Ishaq Dar Claims forex reserves stand at $10b

[Hakikat ve Hikmet]

I am pretty sure the Pak Deep State has access to tons of $s, whether they're gonna use it for the common folks is another matter.....

 

[Asimzranger]

Why because i am talking facts like His Own Nightmare? See how the economy is flourishing on an ad running on Tribune.

I see my prays have been answered quick and your analytical mind and your background in seo saw through those propaganda ads.

Our country's is in dire need for dollars and our government is paying google ads sense in dollars to do propaganda isn't ironic.

 

[epebble]

You are spot on - the details are in the fine print.
In the previous Dollar freezing fiasco, the banks relied on the fine print there too.
One household with a serving military officer, and his civilian brother living under the same roof.
Two different actions. The military officer got their dollars. The civilians did not.
Legal cover was in the fine print, where they stipulated that Banks have the right to treat their customers differently.

There was no legal course and this was outright stealing back then. Poor civilians bore the brunt of that fiasco. And "special" civilians and Military did not.

This will be a repeat.

After reading your message, I became curious. It didn't take long to locate the 'fine print'. It is not that obscure at all.
From https://www.sbp.org.pk/fe_manual/pdf/2018/Chapter-6.pdf

A restriction was placed on withdrawal in foreign currency from some categories of foreign currency accounts existing as on 28th May, 1998. The instructions issued vide FE Circular No.12 of 1998, as amended from time to time, would continue to be operative, till the restrictions are lifted.

I do not know whether the 1998 directive was ever lifted. If it is still in force, Dar is fully empowered to seize the foreign currency legally. If it has been lifted, it is very easy to promulgate again since a precedent exists.

The magic in https://www.sbp.org.pk/epd/1998/c12updated.htm is this:

Withdrawals from the existing foreign currency accounts - whether maintained by the residents or non-residents - have been temporarily suspended till further orders. State Bank of Pakistan is developing a criterion for allowing withdrawals from those accounts. Till such time as the criterion is developed, withdrawals may be made in Pakistan rupees if so desired by the account-holders. Payments in such cases may be made by the Authorised Dealers at the rate of exchange determined by them in terms of F.E. Circulars Nos. 1 and 5 of 1998. The State bank will pay a cash subsidy to the extent of the difference between the Authorised Dealer buying rate and Rs. 46/- per US Dollar (and this rate crossed with New York's closing mid-rate for the previous working day in respect of other currencies as published by the Foreign Exchange Rates Committee), which will also be paid by the Authorised Dealers, and re-imbursement claimed by them from the State Bank. The difference between the booked rate - where forward cover has been obtained from the State Bank - and the Authorised Dealers buying rate may also be claimed from the respective office of the State Bank and the relative forward cover got cancelled to that extent.​ 2. Instructions contained in the preceding paragraph will also apply to the Certificates of Investment issued by the non-bank financial institutions.​

 

[Sugarcane]

MOFOs installed by East India Company aren't allowing to withdraw USD, banks come up with excuse of non-availability of USD, so either wait or get PKR on rate which these p!gs are dictating.

 

[villageidiot]

Anybody who thinks their dollars in Commercial Banks are safe deserves to loose them.
Try going into any bank in Pakistan and attempt to withdraw your dollars, and you'll get the answer.

Our personal dollars in commercial banks are already gone. Banks delay, beg, refuse or trickle out a few here and there.

This single comment by Dar will result in a run on the banks. Watch what happens next week. The panic and crisis is going to heat up. While SS just got on a Gulfstream and flew to the ski slopes of Switzerland, and the Establishment is still trying to keep the one unifying party out of power.

It is almost like the logical and rational part of our brains has been removed.

yeah, why would he say just that? He knows it means nothing to lenders like IMF who want 4-5 billion USD in gulf money to be deposited, unless he goes ahead and does it, even then, still makes no sense to annouce it and cause panic

 

[epebble]

aren't allowing to withdraw USD, banks come up with excuse of non-availability of USD, so either wait or get PKR on rate which these p!gs are dictating.

