BusinessIt is not in our power to control dollar value: Miftah Ismail

It is not in our power to control dollar value: Miftah Ismail

ISLAMABAD: Finance Minister Miftah Ismail has ruled out any possibility of capping the dollar at a fixed rate against the rupee without committing to an exact time frame for implementing dollar inflows from friendly countries. While rejecting, he said that the exchange rate of the free market will be maintained.

It is not in our power to control the value of the dollar, we cannot limit the US dollar because it is against the rules and regulations of the IMF and WTO and the free market will be maintained in the country.

Political instability and emotions have put pressure on the exchange in the last three days. Khawaja Asif said that the import of coal from Afghanistan will start soon to meet the need of power plants.

In a joint press briefing with Defense Minister Khawaja Asif on Thursday, Miftah Ismail said that it is hoped that the exchange rate will return to normal next month.

Asked about the exact time frame to implement dollar inflows to stabilize the market, Miftah said that multi-billion dollar transactions and deals cannot be implemented in three days, so it It will take some time and the media will be informed about it after giving the final shape.

The government’s measures to control inflation are proving to be beneficial, the governor of the State Bank will also be appointed next month, as a result of the policy of reducing imports, 2.5 billion dollars in foreign exchange has been saved in the import bill this month and the import bill Compared to 7.4 billion dollars in June, it will be 5 billion dollars in the month of July.

An agreement has been finalized with the IMF, along with board approval, loans are also going to be received from the Asian Development Bank and the World Bank.

Related Stories

The government increased the prices of petroleum product

The government has increased the prices of petroleum products for the next 15 days, the new prices of petroleum...

Petrol Rs 7.54 and diesel Rs 9.84 likely to be expensive from July 1

The government is likely to increase the price of petrol by Rs 7.54 per liter and the price of...

State Bank reduced the interest rate after 4 years

The State Bank of Pakistan (SBP) has announced a reduction in interest rates after four years. The Monetary Policy...

Trending on DiariesPK