Unfair exchange
I wish to draw the attention of the State Bank to the fact that MCB has its own unfair and lower exchange rate for dollars received from abroad. On August 9, for instance, the exchange rate according to the State Bank website (and those of other banks) was Rs105.39, but MCB was giving only Rs103.30. A person receiving a thousand dollars on the said date would receive Rs2,000 less than if the money had come to any other bank. The question is, why is MCB indulging in this blatant injustice? Why would anyone want to remit precious foreign exchange to someone with an MCB account? The State Bank should look into this matter and direct MCB to exchange dollars at the rate specified by on its website at the time.
Shakir Lakhani,
Friday Times, September 22, 2017