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Govt measures ineffective, dollar starts gaining value again

SBP policy curbs, FIA crackdowns fail to ease pressure

SAMAA | - Posted: Oct 16, 2021 | Last Updated: 1 month ago
SAMAA |
Posted: Oct 16, 2021 | Last Updated: 1 month ago

The central bank has taken several steps to stem the steady the decline in the value of the Pakistani rupee against the US dollar. 

These measures included limiting the bank financing of imported vehicles to discourage imports and 100% cash deposit requirement for importers to open letters of credit or LCs. The SBP has also taken several steps to limit the outflow of dollars from the country.

Moreover, the FIA is working to prevent the smuggling of dollars and many people across the country have been arrested on charges of illegal currency transactions and smuggling.

All these measures were just enough to ease the pressure on the value of the rupee against the US dollar for a few days, but the dollar strengthened against rupee again on Thursday, the dollar touched the level of Rs171.2 in the interbank market. Why is the dollar appreciating in value? Watch the video.

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