Pakistan government likely to introduce dollar-based saving scheme

IMG Auteur
Published : August 18th, 2019
160 words - Reading time : less than a minute
( 0 vote, 0/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...
Category : GoldWire

ISLAMABAD, Pakistan -- In a move that could further weaken people's trust in local currency, the federal government may launch a new U.S. dollar-based saving scheme, which will entitle people to claim profits and encash saving instruments at future currency exchange rates.

Depositors would be protected from capital losses caused by any further devaluation of the rupee, which has already shed its value by more than 50% in last 1 1/2 years.



In return, the proponent of the scheme -- who is said to be the governor of the State Bank of Pakistan -- thinks that this will encourage people to save money in rupees, lessening dollar buying.

The Central Directorate of National Savings would receive deposits in Pakistan rupee but would issue the U.S. dollar-denominated certificates by converting the value of rupees on the prevailing-day exchange rate, sources in the Ministry of Finance told The Express Tribune. ...

... For the remainder of the report:

https://tribune.com.pk/story/2036298/1-govt-m...llar-based-s...

* * *

<< Previous article
Rate : Average note :0 (0 vote)
>> Next article
Chris Powell is the secretary of the Gold Anti-Trust Action Committee (GATA) which has been organized to advocate and undertake litigation against illegal collusion to control the price and supply of gold and related financial securities.
WebsiteSubscribe to his services
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS