By Mubarak Zeb Khan
foreign exchange scam in pakistan
By Farrukh Saleem
ISLAMABAD: As of February 2008, according to data compiled by the State Bank of Pakistan (SBP), net foreign exchange reserves held by the SBP were $ 11.9 billion and that of the
commercial banks were $ 2.1 billion.
Over the following nine months, net foreign exchange reserves held by the SBP have gone down to $ 4 billion while that of the commercial banks have actually gone up to $ 3.28 billion. In essence, the SBP has lost $ 7.88 billion while the commercial banks have gained $ 1.18 billion. In other words, the SBP has surely lost but there is no evidence that Pakistani citizens have taken their dollars out of their dollar accounts and sent them abroad.Read More »Is there a forex reserve scam in Pakistan?