Pakistan government likely to introduce dollar-based saving scheme


By Shahbaz Rana
The Express Tribune, Karachi, Pakistan
Sunday, August 18, 2019

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.

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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. ...

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