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THE TALE OF FREEZING FOREIGN CURRENCY ACCOUNTS IN PAKISTAN

Keywords: FCAs , Pakistan , Nuclear explosions , Foreign aid , May 1998.

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Abstract:

Foreign exchange reserves help in maintaining the balance of payments, hence assured the financial stability ofa country. The intention of the study is to observe the reasons and impacts of freezing foreign currency accounts (FCAs) in Pakistan economy in May 1998 after nuclear explosions. The approach to this paper is to answer the questions such as’’ why was it essential for Pakistan to conduct nuclear explosion”? ‘’ Which countries had imposed sanctions against Pakistan and what was it impacts?’’. ‘’What are the reasons relatedfreezing the foreign currency accounts and the impacts of freezing the foreign currency accounts on Pakistan economy?’’. ‘’How did the Government handles the situation?” This paper concludes that Pakistani government could not handle the affair in an appropriate manner which leads to the brutal economic nuisanceboth internally and externally. The stock market was crashed because the investors lost their confidence. This study is beneficial to the academicians, depositors, bankers, politicians and policy makers for the development of the economy.

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