What's new

PM directs crackdown against dollar hoarders

FOOLS_NIGHTMARE

ELITE MEMBER
Sep 26, 2018
14,599
14
30,819
Country
United Kingdom
Location
United Kingdom
Economic team told to ensure completion of IMF loan program
1671047999434.png

Prime Minister Shehbaz Sharif on Wednesday directed his economic team to launch a crackdown against those who were hoarding US dollars in the country in the wake of reports that the greenback was being smuggled out of the country, causing a gulf in the interbank and open market value of the rupee.

He issued these directions while chairing a high-powered meeting of his economic team in Islamabad on Wednesday.

A readout of the meeting issued later stated that Shehbaz had directed the finance ministry to issue an economic fact- sheet of the country to make plain to the public the current situation faced by Pakistan.


The directions came after Shehbaz’s financial czar Ishaq Dar had blamed the smuggling of foreign currency for failing to come good on his promise of bringing the greenback to a value less than Rs200.

On Wednesday, US dollar closed at Rs224.71 in the interbank, with a meager increase of just one paisa, in comparison to the Tuesday’s closing rate of Rs224.70.

PM directs economic team to fulfil IMF program​

PM Shehbaz further directed his economic team to fulfil the International Monitory Fund (IMF) program as renegotiated by his administration after taking over power in April.

The premier directed his economic team to focus on institutional reforms and key policy matters for the economic uplift of the country.

PM Shehbaz further directed meeting participants to take all necessary measures to control the current account deficit and fiscal deficit.

Ishaq Dar rules out economic default​

Earlier on Tuesday, Ishaq Dar had told media persons that matters regarding the ninth review of the International Monetary Fund (IMF) package have been completed and that they were waiting on the Fund to complete the matters from their end.

On the other hand, former finance minister and PML-N leader Miftah Ismail had warned that the risk of default would not subside until the IMF program is completed.
 

HAIDER

ELITE MEMBER
May 21, 2006
31,076
11
32,155
Country
Pakistan
Location
United States
Economic team told to ensure completion of IMF loan program
View attachment 905841
Prime Minister Shehbaz Sharif on Wednesday directed his economic team to launch a crackdown against those who were hoarding US dollars in the country in the wake of reports that the greenback was being smuggled out of the country, causing a gulf in the interbank and open market value of the rupee.

He issued these directions while chairing a high-powered meeting of his economic team in Islamabad on Wednesday.

A readout of the meeting issued later stated that Shehbaz had directed the finance ministry to issue an economic fact- sheet of the country to make plain to the public the current situation faced by Pakistan.


The directions came after Shehbaz’s financial czar Ishaq Dar had blamed the smuggling of foreign currency for failing to come good on his promise of bringing the greenback to a value less than Rs200.

On Wednesday, US dollar closed at Rs224.71 in the interbank, with a meager increase of just one paisa, in comparison to the Tuesday’s closing rate of Rs224.70.

PM directs economic team to fulfil IMF program​

PM Shehbaz further directed his economic team to fulfil the International Monitory Fund (IMF) program as renegotiated by his administration after taking over power in April.

The premier directed his economic team to focus on institutional reforms and key policy matters for the economic uplift of the country.

PM Shehbaz further directed meeting participants to take all necessary measures to control the current account deficit and fiscal deficit.

Ishaq Dar rules out economic default​

Earlier on Tuesday, Ishaq Dar had told media persons that matters regarding the ninth review of the International Monetary Fund (IMF) package have been completed and that they were waiting on the Fund to complete the matters from their end.

On the other hand, former finance minister and PML-N leader Miftah Ismail had warned that the risk of default would not subside until the IMF program is completed.
Top to the bottom whole system has corruption cancer, nothing will change. Dollar now 260 rupee and above in the grey market and unavailable.
 

deX

FULL MEMBER
Mar 31, 2021
277
0
327
Country
Pakistan
Location
Sweden
Economic team told to ensure completion of IMF loan program
View attachment 905841
Prime Minister Shehbaz Sharif on Wednesday directed his economic team to launch a crackdown against those who were hoarding US dollars in the country in the wake of reports that the greenback was being smuggled out of the country, causing a gulf in the interbank and open market value of the rupee.

