The State Bank of Pakistan (SBP) and the Federal Investigation Agency (FIA) have jointly launched an action against illegal money changers in Pakistan, the central bank said on Tuesday.
“A high-level meeting was held between the SBP Governor and DG FIA on November 8, 2022,” the SBP said.
“The meeting took stock of illicit foreign exchange activities and developed a comprehensive action plan against illegal foreign exchange transactions conducted in the country,” he said. “It was agreed at the meeting that a concerted joint effort is needed to apprehend and implicate illegal currency traders and speculators across the country.”
Joint SBP and FIA teams have been tasked with identifying and pursuing criminal/judicial action against the perpetrators to curb speculation and the gray market.
The teams, while remaining within the legal mandate given to them by the relevant laws, would crack down on all illegal currency exchange operators and businesses across Pakistan.
Banks and foreign exchange companies are licensed by the SBP to conduct foreign exchange transactions in Pakistan.
The involvement of any person or entity, other than banks and foreign exchange firms, in a foreign exchange business is illegal under the Foreign Exchange Regulation Act 1947. bank and free market exchange rates.
On Monday, SBP Governor Jameel Ahmad told Federal Finance and Revenue Minister Senator Muhammad Ishaq Dar that the exchange rate had stabilized after the measures taken by the authorities.
He said so during his meeting with the Federal Minister at the Finance Division, said a statement released by the Ministry of Finance.
According to the statement, Dar and Governor SBP discussed the measures being taken for the country’s economic stability, recovery and development. In addition, coordination between fiscal and monetary policy was also discussed at the meeting.
Ahmad said that due to the government’s continued administrative efforts and policy measures by the SBP, the value of the Pakistani rupee has been stabilized and exchange rate volatility has been curbed, the statement read.