Pakistan under emergency banks closed (fwd)

Altaf Bhimji altaf at wco.com
Thu May 28 16:49:11 PDT 1998


Dough, any thoughts on this?

altaf -----------------------------

* ISLAMABAD, May 28: President Mohammad Rafiq Tarar on Thursday

promulgated emergency in the country under article 232 of the

constitution with immediate effect in view of a threat of external

aggression.-AFP.

* The government has imposed a freeze till further orders on the

withdrawal of foreign exchange from foreign currency accounts,

Finance Minister Sartaj Aziz said on Thursday.

Mr Aziz, however, said the depositors could withdraw any amount

from these accounts in local currency after Friday, as there would

be no bank transactions in the country on Friday.

* The five nuclear tests sparked foreigners selling at the fag-end

of the session, leading the stock market to its new lows.



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