LAHORE: Yaseen Anwar, Governor State Bank of Pakistan, on Thursday dispelled the impression that recent devaluation of the rupee is due to government’s agreement with the International Monetary Fund (IMF).
Talking to media here, Anwar said that rupee’s devaluation has nothing to do with the IMF agreement, under which Islamabad will be given over $6 billion under an extended lending facility for the next three years.
“This is market driven and rupee devaluation is because of market forces,” Anwar said.
Pakistan’s rupee lost over 5 percent of its value against the US dollar in the last three months. The rupee hit a record low of Rs106 to a dollar yesterday in the kerb market.
SBP governor expressed the hope that the rupee will stabilize in the near-term as much-needed foreign inflows have started to pour in.
He said that first tranche of $544 million from the IMF has already been received while another over $130 million have been received from the Islamic Development Bank.
Anwar said that the country’s economy is improving gradually; adding international rating agencies have given favourable ratings for the country.