April 13, 2006	Thursday	Rabi-ul-Awwal 14, 1427

KARACHI, April 12: Strikes and fear of violence paralysed normal life in Karachi on Wednesday. The banks’ head offices were open but attendance was hardly 10 per cent. Bankers said the main reason for low attendance was non-availability of public transport.

“Since the businesses were closed all over the city, there were hardly any banking transactions said Saeed Alam, a banker.

“If businesses are closed and banks do not work properly, it is like a break off trade relations with the whole world,” said Abbas, a businessman. He was of the view that the temporary cut-off sent wrong signals abroad. He said the explosions at religious gatherings hurt the image of the city and country.

The recent mega event of Expo Pakistan in Karachi— that attracted people from over 50 countries—and the World Social Forum participated by foreign delegates earlier projected a peaceful and serene image of the city. The Tuesday explosion, unfortunately, again created apprehensions among the intending foreign visitors to the city.

“We have been facing image problem for more than two decades that has started to change for the better after a long time and it is expected to attract foreign investment, buyers and visitors,” said a telecommunications expert. He said the explosion had damaged the image of the city.

Traders and exporters said the explosion would deploy thousands of Police and Rangers in the city for security purpose and check posts would appear at central locations. They said this would alone produce an image of the city under siege.

Though the head offices of all banks were open but most of the branches were either closed or partially open. Very few people were found visiting banks’ branches.

Bankers said that the inter-country transactions were made but they were also in small numbers and the businessmen and common citizens did not turn up. They said the closure of Karachi Stock Exchange also slowed down banking activities. After the explosion and the subsequent strike called by the religious parties, KSE announced that it would remain closed on Wednesday.

It was also observed that the business community was afraid that the strikes could prolong, if the situation turned violent at any stage. Banks’ branches at Gulshan-e-Iqbal, F B Area, North Nazimabad, New Karachi, Malir, Sharah-e-Faisal, Saddar, Grumander, and other areas were either closed or partially opened.

Travellers and patients requiring immediate cash for emergency purposes were found themselves in a difficult situation as they failed to get money from their respective banks branches. Patients at private hospitals could not get treatment without depositing medical fee in advance for emergency treatment.

Currency market was also out of business. Open market and exchange companies did not open their branches. However, inter-bank currency market did very little business.

Currency dealers said neither the buyers nor sellers were in the market. They said only few deals were made during the early hours.

“The market opened at Rs59.98 per US dollar and few deals were made at Rs59.99, but finally it closed at Rs59.96,” said Atif, a currency dealer.

The currency dealers said the decline in dollar prices did not reflect the impact of the explosion and strike in Karachi but it was because of absence of the market players.