LAHORE: Finance Minister Ishaq Dar summoned report of matter pertaining to opening of LCs in banks on inflated rate of dollar. According to sources at finance ministry, finance minister has summoned report about banks’ practice of opening letters of credits (LCs) five to eight rupees above exchange rate of dollars.

“Strict action will be taken against bank officers, found to be involved in practice in light of investigation report,” sources said. “Business class had to pay crores of rupees extra for this practice of banks”, sources said. “Bank officials illegally earned several crores of rupees from importers over opening LCs,” according to sources. “Banks continued this practice for several weeks,” sources said.

All Pakistan Textile Mills Association Chief Gohar Ejaz has already demanded of prime minister about inquiry of this practice,” sources said. Gohar Ejaz has said that banks have earned billions of rupees with dollarisation, which has overburdened national economy and Pakistani rupee. “Industrialists and traders are welcoming this audit inquiry,” APTMA Chief added.

Published in The Daily National Courier, September, 30 2022

Like Business on Facebook, follow @DailyNCourier on Twitter to stay informed and join in the conversation.