Pakistan's military helps stifle currency black market to stabilise rupee

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By Ariba Shahid and Mushtaq Ali KARACHI/PESHAWAR, Pakistan (Reuters) - When the military was called on to help defend Pakistan's ailing currency, ...

STORY CONTINUES BELOW THESE SALTWIRE VIDEOSBy Ariba Shahid and Mushtaq Ali

While there have been other attempts to curb the black market when the rupee has been under stress, the latest push came after licensed dealers requested army chief General Asim Munir take action, rather than leave it solely to the civilian caretaker government that was put in place last month to run Pakistan till elections, currently expected to be held early next year.

"The army chief took notice, and the restoration of supply in the open market is credited to him," Bostan told Reuters.Representatives of the Federal Investigation Agency , which focuses on fighting organised crime, and the military's Inter-Services Intelligence spy agency were present at the meeting in Islamabad, said Bostan, declining to say who else was there or who had called the meeting.

For the past week, the hundreds of currency shops in the usually bustling lanes of Peshawar's Chowk Yadgar bazaar have been closed.

 

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