Bankers cartel manipulating dollar: Tarin

KARACHI-Adviser to Prime Minister on Finance Shaukat Tarin has said that a cartel of bankers were involved in manipulation of dollar and rupee exchange rate.

He stressed that State Bank would take action against the cartel.

Tarin stated this while talking to media men on his arrival at the Jinnah International airport here on Wednesday.

He said that the former govt had artificially stabilised the value of rupee against the dollar at Rs 62 over the period of five years.

Tarin claimed that no Pakistani bank would face default and there would be no freezing of currency accounts and lockers.

‘It will be done over my dead body as long as I am on the page’, he vowed.

He assured that problems directly related to the devaluation of rupee against the dollar would be resolved by next week.

He termed the rumours of freezing of accounts as baseless and clarified that neither the bank lockers nor Foreign Currency Accounts had being seized.

He blamed a certain lobby in banking sector responsible for the recent sinking value of rupee against the dollar and ,added, that he talked to the Governor SBP to take action against the lobby.

He further said that those who had acquired huge amount of dollars through manipulation would be brought to justice.