Pakistan under economic pressure, Deputy Governor SBP

Islamabad: The Deputy Governor State Bank of Pakistan (SBP) said that the country has been suffering from severe economic pressure in recent times.

During the briefing to the participants in the meeting of Senate Standing Committee (SSC) on Finance under the chairmanship of Senator Salim Mandviwala, the Deputy Governor State Bank said that the exchange rate will stabilize soon.

The Deputy Governor of SBP stated: “Commercial banks buy dollars from each other to open LCs, hopefully the caretaker government is looking at the current situation and will take action in this regard”.

Senator Kamal Ali Agha added since the regime of caretaker government started, the dollar became expensive by Rs23 in the market, we are getting any answer for the situation. The Standing Committee on Finance has decided to summon the caretaker Finance Minister in the next meeting.

It is pertinent to note that the value of US dollar continues to increase against the Pakistani rupee. According to the data released on Twitter, the social media website of SBP, during the third business day of this week, the value of US dollar increased by 0.63 against the rupee.

According to State Bank of Pakistan, the price of dollar rose to Rs299.64 from Rs299.01 in the interbank yesterday (Wednesday).