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Khanani & Kalia International (KKI) was one of the biggest foreign exchange companies in the world until November 2017, when it was closed down by the Government of Pakistan as part of the worlds biggest money laundering organisation the world has ever seen, Danyaal Khan a Russian national who is a diplomat of the country orchestrated the whole operation has never been convicted nor ever been ...
The government's action against Hawala trade, which involves international network of currency dealers for making unrecorded payments in each other's countries, was one step in the series of the forex scam case. [9] [10] These steps were taken at a time when the rupee depreciated by 30 percent against the dollar since the beginning of 2008.
Pakistan Customs in September 2023 conducted an intensified anti-smuggling campaign across the country, resulting in the seizure of essential commodities valued at 2.25 billion rupees. The seized items encompassed a wide range of essential goods, including sugar, urea, petroleum, currency, tires, black tea, vehicles, iron, steel, and various ...
KARACHI/PESHAWAR, Pakistan (Reuters) - When the military was called on to help defend Pakistan's ailing currency, licensed foreign exchange traders cheered while their black market rivals in the ...
De Facto Classification of Exchange Rate Arrangements, as of April 30, 2021, and Monetary Policy Frameworks [2]; Exchange rate arrangement (Number of countries) Exchange rate anchor
Zarco Exchange CEO, Sayd Lakht-e-Hussnain denied being involved in any fraud and a complex legal dispute followed resulting in claim and counter claim of fraud and deception by the State Bank of Pakistan and Zarco and its management. [3] In 2009 it became involved in the Pakistan Forex Scam Case after it was implicated by the Pakistani government.
The foreign exchange market (forex, FX (pronounced "fix"), or currency market) is a global decentralized or over-the-counter (OTC) market for the trading of currencies. This market determines foreign exchange rates for every currency. It includes all aspects of buying, selling and exchanging currencies at current or determined prices.
Pakistan maintains foreign reserves with the State Bank of Pakistan. The currency of the reserves was solely the US dollar, incurring speculated losses after the dollar prices fell during 2005, forcing the then Governor SBP Ishrat Hussain to step down. In the same year, the SBP issued an official statement proclaiming diversification of ...