Pakistan has decided to continue purchasing dollars from the spot market in the new fiscal year, after buying $2.9 billion in the previous year, aimed at building foreign currency reserves, and reversing appreciation of real effective exchange rate which had made its exports uncompetitive, sources claimed.
The continued spot market operations by the State Bank of Pakistan (SBP) may also bring the value of Pak rupee against the US currency under pressure.
From July through March, the rupee shed its value by 3% against the US dollar, showed a recent report of the International Monetary Fund (IMF).
Pakistan and the IMF have also agreed to increase the Net International Reserves – the net official foreign currency reserves excluding all reserves related liabilities, by another $1 billion to $8.3 billion for end-September period.
WHAT HAPPENS TO $20 BILLIONS ANNUALLY PAKISTANIS ABROAD REMIT TO PAKISTAN FOR FREE ????????????
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