Are they quoting FE Circular No.12 of 1998 for their action or simply saying they have a shortage? If the rule is still in force, they can quote that and ask the customer to take the withdrawal in PKR.

 

[Baghial]

like nawaz?

yes ,,
and also like raheel and mushraf, your idols

 

[villageidiot]

The best thing that can happen now is :

a) Imran Khan - keeps his mouth shut - Pakistan does not need elections right now.
b) Pakistan - formally defaults - then the clowns can explain how their political manipulation has bought Pakistan to this.
c) the PDM movement can explain how Pakistan defaulted( price to pay for co-opting with the Generals in GHQ ).

The default must happen otherwise things will NEVER get better ever - the musical chairs orchestrated by GHQ will simply go on..

How about this method. It's much simpler. One step, really. The rest of the steps will happen on their own

a) Generals mind their fucking business, seeing as terrorism is on the rise again.

Are they quoting FE Circular No.12 of 1998 for their action or simply saying they have a shortage? If the rule is still in force, they can quote that and ask the customer to take the withdrawal in PKR.

They can make a law saying govt minister have a right to fck a citizen in the a*s in public (people will still not protest btw). Doesn't mean there is any moral authority to their rule. Stop being a smartass, splitting hair and all.

 

[Foinikas]

I will take our FM words rather than PTI fanboys.

Ishaq Dar claims forex reserves stand at $10b | The Express Tribune

Says funds from friendly countries, including Saudi Arabia, will be 'transferred to Pakistan soon'

tribune.com.pk

Oh I guess you're a PMLN fan? When did you hit your head as a kid? Are you one of those...how do they call them,Patwaris? Youthias? Chotyas? I don't know Urdu :S

 

[undercover JIX]

The best thing that can happen now is :

a) Imran Khan - keeps his mouth shut - Pakistan does not need elections right now.
b) Pakistan - formally defaults - then the clowns can explain how their political manipulation has bought Pakistan to this.
c) the PDM movement can explain how Pakistan defaulted( price to pay for co-opting with the Generals in GHQ ).

The default must happen otherwise things will NEVER get better ever - the musical chairs orchestrated by GHQ will simply go on..

But they already told you, all the problems are because of immature, inexperienced and childish PTI Govt. That was the reason experts were called in (Imported) to fix PTI created issues.

Pakistan kay halaat sirf convicted mujrims hi durust kar saktay hain, ye kisi sharif aadmi kay bas ki baat nahi.

 

[Sugarcane]

Are they quoting FE Circular No.12 of 1998 for their action or simply saying they have a shortage? If the rule is still in force, they can quote that and ask the customer to take the withdrawal in PKR.

It's kind of unofficial ban on withdrawing US$.

 

[COOKie LOOkie....]

Oh I guess you're a PMLN fan? When did you hit your head as a kid? Are you one of those...how do they call them,Patwaris? Youthias? Chotyas? I don't know Urdu :S

They have no dignity left.
The army chief went to saudi arabia begging for some dimes and now PM is taking off to beg IMF but yet PTI fanboys are lying.
The writing is on the Goddamn wall yet they are blind to see. Common folks are dying to get a bag of flour and here PDM and their minions are bashing Pti. like F logic. lol

 

[Foinikas]

They have no dignity left.
The army chief went to saudi arabia begging for some dimes and now PM is taking off to beg IMF but yet PTI fanboys are lying.
The writing is on the Goddamn wall yet they are blind to see. Common folks are dying to get a bag of flour and here PDM and their minions are bashing Pti. like F logic. lol

Bajwa is still in active service or did he retire?

 

[COOKie LOOkie....]

Bajwa is still in active service or did he retire?

His service is terminated but he for sure is still active. lol

 

[Foinikas]

His service is terminated but he for sure is still active. lol

Active in politics or he just refuses to step down and go in retirement?