7 Pakistani banks earned Rs 22 billion in 3 months from foreign exchange

 Habib Bank has earned Rs 4.4 billion, Allied Bank Rs3.5 billion, Bank Alfalah Rs3.4 billion and United Bank Rs3.3 billion   

Renowned Pakistan economist and analyst Dr Farrukh Saleem has revealed that 7 largest Pakistani private banks earned Rs22 billion in three months through foreign exchange trading. In a tweet today, he shared the the details of profits earned by big Pakistani banks in April, May and June 2022.

The banks include Habib Bank, Allied Bank, Bank Alfalah, United Bank, MCB, Meezan Bank and Bank al Habib. Habib Bank earned the most profit of Rs4.3 billion in three months. Allied Bank earned Rs3.5 billion, Bank Alfalah Rs3.4 billion, United Bank Rs3.3 billion, MCB Rs2.9 billion, Bank Al Habib Rs2.5 billion and Meezan Rs2.3 billion through the manipulation of interbank foreign exchange of dollar.

This is another example that how big business manipulate the market. The banks have earned billions of rupees through the manipulation of foreign exchange market. They earn this huge money through speculation. The market is not so free as we are told everyday. The big players manipulate the market and exploit the consumers. The people of Pakistan paid the ultimate price of this manipulation and speculation. 

In his tweet, Dr Farrukh has said that banks make money while everyone suffers.  Dr Farrukh Saleem in his tweet said the following- @SaleemFarrukh;

1-These 7 banks collectively made a wholesome Rs22 billion in earnings through foreign exchange in just 3 months

2-That is 'unnatural profit growth'

3. That means INFLATION for a common Pakistani

4-Banks 'make money' everyone suffers

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