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SBP announces action against banks involved in dollars’ trading

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SBP on dollar trading

KARACHI: The State Bank of Pakistan (SBP) Governor Jameel Ahmad on Wednesday announced to take action against the banks involved in dollar rate manipulation, ARY News reported.

In a statement, SBP governor Jameel Ahmad said the investigation into the matter of banks earning profit through dollar price manipulation has been completed.

The report will be presented before the media on January 23. The SBP chief said action against the banks found guilty in the investigation will soon face action.

Read more: Ishaq Dar seeks report on inflated exchange rate in LCs opening

It may be noted that Finance Minister Ishaq Dar after replacing Miftah Ismail summoned report of the matter pertaining to the opening of LCs in banks at inflated rate of dollar.

According to sources at the finance ministry, the finance minister summoned report about the banks’ practice of opening letters of credit (LCs) five to eight rupees above the exchange rate of dollars.

“Strict action would be taken against the bank officers, found to be involved in the practice in the light of the investigation report,” sources had said.

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