KARACHI: Account-holders of foreign currency are facing problems to access their holdings in private banks. They are told to return after a few days or advised to let the banks know in advance if they plan to withdraw dollars from their accounts.
Bankers admitted that they could not provide large amount ($20000 and above) in one go and advising customers to inform them at least one day before the withdrawal of even $3000 to $4000.
It is surprising that private banks having a reserve of about $5bn were reluctant to settle demands of account holders.
Currency dealers accused banks of creating crisis as they benefit from devaluation of local currency.
The sudden rise in dollar demand mounted pressure on he exchange rate which once again slashed value of local currency on Wednesday; both in inter-bank and open markets.
The US dollar was traded as high as Rs103.50 in open market and Rs100.85 in the inter-bank market.
No intervention from the Central Bank was witnessed in the market.
Currency dealer said the currency market crisis is as serious as the energy crisis.
While the rupee is in tailspin ,importers were eager to book as much as possible to avoid the fall-out of daily appreciation of greenback.
Banks are not providing dollars to the exchange companies as per their requirements which widened the gap in the dollar rate of banks and open market.
This gap in rate has widened to Rs2 per dollar which revived the Hundi Hawala business that will certainly hit remittances coming from banking channels.
Representatives of exchange companies held a meeting with the State Bank on Wednesday with their proposals to bring in control the free fall of local currency against major international currencies. The exchange companies sell foreign currencies in Dubai and bring an equal amount of dollars through banking channel.
Earlier, they used to bring equal amount of dollars by themselves.
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