KARACHI: Finance, Revenue and Economic Affairs Adviser to the Prime Minister (PM), Miftah Ismail, on Wednesday stated that Pakistani rupee had been devalued after thorough consideration, thought and precision.
In an interview with a private media channel, Ismai
l said that with due consideration to the prevalent economic conditions, US dollar’s price had been raised to Rs 115 by devaluing Pakistani rupee. He added tha
t the rate Rs 115 will stay til
l the market settles down.
Ismai
l said that it was noted tha
t the money exchange companies have a large margin to fill with the new rate of conversion bu
t the market will settle eventually a
t the set rate. He added that there was no need to devalue the currency in near future, hoping tha
t the currency will remain at its current value.
Ismail added tha
t the devaluation step had been applied so tha
t the issue of current account
s settled down with the decrease in imports and increase in exports. He also clarified that Pakistan was not entering any International Monetary Fund (IMF) programs this year or in the near future.
Earlier on Tuesday, Ismail tweeted tha
t the devaluation was step tow
ards success and economic growth that will increase our exports by encouraging domestic production without pressuring prices. He added that rate of economic growth if achieved will be the highest in 10 years and will bring about healthy foreign reserves by the year’s end.
