FM Dar to probe banks over selling dollars to book profits

October 04, 2022 (MLN): Finance Minister Ishaq Dar has ordered a report on the banks for making exorbitant profits through the selling of dollars and weakening the local currency against the dollar, as per sources in the Ministry of Finance.

The sources allege that FM Dar is unhappy with the banks for making huge profits by selling dollars. Banks have been charging Rs10 per dollar on the opening of letters of credit (LCs) from customers.

One of the reasons for the rupee weakening is that the banks have been selling dollars to importers at a higher rate.

Earlier, in an interview, FM Dar said the government is working on a comprehensive strategy to bring the price of the US dollar down to its actual market value which is less than Rs200.

Speaking to a private news channel, he said the value of the dollar will be less than 200 rupees in the coming days. He said the government is aware of the people’s suffering and assured that every promise made to the public would be met.

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