USD/PKR ,market based manipulation continues

[blueazure]

the 'market based' forex rate manipulation continues under the blessings of mr reza baqir. (an IMF employee who imran cant touch ) .

for laymen,

mkt based = mkt manipulated .

whales can pump and dump the forex price with buy and put orders and leverage 10x on PMEX to make huge gains ( those in the mercantile exchange business know this well) . someone is milking huge money with this 'volatility' while the pakistani people suffer inflation. ( reza baqir could be on board here).

companies , FMCGs are scratching their heads and their financial models are wrecked given this 'mkt based' price. there is no hedge


btw, isnt it the central banks job to stabilize the currency and keep inflation under check ?

 

[Sugarcane]

As I said numerous times, the manipulation will not be controlled unless government
(1) Bring money markets fully in to system, there must not be any sales/purchase of forex without CNIC/NTN
(2) Sale of Hard Currency should be banned
a) There should be counters of money changers at airports after check-in for travellers
b) Anyone want to invest in foreign currencies, should open bank account and money changers should transfer the currency he bought to his bank account. And these investors must pay income tax on gains from forex trade.

 

[Riz]

Stop all currency exchange companies and money changers to trade US$.. Any one who want to buy or sale dollars he will have to use banking channel... I bet the dollar rate will be under 100 within month

 

[Yaseen1]

Blockchain wallet has introduced usd PAX which is cryptocurrency and electronic form of u.s dollar having value equal to dollar paper currency notes and its value will not fluctuate like bitcoin but will remain same and dependent on normal usd which is currently being used.In future it will replace paper form of usd and whole world will have cashless dollars in electric form and will be easy to regulate provided country has good IT infrastructure.We should also develop such electric form of Pakistani rupee to control money laundering and corruption

Stop all currency exchange companies and money changers to trade US$.. Any one who want to buy or sale dollars he will have to use banking channel... I bet the dollar rate will be under 100 within month

Mostly bankers are involved in such activities so it will not solve this problem even if banking channel is used

 

[ALi Rizwan]

As I said numerous times, the manipulation will not be controlled unless government
(1) Bring money markets fully in to system, there must not be any sales/purchase of forex without CNIC/NTN
(2) Sale of Hard Currency should be banned
a) There should be counters of money changers at airports after check-in for travellers
b) Anyone want to invest in foreign currencies, should open bank account and money changers should transfer the currency he bought to his bank account. And these investors must pay income tax on gains from forex trade.

Money changer are using CNIC although not sure about small one.
Our banking system discourage US Dollar Account.
They want untouched/zero meter US dollar note. not even dot of pencil/point forget small line or small stamp & not only that even if their is slightly colour fade in Note its not acceptable.

Its not a solution. Economy is in bad shape and certain people/company/entities will try to take benefits from it.

Solve Economy problem and everything will solve automatically. Your industry need one simple thing and that is cheap uninterrupted power supply which is only possible by building Multiple Large Dams not by building new roads for dying industries.

 

[Sugarcane]

Money changer are using CNIC although not sure about small one.
Our banking system discourage US Dollar Account.
They want untouched/zero meter US dollar note. not even dot of pencil/point forget small line or small stamp & not only that even if their is slightly colour fade in Note its not acceptable.

Its not a solution. Economy is in bad shape and certain people/company/entities will try to take benefits from it.

Solve Economy problem and everything will solve automatically. Your industry need one simple thing and that is cheap uninterrupted power supply which is only possible by building Multiple Large Dams not by building new roads for dying industries.

Govt. tried CNIC/NTN for all currency transactions, but bent over on pressure of money mafia. Exception of not needing CNIC for small transaction (i.e. Blow $5000) is the back door which is used by mafia. Hence there shouldn't be any exception even if someone is buying/selling just one dollar.

Banking system don't discourage US$ account, however demands you to disclose your source of income. If it's discouragement than let it be.

Once hard currency is not sold in market, then the people who have stashed cashed (black money as it's out of system, and most of time taxes haven't been paid or it's simply earned through illegal means) will not be buying forex, hence there's little chance of manipulation of currency via black money and back doors. Stabilizing exchange rates and controlling manipulation is one of basic thing to fix the economy.

 

[ALi Rizwan]

Govt. tried CNIC/NTN for all currency transactions, but bent over on pressure of money mafia. Exception of not needing CNIC for small transaction (i.e. Blow $5000) is the back door which is used by mafia. Hence there shouldn't be any exception even if someone is buying/selling just one dollar.

Your info is incorrect even for smaller transaction but then again not sure about small money changer shop.

Banking system don't discourage US$ account, however demands you to disclose your source of income. If it's discouragement than let it be.

Sir when is the last time you did transaction in USD?
What i told you is actual present day ground reality. Bank will pay you mark stamp and this or that note but will not accept them when you try to deposit it.

