Artificially maintaining high value of rupee damaged economy: Asad Umar

KARACHI: Finance Minister Asad Umar on Friday refuted reports about talks with the International Monetary Fund (IMF) about the exchange rate target, ARY News reported.

Addressing a ceremony at Pakistan Stock Exchange in Karachi by video link from Islamabad, the finance minister said that artificially maintaining the rupee’s value at high level, has damaged the economy.

He said the State Bank of Pakistan has also stated that the value of rupee has been in equilibrium now and in tune with the market. He said in the past, rupee was kept artificially high.”

“We have not spoken to the International Monetary Fund regarding the exchange rate level,” he clarified.

He urged, “Rumours should not be spread and don’t waste money in buying dollars, invest it in the market.”

Umar said that the incumbent government has taken various difficult decisions in the larger interest of the country.

He said this government want to work according to the system worldwide and change will be introduced in phases.”

He also said that the work on the National Finance Commission has also been started.

The finance minister said,” We know the difficulties faced by the economy and practical steps needed for economic improvement.”

He said Pakistan has a smaller economy. The world market holds trillions of dollars, while the volume of Pakistan’s economy is around 300 billion dollars, he said.

The minister said, the Pakistani companies only meet the domestic needs. ” We have to get out of the traditional official thinking and to work with the world in tandem.