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devaluation

Dollar’s value related with market conditions: SBP governor

LAHORE: Governor State Bank of Pakistan Tariq Bajwa has said that the exchange rate moves on demand and supply in market thus the rate of dollar related to the market conditions. Addressing a ceremony at introduction of the One-link system in Punjab Revenue Authority, the central bank governor said the digitization is the part of the government plan, "We are moving towards all payments of amounts through digital online payment." He said the value of dollar is related with the market conditions adding that Finance…

Warning about inflation, Imran says currency depriciation to directly affect masses

MIANWALI: Pointing towards recent devaluation of Pakistani rupee against dollar, Chairman Pakistan Tehreek-e-Insaf (PTI) Imran Khan on Monday said the currency depreciation would directly affect the masses. "The depreciation of Pakistani rupee multiplies our foreign debts and to tackle this situation more taxes are imposed resulting in high costs of commodities," he said while addressing a public gathering in Mianwali, his hometown. He said the biggest problem facing Pakistan was surge in debts.  Comparing…

Warning about inflation, Imran says currency depreciation to directly affect masses

MIANWALI: Pointing towards recent devaluation of Pakistani rupee against dollar, Chairman Pakistan Tehreek-e-Insaf (PTI) Imran Khan on Monday said the currency depreciation would directly affect the masses. "The depreciation of Pakistani rupee multiplies our foreign debts and to tackle this situation more taxes are imposed resulting in high costs of commodities," he said while addressing a public gathering in Mianwali, his hometown. He said the biggest problem facing Pakistan was surge in debts.  Comparing prices of…

Pakistani rupee weakens sharply against dollar

ISLAMABAD: Pakistan's rupee weakened sharply against the dollar on Tuesday in what appeared to be a currency devaluation by the central bank, traders said, the second such intervention in the last three months. The rupee plunged to about 115.5 per dollar in early trading from 110.5 at Monday's close, traders said. The State Bank of Pakistan devalued the local currency by about 5 percent in December amid balance of payments pressures due to a widening current account deficit and dwindling foreign reserves. The market…

IMF says devaluation of Pakistani rupee helpful for economic growth

ISLAMABAD: The International Monetary Fund (IMF) on Thursday welcomed Pakistan’s recent devaluation of its currency, calling it important for economic growth. “Continued exchange rate flexibility will be important to facilitate external adjustments to support exports and economic growth,” Harald Finger, who led an IMF staff mission’s visit to Islamabad, said in a media briefing at the end of his visit. The rupee started weakening after the central bank withdrew its support for the currency last Friday. Since then, the…