KARACHI: Foreign currency account holders in Pakistan are facing problems to access their holdings in private banks. They are told to return after a few days or advised to let the banks know in advance if they plan to withdraw dollars from their accounts.
Bankers admitted that they could not provide large amount ($20,000 and above) in one go and advising customers to inform them at least one day before the withdrawal of even $3,000 to $4,000.
It is surprising that private banks having a reserve of about $5bn were reluctant to settle demands of account holders. Currency dealers accused banks of creating crisis as they benefit from devaluation of local currency. The sudden rise in dollar demand mounted pressure on the exchange rate which once again slashed value of local currency yesterday; both in inter-bank and open markets.
The US dollar was traded as high as Rs103.50 in open market and Rs100.85 in the inter-bank market.
No intervention from the Central Bank was witnessed in the market. Currency dealer said the currency market crisis is as serious as the energy crisis.
While the rupee is in tailspin ,importers were eager to book as much as possible to avoid the fall-out of daily appreciation of greenback.
Banks are not providing dollars to the exchange companies as per their requirements which widened the gap in the dollar rate of banks and open market.
Internews
