Why was action against commercial banks stopped on the issue of hoarding of US dollars? Details in this regard have been revealed.
Proceedings against commercial banks have been halted due to pressure from the IMF over hoarding of US dollars.
According to the sources, the commercial banks are accused of making extra profit of billions of rupees by manipulating the dollar rate.
In this regard, sources say that 6 local and 2 foreign banks are also involved in stockpiling dollars.
Sources say that if action had been taken in this matter, the government would have received billions of rupees in revenue.
According to sources, the IMF has also disagreed with the imposition of high taxes on banks, the government could have earned Rs 40 billion in revenue by imposing high taxes on banks.
On the other hand, State Bank officials say that the matter of taking action against the banks is under the consideration of the government.
The spokesperson of the State Bank has said that the inquiry against the banks that stockpiled dollars has been completed, action will be taken against the involved banks soon.
According to the authorities, they have issued a warning to banks to ensure transparency in the future.
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