SBP’s ‘Mystery Shopping’ Exposes 11 Outlets Hoarding Dollars - Capital TV

June 4, 2023


SBP’s ‘Mystery Shopping’ Exposes 11 Outlets Hoarding Dollars

Mahnoor Tariq

Due to violations of regulatory directives, the State Bank of Pakistan (SBP) has immediately suspended the authorization of 11 outlets of eight exchange companies for a period of seven to fifteen days.

How did they find out?

The SBP conducted mystery shopping at the exchange company locations. It discovered that the aforementioned locations were refusing to sell foreign currency to their customers despite having them available at their counters. During the suspension period, no business activity of any type can be conducted at any of the 11 outlets.

Follow More: SBP Raises Policy Rate to 17% with 1% Increase

Profit Banking & Finance Journo took to their Twitter handle, and shared that currency exchanges across the country are either not selling dollars at all, or are selling them at a much higher rate.

What’s the solution:

The account lauded SBP for ‘for getting all sneaky.’ Although, the analyst running the page agreed that the better solution is to let rupee find its true value. It further suggested that the government and the SBP should stop meddling with the exchange rates.

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