Govt will squeeze those manipulating forex market: SBP chief

KARACHI: State Bank of Pakistan (SBP) Governor Jameel Ahmad Saturday said that market sentiments have considerably improved as reflected in the appreciation of the rupee, ARY News reported.

He made these remarks during a meeting with Federal Minister for Finance and Revenue, Senator Muhammad Ishaq Dar at Finance Division.

The meeting discussed the measures being undertaken for the stabilization and growth of the country’s economy, said central bank in its press release.

The governor SBP Jameel Ahmad extended felicitations to the finance minister on assuming the office and stated that with the arrival of the finance minister, the market sentiments have considerably improved as reflected in the appreciation of the rupee.

He was of the view that continuing efforts by the government and the Bank will further put a squeeze on those who were manipulating the foreign exchange market.

The SBP chief apprised the minister on different macroeconomic policy initiatives in line with the objectives of fiscal policy taken to achieve sustainable growth.

SBP is fully committed to support the process of economic revival as per the policies of the present government and assured the finance minister of his full support, he added.

On the occasion, Ishaq Dar commended the initiatives of the SBP on introducing digital banking in line with international best practices and Pakistan’s first Instant Payment System- Raast.

He also appreciated the role of the State Bank of Pakistan for the monetary stability and economic growth of the country.