Freezing foreign currency accounts “Baseless”: Shaukat Tareen

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Freezing foreign currency accounts “Baseless”: Shaukat Tareen

Updated at: 0254 PST, Thursday, October 09, 2008



KARACHI: The advisor to Prime Minister on Finance Shaukat Tareen has ruled out any news regarding the government’s decision to freeze foreign currency accounts while terming them as “Rumours and Baseless.”

Meanwhile, the State Bank has also dismissed rumours that it will freeze foreign currency accounts in the country, saying that it does not have the authority to do so.

State Bank chief spokesman Wasimuddin told Geo News that the State Bank lacks the authority to do so under the Foreign Currency Accounts Protection Bill-2001.

The State Bank's clarification comes amid panic amongst citizens, as rumours were rife that the central bank would freeze all foreign currency accounts to service the dwindling foreign reserves.

Geo TV