State Bank Governor’s statement to Senate body about smuggling of $25million: No one can quantify it precisely on any given day: Spokesman

Karachi, October 04, 2013 (PPI-OT): The governor appreciates the editorials and articles published in various papers over the past two days on his statement to the Senate Standing Committee on Finance on October 1, 2013 when he pointed out that $25 million was being smuggled out from Pakistan on a daily basis. As it may not have been clear at the time, he wishes to clarify that the amount ‘ is estimated to be up to $25 million but that no one can quantify it precisely on any given day’ .

He also had mentioned that this movement of currency is not a current phenomenon but that it has been going on for years and that SBP has been voicing its concerns in the past to the relevant law enforcement authorities to arrest this smuggling across borders.

We are now encouraged by the close cooperation of law enforcement agencies underway with SBP in formulating steps that we feel will result in reducing this flight of capital and in turn help our economy going forward’.

For more information, contact:
Syed Wasimuddin
Chief Spokesman
State Bank of Pakistan (SBP)
Tel: +9221 3921 2562
Fax: +9221 3921 2563
Email: syed.wasimuddin@sbp.org.pk

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