The Federal Investigation Agency has deposited over $900 million in the State Bank of Pakistan after taking action against dollar smugglers and hoarders in September. This has helped to increase the value of the rupee by 7% on the third day of the action.
The FIA’s action has been praised by Bloomberg, which reported that the value of the rupee rose by 11 rupees on a single day in September.
The FIA’s performance in this regard is commendable and has had a positive impact on the Pakistani economy.
According to media reports, in August 2023, the dollar had reached its highest level in the country’s history, but has since fallen from 335 to 280 due to the government’s efforts. The foreign exchange reserves had fallen to 7.6 billion in August, but after the action of September, the FIA deposited more than 900 million dollars in the State Bank, and the value of the rupee increased by 7% on the third day of the action.
The government’s crackdown on dollar smugglers is a welcome move, and it is hoped that it will continue to yield positive results for the Pakistani economy.
