Govt initiates operation against US dollar hoarding

Karachi: The Federal Investigation Agency (FIA) and other law enforcement agencies are poised to launch a significant operation against the hoarding of US dollars, following the government's recent authorization of anti-crime measures to combat dollar smuggling.

The sources said that the FIA, intelligence agencies, and the State Bank of Pakistan (SBP) expanded their investigative efforts and compiled lists of companies and individuals suspected of engaging in US dollar hoarding.

These sources also revealed that regulators have obtained two years' worth of data from exchange companies and prepared lists of individuals who have acquired an "unusual amount" of US dollars. Furthermore, the FIA and intelligence agencies have begun gathering information about bank owners, including details about their assets. It has been alleged that a significant amount of US dollars is being stored in bank lockers.

They also stated that advanced technology will be employed by the anti-crime agency to scan bank lockers in an effort to recover US dollars.

The caretaker government had previously empowered the FIA to take necessary measures to address the ongoing issue of smuggling of various commodities, including sugar, US dollars, urea, and petroleum products. According to the notification, the FIA now has the authority to take action at all entry and exit points related to foreign currencies. FIA zonal directors have also been instructed to provide daily reports to the agency's headquarters through appropriate channels.

This crackdown against dollar smuggling and hoarding follows the identification of individuals linked to government officials who facilitate such activities. The caretaker government's decision to initiate a comprehensive crackdown on dollar smuggling and organized crime is a response to this issue.

Furthermore, plain-clothed law enforcement personnel were also deployed at exchange companies across the country to monitor the sale and purchase of dollars, leading to a drop in the US dollar exchange rate in the open market.