Banks Held Accountable for Surge in US Dollar Rate, says SBP

The State Bank of Pakistan (SBP) has identified eight Pakistani banks responsible for the unprecedented rise in the US dollar rate in Pakistan and forwarded their names to the National Assembly Standing Committee for further action.

The banks in question, including Habib Bank Limited, Allied Bank Limited, and Bank Alfalah Limited, reportedly made Rs27.8 billion profit on foreign exchange in the first quarter of the fiscal year 2022-23, more than they could earn in the entire fiscal year of 2021-22. However, there are reports that more banks involved in the scandal could be named soon.

The SBP and Pakistan’s Finance Ministry are responsible for regulating banks in the country, but they have failed to perform their duties effectively in this case. The new Finance Minister of Pakistan, Ishaq Dar, has promised to bring the US dollar rate below Rs200, while some analysts believe that one US dollar should be equal to Rs190 or Rs195. Nonetheless, the current situation on the ground is different.

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