KARACHI – The National Bank of Pakistan (SBP) has identified eight Pakistani banks as being responsible for the unprecedented rise in the US dollar exchange rate in Pakistan and has referred the names of these banks to the Standing Committee of the National Assembly. Submitted for further action.
Habib Bank Limited, Allied Bank Limited, Bank Alfalah Limited, United Bank Limited, MCB Bank Limited, Bank Al Habib Limited, Meezan Bank Limited, National Bank of Pakistan, Askari Bank Limited and Habib Metropolitan Bank earned Rs 27.8 billion in profits abroad. is said to have raised First Quarter Exchange for Fiscal Year 2022-23.
These banks failed to make as much profit throughout the 2021-22 fiscal year. There are reports that the names of other banks involved in the scandal may be revealed in the coming days.
According to recent media reports, these banks and some exchange firms added fuel to the fire when US dollars began flying out of Pakistan shortly after the country’s successful regime change. According to one report, Allied Bank generated 79.55% more foreign currency income in the three months of 2022 than in 2021 as a whole.
In the same 3 months, HBL generated 94.55% more FX revenue than the whole of 2021.
The SBP and the Ministry of Finance of Pakistan are responsible for regulating Pakistani banks, but in this case they have not effectively fulfilled their duties.
Pakistan’s former finance minister, Mikhta Ismail, has always explained that the dollar’s rise was a result of “market fundamentals” or “economic fundamentals.”
Now Pakistan’s new Finance Minister Ishaq Dar is said to have pledged to keep the US dollar exchange rate below 200 rupees. A fair analysis of the situation states that 1 US dollar should be equivalent to 190 or 195 rupees. However, the situation on the ground is completely different.
