Speculators warned: No volatility in forex market, says Dar

Finance minister says handful of speculators will not be allowed to create volatility in market for vested interest.

ISLAMABAD: Finance Minister Ishaq Dar on Saturday said a handful of speculators would not be allowed to create volatility in the foreign exchange market for their vested interest. In a meeting with representatives of exchange companies and the central bank, he said such manipulation was against the national interest. On the issue of imposition of GST by provincial governments on foreign exchange companies, the minister said that he would take up the issue with them. “Currency is not a commodity and cannot be subjected to sales tax,” he said with assurances that the issue would be resolved on a priority basis. Regarding their complaint of harassment by FIA, the minister said that he had issued necessary instructions to the State Bank to redress the grievance.

Published in The Express Tribune, January 19^th, 2014.