KARACHI - The ongoing political turmoil is affecting the money market, which is unable to fulfill the demand of intending pilgrims seeking Saudi currency ahead of Haj, The Nation has learnt.

Most of the dealers in money market are failing to provide Saudi Riyal to their customers due to high demand during Haj season.  The rate of Riyal is linked to the rate of dollar, which is already fluctuating in Pakistani market owing to political uncertainty.

Hanif Rind, a Haj tour operator, informed The Nation some private banks have also started the service of debit card especially to fulfill the demand of hajj pilgrims. He also informed that government hasn’t taken any decision yet regarding the maximum limit of carrying dollars for international passengers, which also is leading to rumors about the limit of cash for international passengers, disturbing or confusing the pilgrims.

Such rumors are confusing the passengers as the limit has reduced to $10,000 to $5,000 but, so far, there wasn’t any clear notification by the government especially for pilgrims.

M Shazad, an intending pilgrim who came back empty handed from a local money changer office, said that the dealer advised him to come back in second half because according to staffer they were facing shorage of Saudi currency owing to high demand.  Eman Zubair Khan, a money expert at Aerari, informed The Nation that actually the rate of Riyal is derived from the rate of dollar, which fluctuated after the start of political turmoil but now is controlled after initiatives taken by the State Bank of Pakistan.

Mailk Bostan, chairman Exchange Companies Association of Pakistan, said that there is no shortage of any currency in money market and most of the pilgrims had finished their buying of Riyals for Haj.

He informed that the effect of SBP’s warning to the private banks was seen in money market, resulting in recovery in rupee value. Any international passenger from Pakistan can borrow $10,000 dollars while the permission of SBP is needed for carrying extra money, he said.