Pakistan’s forex reserves fall to $8.238 bn

[illusion8]

Can these private banks move the foreign exchange out of the country like they were doing in 1999 and then again money laundering is already been going happening?

as there is no law to bar them. money flow is free thanks to kingo's law. (nawaz shairf)

The movement of Forex can only happen through Pakistan's central bank, I doubt that the private banks can move forex that belongs to overseas Pakistani's which they have sent back to the country without the Central bank of Pakistan knowing it.

As I said it's a tight rope to walk on for your finance ministry.

 

[Leader]

The movement of Forex can only happen through Pakistan's central bank, I doubt that the private banks can move forex that belongs to overseas Pakistani's which they have sent back to the country without the Central bank of Pakistan knowing it.

As I said it's a tight rope to walk on for your finance ministry.

even if they know it there is no law to bar them as of now, I heard a law is being introduced which would bar ordinary people taking more than 10k foreign currency in a year. but still no law to prevent mass movement unless the accounts are freezed, which he did in 1998.

 

[illusion8]

even if they know it there is no law to bar them as of now, I heard a law is being introduced which would bar ordinary people taking more than 10k foreign currency in a year. but still no law to prevent mass movement unless the accounts are freezed, which he did in 1998.

What you are talking about is black money, they do get routed out of the country by various means including the central banks, but the foreign remittances sent by the hardworking Pakistani foreign workers who send money back to their families have to be accounted for by the banks even if it's a foreign bank operating in Pakistan because all banks foreign or local are directly accountable to your central bank - once the funds - (especially foreign currency sent from abroad) come into the banking system then the banks have to account for it no matter what, plus any foreign transaction only takes place through the Central bank (in this case Pakistan's central bank) may it be receiving or sending.