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Foreign currency account,

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   ahsan
Monday, June 6, 2011 08:55 AM 
Reply: >
I want to open a FC account.Can someone describe the benefits of having such an account.Is it just like a current account and any amount can be withdrawn anytime.My understanding is that it is just like purchasing some dollars and keeping them in a locker, when the dollar goes up you can encash them.If i deposit 1000 dollar today and after say 5 years it will be 1000 dollars or with rupee devaluation, the dollar amount will decrease.
nadeem Khawaja replied on Monday, June 6, 2011 01:38 PM 

hi, in medium term us dollar will depreciate and so pakistani currency , however if this government or similar financial circumstances prevail with inflation over 20% then you stand better with dollar however basket of currency will be better bet. wait for euro to come down and then buy . chinese currency is aslo good buy so as japanese yen .
Jameel replied on Monday, June 6, 2011 05:05 PM 

with fC acout your money remain in Dollars what ever value.
Minimum Balance needed in UBL and That is 500, if less than this there is some deduction per month,
There is nominal profit less than 2% if amount is more than 500.
No Zakat deduction
MYK replied on Monday, June 6, 2011 07:52 PM 

If you have big pile of money, then definitly do NOT keep it in PKR!
Unfortunately, i do not see anything going right for PKR for the time being, or even in near future...huge budget deficits, foreign loans, power issues, security problems and so on..
You can have FC account for USD, GBP, EUR i believe. But you can also use locker to keep other currencies.
Advice replied on Tuesday, June 7, 2011 02:46 AM 

Please convert your money into GOLD, because :

1. Today Dollar is also one of the unsafe currency due to Economic conditions of US

2. Gold is now becomming International currency as people all over the world are going from paper currency to Gold

3. Supporting Dollar is actually supporting US in their evil cause

4. Trading Currency for profit is also a form of Riba (Sood)
Haroon_KSA replied on Thursday, June 9, 2011 07:18 PM 

GOLD ACCOUNT ...

Dear all, do we have any provision in pakistan to open the gold account in banks. If yes, please share some details.
Or any gold bond facility ...

Please advise.
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