foreign exchange scam in pakistan

Daily Dawn report on forex scam: $4bn sent abroad ‘legally’

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By Mubarak Zeb Khan

ISLAMABAD: The ‘legal’ transfer outside Pakistan of over four billion dollars in the last few months, or the so-called flight of capital from the country, through normal banking channels or authorised dealers, was made possible because of an amendment made in the foreign exchange law during the previous regime and which, besides the central bank officials, was in the knowledge of only a few powerful individuals.Read More »Daily Dawn report on forex scam: $4bn sent abroad ‘legally’

Is there a forex reserve scam in Pakistan?

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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?