Rampant concerns about the health of the Pakistani economy, especially because the local currency shows no resistance against growing headwinds from a stronger greenback, have been the talk of the town for quite some time. After months of hearing that the country would have to make some stark choice if it wishes to avoid the impending default, the baton has finally appeared in sight and is in no mood to show mercy. A recent raid in Nowshera against two involved in illegal forex trading saw the FIA recover Rs 10 million on the heels of a grand operation against the “hub” of the hundi-hawala trade in Peshawar. Similar crackdowns are underway in all corners of the country as Islamabad tries in desperation to control the movement of interbank forces. It is perhaps a result of these efforts that the dollar rate continued to fall on Saturday in both currency markets, noticeably higher in the open market. Ongoing efforts to combat the smuggling of dollars could have paid off more substantially if taken earlier. As per data uploaded by the Pakistan Bureau of Statistics, the Pakistani rupee lost value from Rs 281 to the dollar to an unbelievable Rs 294 in just one month. If these figures are staggering for a country standing on the brink of utter collapse, reports of unavailability despite unprecedented highs could only be bemoaned as the proverbial last nail in the coffin. We are yet to step out of the shadows of disastrous Dar days and the preoccupation with manipulating the exchange rate even when there were no reserves to meet a month’s supply of imports. But, similarly worrisome was the general sense of impunity enjoyed by currency hoarders and consumers of illegal channels. What changed between yesterday and today that forced businesses all over to dump their supplies in the market and respect the writ of the state? Assuring a blueprint by military leadership or central bank stepping up to reinforce “strengthen(ed) governance, internal controls and compliance culture in the sector,” the magic mantra should not stop at the first sight of the tide settling down. Much more is needed to bring the ship out of choppy waters. *