He issued these directions while chairing a high-powered meeting of his economic team in Islamabad on Wednesday.

A readout of the meeting issued later stated that Shehbaz had directed the finance ministry to issue an economic fact- sheet of the country to make plain to the public the current situation faced by Pakistan.


The directions came after Shehbaz’s financial czar Ishaq Dar had blamed the smuggling of foreign currency for failing to come good on his promise of bringing the greenback to a value less than Rs200.

On Wednesday, US dollar closed at Rs224.71 in the interbank, with a meager increase of just one paisa, in comparison to the Tuesday’s closing rate of Rs224.70.

PM directs economic team to fulfil IMF program​

PM Shehbaz further directed his economic team to fulfil the International Monitory Fund (IMF) program as renegotiated by his administration after taking over power in April.

The premier directed his economic team to focus on institutional reforms and key policy matters for the economic uplift of the country.

PM Shehbaz further directed meeting participants to take all necessary measures to control the current account deficit and fiscal deficit.

Ishaq Dar rules out economic default​

Earlier on Tuesday, Ishaq Dar had told media persons that matters regarding the ninth review of the International Monetary Fund (IMF) package have been completed and that they were waiting on the Fund to complete the matters from their end.

On the other hand, former finance minister and PML-N leader Miftah Ismail had warned that the risk of default would not subside until the IMF program is completed.
He did the same few months back...
:D
Now only lowest level of dumbest ppl believing these jokers
 

Catalystic

FULL MEMBER
May 17, 2022
1,898
1
1,529
Country
Pakistan
Location
Canada
Bag of wheat 20kgs is now around 2000 pkr
Few months ago was at 1400 rupees

Crazy times, thanks to ALL politicians and establishment
Bera gharak kerdiya mulk ka
 

epebble

SENIOR MEMBER
Sep 21, 2022
2,171
0
1,359
Country
United States
Location
United States
Administrative measures to fight policy failures.. Won't work.
What does the news mean? Government will confiscate foreign currency and replace it with rupees or just confiscate without exchange? First option doesn't sound too bad; In an emergency, government should have first dibs. The second one will cause problems.
 

sur

SENIOR MEMBER
Aug 19, 2009
2,823
4
3,293
. . . a crackdown against those who were hoarding US dollars in the country. . .
What does that exactly mean?
"dollar hoarders"?


Does it mean "crackdown against foreign currency accounts"?
i.e. sugar coated, tongue twisted alternate name for ⬇️ ?

1671085261000.png


(src)
View attachment 904919

Getting there I guess,

Unofficial, sporadic denial of Foreign Currency Account withdrawals reported, still 5 more days before 15th Dec
Their excuse is that they don't have any $








 

S.Y.A

SENIOR MEMBER
Mar 21, 2008
3,637
2
3,993
Country
Pakistan
Location
Pakistan
What does the news mean? Government will confiscate foreign currency and replace it with rupees or just confiscate without exchange? First option doesn't sound too bad; In an emergency, government should have first dibs. The second one will cause problems.
maybe they will try to stop smuggling of dollars. and force people to give up cash and put it in a bank.

What does that exactly mean?
"dollar hoarders"?

It basically means "crackdown against foreign currency accounts".
in Pakistan, everything is hoarded. accounts are there for all to see, people actually hide money in basements.
 

Catalystic

FULL MEMBER
May 17, 2022
1,898
1
1,529
Country
Pakistan
Location
Canada
Lol it’s dangerous and stupid to hoard so much money, as u can easily be robbed….
Some assholes trying to profit over anything
 

Users Who Are Viewing This Thread (Total: 1, Members: 0, Guests: 1)


Top Bottom