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Friday Jul 14 2017

Exchange rates in Pakistan must remain flexible, says IMF

KARACHI: The International Monetary Fund (IMF) on Friday said exchange rates must remain flexible after differences emerged between the State Bank of Pakistan (SBP) and the Ministry of Finance over the rupee's value. 

The head of the monetary institution in Pakistan, Herald Finger, said flexibility in exchange rates is important in order to balance accounts. 

He added that IMF has always wanted the central bank to be an independent institution. 

Sources in the banking industry said that SBP acted within norms when the rupee was devalued. 

Earlier, the SBP began a probe into the largest single drop in the rupee’s value against the US dollar in nine years on July 5.

Finance Minister Ishaq Dar had said responsible persons and entities would be identified and appropriate action would be taken against them in the national interest after the rupee plunged 3.1 per cent in the opening hours of interbank trade on July 5. 

The US dollar surged to its 2.5-year-high against the Pakistan Rupee in the interbank market on July 5 as it gained Rs3.12 to hit Rs108 after closing at Rs104.90 a day before.

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