SBP Governor hints at further devaluation of Pakistani Rupee

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SBP Governor hints at further devaluation of Pakistani Rupee

ISLAMABAD - State Bank of Pakistan (SBP) governor has indicated further devaluation of Pakistani Rupee keeping in view the gap between exports and imports.

Briefing the Senate’s Standing Committee on Finance and Revenue on the recent devaluation of the currency, SBP Governor Tariq Bajwa claimed that the central banks make adjustment as per demand and supply of dollar in the market.

“The exports of the country are recorded at $24 billion against the huge imports of $60 billion, a deficit of $36 billion. If imports are increased, the value of the dollar will subsequently jump in future,” he said, adding that in case the deficits go on in the same pattern, it will be difficult to avoid further devaluation.

During the meeting, Senator Mian Muhammad Ateeq said he agreed with the issue of appreciation and depreciation, but would like to know what ‘administrative’ measures are being implemented by the government, as “cash dollars are being flown out of three major airports” in Pakistan.