Inside story Behind Denial of SBP and Finance Ministry on Economic Emergency
Since June 4, rumors of economic emergency in the country began to shake the economic field on social media, Until Sundayrumors of economic emergency, freezing of foreign currency accounts of banks, and withdrawals from Roshan digital accounts continued to circulate.
Rumors of economic emergency on social media have shaken SBP and Finance Ministry, Finance Minister Miftah Ismail’s tweet has brought the situation under control.
From June 4, rumors of economic emergency in the country began to shake the economic field on social media, Until Sunday, June 5, rumors of economic emergency, freezing of foreign currency accounts of banks, and withdrawals from Roshan digital accounts continued to circulate.
Those who spread rumors on social media did not even think that banking sector is closed on Sundays and who will withdraw money when banks are closed, but the flood of rumors was so fast that it put all the facts behind them.
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When the stock market opened on Monday, June 6, these rumors were common among stock market investors. In such a situation, the explanatory tweet of economic analyst Ali Khizar handled the situation a little.
After that, Finance Minister Dr. Miftah Ismail partially controlled the situation by tweeting, but by that time the dollar had become more expensive by Rs 2.38.
Rumors of an economic emergency have had a profound effect on the economy. The finance minister clarified that there was no economic emergency and that foreign currency accounts were not being frozen. Rumors of freezing Roshan digital accounts are also false.
Why do investors listen to rumors of economic emergency?
Now the question arises why the people, foreign currency account holders, investors, and traders took these rumors seriously, News 360 spoke to people from different walks of life in this regard. One thing in common.
That is, the history of PML-N is tarnished in foreign currency accounts and PML-N froze the foreign currency account after the May 28, 1998 bombings, and even then it was said that the government does not freeze the French currency account.
Even today, investors and traders are reluctant to believe Dr. Miftah Ismail’s words because Muftah Ismail, who two weeks ago announced not to increase the price of petrol, has increased the price of petrol by Rs 60 from May 27 to June 3.
