Dar directs SBP towards strict measures against forex smuggling

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STAFF REPORT

 

Finance Minister, Ishaq Dar, on Saturday directed the State Bank of Pakistan to continue with the strict measures against illegal money exchanges and currency smuggling to lower the pressure on the foreign exchange reserves.

An official statement said the Governor State Bank of Pakistan, Ashraf Mehmood Wathra, called on the Minister for Finance on Saturday. Governor SBP briefed the minister regarding the recent measures taken by the central bank during the crackdown against illegal money exchanges as intended by the Finance Minister before leaving for Paris.

He also informed the minister on the latest foreign exchange reserve situation of the country. He briefed the minister on the current forex reserve position and the measures adopted by SBP to facilitate export oriented sectors. The minister stressed upon the need of best possible management of the precious resources of the country and provision of maximum facilities to export oriented sectors to enhance the country’s exports.

The finance minister shared details of his recent visit to Paris for the Open Government Partnership (OGP) event.

Dar stressed upon the need of best possible management of the precious resources of the country and provision of maximum facilities to the export oriented sectors to enhance exports of the country.

It is important to note that the minister had directed SBP, FBR, Ministry of Interior and other agencies on November 30 for strict vigilance on all airports and other entry points, to curb currency and bullion smuggling. He told them to take strict action against criminals involved in the forex and bullion smuggling.

Instructions were given to the Ministry of Interior, DG FIA, Chairman Federal Board of Revenue, Joint -Director Intelligence Bureau. FIA, IB, and Customs Intelligence were directed to keep strict vigilance at all airports and other entry points to curb currency and bullion smuggling.

The minister directed all the agencies to take strict measures immediately against criminal elements involved in the smuggling of gold and currency and take them to task as per the country’s law. The government had said that action will be taken against forex and bullion smuggling which is detrimental to the interest of the country.