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State Bank concerned over political turmoil

KARACHI: The central bank has expressed concern over the political turmoil in Pakistan saying that the uncertainty has caused recent depreciation of the rupee, ARY News reported on Friday.

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Director Monetary Policy of State Bank, Hamza Malik has said that political turmoil has pushed the currency’s value down but termed it a transitory phase.

Malik told reporters at SBP that the stock market has also reflected that political uncertainty recently.

He said that the political protests will affect the supply chain, which will devalue the rupee and increase the inflation.

The central bank official however called the devaluation of currency a transitory phase, which will subside with coming inflows of dollar.

Terming the ongoing political unrest as a “temporary phenomenon”, the SBP official was upbeat that things would normalise when the prevailing “uncertainty” went away.

Replying a question he denied any stalemate in talks with the IMF. He said the three demands of IMF about the jurisdiction of the State Bank have been implemented.

The week-long standoff between the PML-N led federal government and Pakistan Tehreek-i-Insaf (PTI) and Pakistan Awami Tehreek (PAT) in the backdrop of their marches, has adversely impacted sentiments on the country’s stocks and money markets.

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