Devaluation: Remittances keep rupee from diving

ISLAMABAD:

The continuous growth in remittances over the last few years has consistently kept a check on free fall of rupee against dollar said a senior National Bank of Pakistan (NBP) official.

NBP Senior Executive Vice President Khalid Bin Shaheen in an article ‘Banking industry’s role in preventing weakening of rupee against dollars’, said that with the depreciation of the rupee, its exports become cheaper thus increasing demand for its goods internationally.

“However, there are no apparent benefits of depreciation of currency to the Pakistani economy and to the common man in general.”

Published in The Express Tribune, August 25^th, 2012.