Once hard currency is not sold in market, then the people who have stashed cashed (black money as it's out of system, and most of time taxes haven't been paid or it's simply earned through illegal means) will not be buying forex, hence there's little chance of manipulation of currency via black money and back doors. Stabilizing exchange rates and controlling manipulation is one of basic thing to fix the economy.

For that banking system should be supportive. The USD Note which they don't accept rest of world has no problem with it.

 

[Riz]

Mostly bankers are involved in such activities so it will not solve this problem even if banking channel is used

U are not getting me... Those who want to buy or sale dollars will use their bank accounts . U cant control open market because money changers are not following the rules and regulations of SBP and they are showing fake dollars transactions while in reality money launders smuggling dollars in Afghanistan & Dubai.. A

 

[Sugarcane]

Your info is incorrect even for smaller transaction but then again not sure about small money changer shop.


Sir when is the last time you did transaction in USD?
What i told you is actual present day ground reality. Bank will pay you mark stamp and this or that note but will not accept them when you try to deposit it.


For that banking system should be supportive. The USD Note which they don't accept rest of world has no problem with it.

Dude, I have 3 foreign currency accounts, it's over 10 years I am operating these accounts. Withdrawing dollars and selling in money market is my routine task for me, latest I sold dollars was last Wednesday. I have sold up to $50K and they didn't asked me CNIC. So, I know very well about what I am talking.

Note issue will not arise when money changers are transferring the amount in Bank account instead of giving hard cash.

 

[shah_123]

btw, isnt it the central banks job to stabilize the currency and keep inflation under check ?
]

Yes it is, but not in Naya Pakistan.
this dancing of dollar up & down is killing business, why can't our PM understand this simple thing.

 

[ALi Rizwan]

Dude, I have 3 foreign currency accounts, it's over 10 years I am operating these accounts. Withdrawing dollars and selling in money market is my routine task for me, latest I sold dollars was last Wednesday. I have sold up to $50K and they didn't asked me CNIC. So, I know very well about what I am talking.

Note issue will not arise when money changers are transferring the amount in Bank account instead of giving hard cash.

Bro lets agree to disagree. Like you i have my my own experience.

Bank will not replace money changer for obvious reason delay, not available on urgent basis and Conversion rate.

Yes it is, but not in Naya Pakistan.
this dancing of dollar up & down is killing business, why can't our PM understand this simple thing.

We don't have money to run our day to day business and here you are talking about artificially controlling dollars.

You contol dollar using foreign loan resulting in increase in debt & don't forget non only its temporary but also you need too return it with Interest.

 

[fisher1]

the 'market based' forex rate manipulation continues under the blessings of mr reza baqir. (an IMF employee who imran cant touch ) .

for laymen,

mkt based = mkt manipulated .

whales can pump and dump the forex price with buy and put orders and leverage 10x on PMEX to make huge gains ( those in the mercantile exchange business know this well) . someone is milking huge money with this 'volatility' while the pakistani people suffer inflation. ( reza baqir could be on board here).

companies , FMCGs are scratching their heads and their financial models are wrecked given this 'mkt based' price. there is no hedge


btw, isnt it the central banks job to stabilize the currency and keep inflation under check ?

View attachment 568836

IK said it's a new Pakistan and dollar will not be regulated.

Rupees can devalue to a thousand and the person who used to chastise Nawaz Sharif for rupees devaluation before elections will be happy about it and not do anything.

The Prime Minister of this country is IMF

 

[rak_987]

Where is this IMF p*g @ziaulislam who was lobbying for IMF here. I can still see PTI hiring social media morons to defend their hired economic hitmen.

Imran Khan has lost all his credibility after bringing hitman like REza Baqir into State Bank. He has lost complete trust of the business community.

 

[blueazure]

Dude, I have 3 foreign currency accounts, it's over 10 years I am operating these accounts. Withdrawing dollars and selling in money market is my routine task for me, latest I sold dollars was last Wednesday. I have sold up to $50K and they didn't asked me CNIC. So, I know very well about what I am talking.

Note issue will not arise when money changers are transferring the amount in Bank account instead of giving hard cash.

how do u make a profit ? IB rates are actually higher vs open mkt

i smell BS in your post

Where is this IMF p*g @ziaulislam who was lobbying for IMF here. I can still see PTI hiring social media morons to defend their hired economic hitmen.

Imran Khan has lost all his credibility after bringing hitman like REza Baqir into State Bank. He has lost complete trust of the business community.

just wait and see what IMF does

they've been doing this to countries for decades, masters at the game

 

[Sugarcane]

how do u make a profit ? IB rates are actually higher vs open mkt

i smell BS in your post

How old are you by the way?