Rehman Malik seeks FIA probe into rupee depreciation

Islamabad : Chairman Senate Standing Committee on Interior Abdul Rehman Malik has taken notice of the dropping the Pakistani rupee to its lowest value against the US dollar, which is unprecedented in the currency market history of Pakistan and directed the Federal Investigation Agency (FIA) to submit a detailed report by December 22.

Rehman Malik through a letter has directed the FIA to investigate all the stakeholders including the State Bank of Pakistan (SBP) and foreign exchange agents as per the Foreign Exchange Act and determine the reason behind. He directed that the role of foreign exchange dealers, the concerned officials of State Bank and Ministry of Finance in this regard must be investigated.

Rehman Malik said that it is very alarming that neither the prime minister nor the finance minister of the country are aware and informed of the sudden devaluation of country’s currency.

“It is necessary to investigate if an artificial cap on the value of the dollar was created by any mafia to sell their preserved dollars at highest rate,” he said. He said that in the past it had happened that some dealers in foreign exchange used to collect and preserve dollars in bulk to create artificial shortage of dollars in open market. In such a situation, he said, the State Bank has to buy dollars on high rate due unavoidable circumstances after which a specific section in market get benefit.