Action on banks to be taken by end month: NA body told.

ISLAMABAD -- National Assembly Standing Committee on Finance and Revenue was informed here on Wednesday that the actions against eight banks involved in overcharging on opening of Letters of Credit (LC) would be taken by the end of current month.

While briefing the Committee, Deputy Governor State Bank of Pakistan (SBP), Dr. Inayat Hussain said that in light of inspection findings, SBP is also in process of completing the enforcement action against the concerned banks.

The Committee met under the Chairmanship of Qaiser Ahmed Sheikh and discussed various issues pertaining to the Ministry and its attached departments.

The Chairman of the Committee said that now the monitoring process of the Central Bank has been tightened and no complaints have been received yet.

Inayat said the shortage of dollars in the market is due to the gap between import and export and foreign exchange is also required for balance of payment.

He highlighted that the shortage occurs when Dollar inflow is less than the outflow. These are the reasons for the increase in the rate of the Dollar and the depreciation of the rupee, he added.

MNA Sabir Hussain Kaim Khani said that National Bank of Pakistan (NBP) was also responsible for the devaluation of the rupee and increase in the rate of Dollar. He questioned how will we stop others when a government bank does this.

The Chairman of the Committee said that Banks were still saying that they don't have Dollars and market confidence was affected due to fluctuations in the value of the rupee,

Dollar is worth Rs 222 in the market and there is a difference of 15...