ISLAMABAD – Prime Minister of Pakistan Imran Khan seemed irked with theuninformed sudden spike in dollar rate that caught him with surprise.
PM Khan has asked the State Bank of Pakistan (SBP) to inform in advance incase of any changes in the US dollar rates.
According to Bloomberg, Prime Minister Khan told reporters on Monday thathe found out about the devaluation through press reports and that theplanned committee will help the central bank smooth currency volatility.
Pakistan’s government plans to make the central bank report any plannedcurrency adjustments to a committee, a move seen to curb the regulator’sindependence as the nation negotiates an International Monetary Fundbailout, Bloomberg claimed.
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This “would clearly mean curtailing the powers of the central bank inindependent decision-making,” said Amreen Soorani, the deputy head ofresearch at JS Global Capital Ltd. in Karachi. “It will be a clear negativefor the economy and it might create a bottleneck in the IMF negotiations.”
