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Crackdown against dollar mafia demanded

Staff Reporter

Lahore

Founder Chairman Pak US Business Council, Chairman United Business Group and veteran trade leader Iftikhar Ali Malik Monday vehemently demanded result oriented aggressive crack down against dollar mafia in Pakistan which is playing havoc with the economy of the country.
In a statement issued here today, Iftikhar Malik said that the sharp downfall in the rupee value had not only disturbed almost all sectors of the economy but also brought a new wave of price spiral that would not die down despite the government’s all claims. He said that entire business community will fully support Prime Minister Imran Khan in this regard.
He has demanded a high-level probe into massive devaluation of local currency besides asking the State Bank to identify the reasons and share the findings with the business community in this regard.
He also appealed the government to direct the Federal Investigation Authority (FIA), Intelligence Bureau, Customs Intelligence and the State Bank of Pakistan to keep strict vigilance to control currency and bullion smuggling. He also urged the SBP to immediately take notice of the situation which is causing panic in the currency market.
Iftikhar Malik quoted the Prime Minister Imran Khan as saying that Pakistan had to face humiliation before the world when the value of its currency fell against the dollar. He said that there was no shortage of foreign exchange in Pakistan, but it required proper management. He also said the government should also take stern action against those involving in sending money abroad through illegal means besides reducing the outflow of dollars from the country. “During the last 23 years $160 billion was sent abroad from Pakistan while total foreign debts of the country stood at $104bn.”