ISLAMABAD – State Bank of Pakistan (SBP) governor has indicated furtherdevaluation of Pakistani Rupee keeping in view the gap between exports andimports.
Briefing the Senate’s Standing Committee on Finance and Revenue on therecent devaluation of the currency, SBP Governor Tariq Bajwa claimed thatthe central banks make adjustment as per demand and supply of dollar in themarket.
“The exports of the country are recorded at $24 billion against the hugeimports of $60 billion, a deficit of $36 billion. If imports are increased,the value of the dollar will subsequently jump in future,” he said, addingthat in case the deficits go on in the same pattern, it will be difficultto avoid further devaluation.
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During the meeting, Senator Mian Muhammad Ateeq said he agreed with theissue of appreciation and depreciation, but would like to know what‘administrative’ measures are being implemented by the government, as “cashdollars are being flown out of three major airports” in Pakistan.
