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Ishaq Dar took notice of the issue of opening LCs at higher rates in banks


Banks open LCs of importers Rs 5 to 8 above the market rate, with this move of banks the business class has to pay crores of rupees extra: Sources Importers/Photofile

Lahore: The newly elected Federal Finance Minister Ishaq Dar has taken notice of the issue of opening LCs of importers in banks at 5 to 8 rupees per dollar more than the market rate.

According to sources in the Ministry of Finance, Federal Finance Minister Ishaq Dar has called for a report from the concerned authorities and has said that strict action will be taken against the responsible bank officers in the light of the investigation report.

Sources say that the banks opened LCs of importers Rs 5 to 8 above the market rate, with this move by the banks, the business class had to pay crores of rupees extra.

According to the sources, the bank officials opened expensive LCs from the market by creating an artificial shortage of dollars. The head of All Pakistan Textile Mills Association (APTAMA) Gohar Ijaz demanded an inquiry from the Prime Minister.

Aptma chief said that banks earned billions of rupees profit from dollarization, all this burden was put on our economy and rupee, this is a test case for finance minister.

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