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Economist points out anomalies in dollar sale

Author : | Published: Wednesday, January 20, 2016

An economist says inconsistency in auctioning of the hard currencies to the commercials banks is making economy more unstable.

Commercial banks that win the bidding allegedly do not get the money immediately.

Dr Kenyi Spencer argues that this irregular supply of dollars by the Central Bank has created scarcity of the US dollars in the market.

“When they [commercial banks] go to get their money, they don’t get either the amount they have won or they are told to come after a number of days,” Dr Spencer told Eye Radio’s Dawn show.

“Some get, others don’t and this is our worry.”

Eye Radio could not reach the Central Bank for comment.

The Central Bank sold $20 million to commercial banks through an auction in December 2015.

The auction came two days after the bank devalued the Pound. It abandoned the official exchange rate of 2.96 against the US dollar, for the parallel market rate, which was at 18.5.

The sale of dollars by the bank was aimed at easing the US dollar scarcity in the country.

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