The Governor for State Bank Pakistan (SBP) Tariq Bajwa, following a meeting of National Assembly Standing Committee on Finance, has declared that the Rupee has fallen from 3% to a new low at 5% since its depreciation in July this year.
Governor Bajwa described this current state of the Rupee versus the Dollar as “near equilibrium.” He said that “the Rupee is at its fair value.”
According to SBP, it is fairly plausible that further depreciation of the rupee might not occur, although the market will decide the value and nothing can be said for certain.
Revealed by Dawn, other updates on the present economic stature of Pakistan include:
Regarding the absence of a finance minister, the National Assembly’s Standing Committee expressed displeasure about the lack of government involvement in fiscal evaluations at present and even put forward the name of Parliamentary Secretary of Finance Rana Muhammad Afzal for the missing office.
Based on previous statements by former finance minister Hafeez Pasha, which suggest subsequent financial crisis for Pakistan, it appears that the committee is attempting to lower pressure while not outright denying uncertainties.