Why Chowk Yadgar Currency Market in Peshawar is important?
The unlicensed offices and shops of the currency exchange in Peshawar's Chowk Yadgar have been sealed and 28 people have been detained.
Peshawar ( UAE News Updates – BBC Urdu Report )
The currency market at Chowk Yadgar in Peshawar, where until a few weeks ago there was a lot of buzz, currency bidding and dealers congregating, has now been completely sealed.
The Federal Investigation Agency (FIA) is conducting raids on unlicensed currency exchange offices in different areas of Khyber Pakhtunkhwa to prevent illegal trading of dollars and other foreign currencies.
The unlicensed offices and shops of the currency exchange in Peshawar’s Chowk Yadgar have been sealed and 28 people have been detained.
Last week, Pakistan’s Army Chief made important announcements in a meeting with businessmen. After that, the institutions came into action and action against Chowk yadgar currency market was taken to stop the high flight of the dollar. After these actions and the closure of the Pakistan-Afghanistan border, the value of the dollar has decreased by Rs 32 against the rupee.
According to the currency rate issued by the State Bank of Pakistan today, one US dollar has come down to 298 rupees.
There are also reports that institutions have also started taking action against those who are hoarding dollars so that when the price rises, they will bring it to the market.
How Many Currency Markets are there in Pakistan?
If three major currency markets are mentioned in Pakistan, then according to currency dealers, the currency market located at Chowk Yadgar Peshawar comes in the third place.
The first place is the currency market in Clifton area of Karachi and the second place is the currency market in Sawa Bazar, Lahore.
Karachi’s currency market is housed in flats within a building, while Lahore’s currency market is also housed within a building.
How does Chowk Yadgar currency market in Peshawar work?
The currency market of Peshawar Chowk Yadgar is located in an open crowded area. There are four hundred small shops and offices in this area where currency exchange is done. Few of them have regular license and operate under it but most of them do not have any license for this business.
Any dealer having any country’s currency comes to the open space and announces that he wants to sell the currency. The others put a price on it and the successful bidder is awarded that currency.
In this market of Peshawar, hundi and hawala has also been going on and this business is kept very secret so that the investigative agencies cannot know about it.
Before the formation of Pakistan, when there was trade between Delhi, Peshawar and Kabul, people came to do business and exchange money or coins at Chowk Yadgar Peshawar.