Islamabad, Sep 23: The Senate Committee on Economic Affairs has made the decision to suggest additional measures against banks involved in the 2022 currency manipulation.
Earlier today, at the panel meeting, this was decided. The committee has also directed relevant chambers to attend the upcoming meeting to deliberate on the opening of costly Letters of Credit (LCs) for US dollars, and it has further required a thorough report in a matter of two weeks.
It was addressed how selling US dollars at outrageously high prices allowed commercial banks to make Rs. 65 billion in 2022. Senator Saifullah Abro, the head of the committee, stated that the money should be retrieved from the banks because it is the public’s money.
The committee was informed by State Bank of Pakistan (SBP) officials that the guilty banks had been fined Rs. 1.4 billion. A participant expressed frustration about the meager punishment, pointing out that it represented a small portion of the Rs. 65 billion in profit these institutions had made. The committee requested a thorough report from SBP on the subject and instructed the Ministry of Economic Affairs to guarantee the recovery of these monies.
