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SBP issues warning to banks for speculative currency trade

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The State Bank of Pakistan accused banks of involving in currency speculation and expressed concerns over the security business. The SBP has issued a warning to the banks amid the serious declination of the local currency value to stay away from such activities as it can prevent the free fall of rupees. A meeting took place between SBP management and the heads of 10-12 major banks when it was reported that speculative trading impacted the exchange rate and change the market for personal profits.

In a publication, SBP stated, “The central bank has been concerned about reports that said some banks helped cause speculation and uncertainty in the rupee. The SBP has warned banks against such type of practices, otherwise strong action will be taken against them.”

 

 

 

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