Dar seeks report on inflated exchange rate in LCS opening
The federal government on Thursday decided to negotiate with the International Monetary Fund over a reduction in petroleum prices to provide relief to the masses.
The Finance Ministry sources said that Finance Minister Ishaq Dar will hold talks with the IMF and the petroleum prices will be reduced after the consent of the IMF.
Currently, a levy of Rs37.42 per litre is imposed on petrol, while the levy is to be increased to Rs 50 per litre by January 2023.
It is pertinent to mention that the prices of petroleum products are likely to drop by Rs16 per litre from October 1 while the Oil Companies Advisory Council has prepared a paper work to provide relief to the people.
According to the document, the price of high-speed diesel is likely to decrease by Rs16.61 per litre and the price of petrol is Rs7.24per litre.
Finance Minister Ishaq Dar has summoned report of the matter pertaining to opening of LCs in banks on inflated rate of dollar on Thursday.
The finance minister has summoned report about the banks’ practice of opening letters of credits five to eight rupees above the exchange rate of dollars, the sources said.
“Strict action will be taken against the bank officers, found to be involved in the practice in the light of the investigation report,” sources said.
“The business class had to pay crores of rupees extra for this practice of banks”, sources said. “The bank officials illegally earned several crores of rupees from importers over opening LCs.”
“The banks continued this practice for several weeks,” sources said. All Pakistan Textile Mills Association chief Gohar Ejaz has already demanded of the prime minister about inquiry of this practice.”
Gohar Ejaz said that the banks have earned billions of rupees with dollarization, which has overburdened the national economy and Pakistani rupee.
“Industrialists and traders are welcoming this audit inquiry,” APTMA chief added.
