The IMF has asked Pakistan to end state control of the rupee. PHOTO: FILE
KARACHI: The rupee remained stable against the dollar at Rs141.2/Rs141.7 in the inter-bank market on Wednesday compared with Tuesday’s close of Rs141.2/Rs141.7, according to forex.pk. Earlier in March, the State Bank of Pakistan (SBP) let the rupee depreciate in the inter-bank market ahead of an expected agreement with the IMF for a loan programme. The IMF has asked Pakistan to end state control of the rupee and let the currency move freely to find its equilibrium against the US dollar and other major world currencies. Also, the World Bank, which finances some of the infrastructure and social safety net projects in Pakistan, has supported the idea of leaving the rupee free from state control in a bid to give much-needed boost to exports and fix a faltering economy. Cumulatively, the rupee has shed 33.4% of its value since December 2017.
Published in The Express Tribune, April 18th, 2019.
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