government will take action against dollar hoarders, people involved in black marketing, and smugglers. Later, domestic remittances are expected to increase by 10 to 20 percent.
Malik Bostan said that before the crackdown, the exchange companies were getting 5 million dollars per day, but now they are getting 15 million dollars, which means it has increased by 200 percent, which is why the interbank and open market rates are significant. There is a decrease.
He revealed that the recent crackdown on dollar hoarders, black marketers, and smugglers has exposed the nexus between black marketers and banks.
Malik Bustan further said that he said that a large number of dollars were kept in the lockers of different banks, and the staff of the banks used to use these dollars in reference and hundi in collaboration with those involved in black marketing if the operation continues. The dollar will fall below Rs 250.
It should be noted that due to the ongoing crackdown against the dollar mafia, the value of the rupee has increased by 4% in the last two weeks, and the value of the rupee has recorded a total increase of 12 rupees 19 paise, while the dollar has been worth 32 rupees in the open currency market since September 1. It has become cheaper.