KARACHI: Fearing a devaluation of the rupee, Pakistanis have started piling up dollars in their foreign currency accounts.
This has resulted in an increase of $1.2 billion in foreign currency deposits of commercial banks in just four months.
Bankers and currency dealers were unanimous in their opinion that the sudden rise in the reserves of commercial banks was because of the conversion of the local currency into dollars.
Bankers link growing demand for the greenback to fears of an approaching devaluation
Reserves of commercial banks rose to a record high of $5.9bn on Sept 22 against $4.7bn in May.