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SBP, FIA team up to bust illicit foreign exchange companies

The State Bank of Pakistan (SBP) and the Federal Investigation Agency (FIA) have teamed up to bust illicit foreign exchange companies across the country.

As reported, the development comes on Tuesday as the SBP governor and the Director-General FIA agreed to launch joint action in a meeting.

Both officials have agreed to a concerted joint effort which has been the need of the hour to apprehend and implicate the illegal foreign exchange operators and speculators across the country.

“The meeting took stock of illicit foreign exchange activities and chalked out a comprehensive plan of action against illegal foreign exchange businesses being carried out in the country,” SBP said in a press release.

“Accordingly, SBP and FIA have jointly initiated action against illegal foreign exchange operators in Pakistan. To this effect, joint teams from SBP and FIA shall identify and take penal/legal action against the perpetrators so as to curb speculation and the grey market,” the SBP said.

The teams, remaining within the legal mandate, allowed by the relevant laws, would crack down on all illegal foreign exchange operators and businesses across Pakistan.

“Banks and exchange companies are authorized by the SBP to carry out foreign exchange business in Pakistan; however, involvement of any person or entity, other than banks and exchange companies, in foreign exchange business is illegal under the Foreign Exchange Regulation Act, 1947.”

The illegal foreign exchange business also adversely affects the open market exchange rate and increases the gap between the interbank and open market exchange rate, the SBP stated.

Saman Siddiqui

Saman Siddiqui, A freelance journalist with a Master’s Degree in Mass Communication and MS in Peace and Conflict Studies. Associated with the media industry since 2006. Experience in various capacities including Program Host, Researcher, News Producer, Documentary Making, Voice Over, Content Writing Copy Editing, and Blogging, and currently associated with OyeYeah since 2018, working as an Editor.

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