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Posted on 10/15/2013 10:08:07 AM PDT by Eagle Bomba
KARACHI: Exchange companies ran out of cash as dollar selling skyrocketed on Monday, with the turnover shooting up to 200 to 300 per cent above than the normal days. Long queues of people were seen at exchange companies all over the country.
“This was absolutely a selling day and we estimate that more than $35 million were deposited in the banking system by the exchange companies,” said Exchange Companies Association of Pakistan chairman Malik Bostan.
He said the exchange companies had deposited about $100 million in the banking system during the last week.
The heavy dollar selling depreciated the value of the greenback. The buying price was lower than the inter-bank market as the exchange companies were buying dollar at Rs106 while some ‘B’ category companies buying at Rs105.90 at different areas of Karachi.
“The rush was witnessed across the country. It’s a lesson for the dollar hoarders who were waiting for higher price,” Bostan said.
(Excerpt) Read more at dawn.com ...
LOL. Not only are we planning on defaulting on our debt instruments we are going to make the $Dollar worthless.
In the long run all this may be possible if not inevitable. But it isn’t going to happen next week or even this year or next. A little too early to panic.
I’m surprised they weren’t buying yuans..................
It’s never too early to panic!.....................
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