Dar reports increased confidence in Pakistani rupee

Dar says inflation has gone down, IMF accepts that prices of essential commodities have reduced.

ISLAMABAD: Commenting on the appreciation of the rupee, Finance Minister Ishaq Dar said that confidence in the Pakistani rupee has increased.

“We should have confidence in our own currency,” he told the media in Islamabad on Wednesday, adding that foreign investors are attracted to countries with a stable currency.

His address comes a day after the US dollar depreciated against the Pakistani rupee, reaching a 9-month low.

Dar said that overall prices have gone down and the inflation rate has remained at 8.6 percent  for the last 8 months. The International Monetary Fund has also recognised that prices of essential commodities have reduced in the country, he said.

Expressing his satisfaction with the economy's progress, Dar said that exports have jumped to 16.86 billion dollars, registering a 6.2 percent growth since last year.

Remittances have also increased 11 percent since last year and 10.24 billion dollars were remitted from abroad during the last eight months compared to the 9.23 billlion received in the eight months prior to that, Dar stated.

Dar told media that revenues from tax are also up from last year, registering an average increase of 17.7 percent.

He further stated that the fiscal deficit has also seen a decline from 4.1 percent to 3.1 percent.