The Pakistan Ulema Council has issued a fatwa (religious) decree, declaring that hoarding dollars is a “grave sin”, Financial Times reported Tuesday.
“We have issued a fatwa which says that people must not hoard dollars as hoarding creates chaos,” said Maulana Tahir Ashrafi, the head of the Pakistan Ulema Council.
The cleric urged the people to avoid the “unnecessary purchase” of dollars.
Pakistan is facing a balance of payment crisis as it is going to sign a $6 billion bailout package with the IMF. The value of the rupee dropped soon after Pakistan agreed to sign a three-year bailout agreement with the IMF.