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Pakistan Central Bank Issued Show Cause Notice to Eight Banks Over Currency Speculation

admin-augaf by admin-augaf
September 18, 2022
in Business, Finance, National, News, Politics
Reading Time: 2 mins read
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Islamabad September 18 2022: Pakistan Central Bank, State Bank of Pakistan (SBP) issued show cause notice to eight banks over allegation of currency speculation as SBP is investigating whether they had charged well above market rate for opening of Letter of Credit (LCs) or not, says Pakistan's Finance Minister Miftah Ismail.

However, he did not disclose the names of the commercial banks to which show cause notice has been issued.

"We will take strict measures against those who have violated the market and imposed hefty penalties" he added.


Pakistan Rupee touched low of 239.94 on 29th July 2022 on uncertainty of IMF program, but banks charged well above the rate of interbank during that period.

"We didn't have enough dollars to defend our currency but i strongly believe that dollar will come down organically when people feel that dollar is overvalued. Positive statements from IMF, ADB and AIIB will help to improve sentiment in coming days" he added.

He further added, "We will not intervene in dollar market to manage our currency nor IMF will allow us to do this."

Pakistan top ten banks earned an amount of PKR 27,671 million from dealing in foreign currencies in the period from April to June 2022 compared to full year earning of PKR 37,896 million in full year 2021.


Earning through Foreign Exchange Dealing for top ten banks of Pakistan

BankForeign Exchange Earning
Full year 2021
Foreign Exchange Earning in
3-Months Ended June 2022
Habib Bank LimitedPKR 4,590 millionPKR 4,339 million
Allied Bank LimitedPKR 1,974 millionPKR 3,544 million
Bank Alfalah LimitedPKR 4,129 millionPKR 3,421 million
United Bank LimitedPKR 3,991 millionPKR 3,332 million
MCB Bank LimitedPKR 3,734 million PKR 2,903 million
Bank Al Habib LimitedPKR 2,970 millionPKR 2,524 million
Meezan Bank LimitedPKR 3,159 millionPKR 2,318 million
National Bank of PakistanPKR 6,510 millionPKR 2,184 million
Askari Bank LimitedPKR 3,124 millionPKR 1,590 million
Habib Metropolitan BankPKR 3,707 millionPKR 1,516 million


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Tags: Commercial BankscurrencydollarSBPSepeculation
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