- Mufti Taqi Usmani warns that the hoarding of dollars is a grave sin.
- Hoarding of dollars by currency dealers leads to the shortage of dollar in the market.
- A decline in the value of rupee increases the prices of almost all essential items.
- Rupee has fell to Rs 153 against dollar in the open market.
Islamic scholar Mufti Taqi Usmani terms purchase of dollar to earn profit as grave sin in prevailing economic conditions
Mufti Taqi informs that purchasing dollars to hoard and earn profit by increase in its price is a grave sin and betrayal with the country during current economic crisis. He says in a tweet, “some narrations of Hadith”, according to which, “those involved in hoarding are cursed by Allah”. Hoarding basically refers to the cache of valuable objects.
Purchasing dollars to hoard and earn profit by the increase in its price is a grave sin and disloyalty to the country in the present economic situation. According to some narrations of a Hadith those involved in hoarding are cursed by Allah Taala.
— Muhammad Taqi Usmani (@muftitaqiusmani) May 20, 2019
The condition of rupee
The rupee continuous to slide down against dollar in the recent working days. Dollar rate was recorded as Rs 150 last Friday. Dollar climbs to Rs 152 in the interbank market. State Bank of Pakistan had cited rising rate of inflation due to devaluation of rupee. Widening fiscal deficit and widened potential adjustments to the utility tarrifs cause the rate hike.
Action of FIA against dollar hoarders
Federal Investigation Agency of Pakistan has launched a crackdown against those who launders money, hoards dollars as well as those involved in Hawala Hundi business. FIA, in a rade, has reportedly recovered Rs 1million of foreign currency.
What do you foresee the future of currency rate and price hike in the country? Let us know in the comment section below