Despite inflation, some positive developments took place in country: Muzzammil Aslam

• Muzzammil Aslam says "despite crisis, country's foreign exchange reserves reached historic high level."
• He laments that currencies devalued across the world; “however, in Pakistan the issue was politicised.”
  
• Highlights that exports increased by 18% during last year,
  

ISLAMABAD: Finance Ministry Spokesperson Muzzammil Aslam on Wednesday said despite rising inflation in Pakistan there is some light at the end of the tunnel which was in the form of a surge in exports and historic high foreign exchange reserves.

Addressing a press conference, the spokesperson highlighted that exports increased by 18% during last year, meanwhile imports increased by 23% this year as compared to last year.

“Despite the crisis, the country's foreign exchange reserves reached a historic high level of $23 billion during this period,” Aslam said.

Aslam underlined that inflation in the country started rising in July 2021 and the trend will reverse as the government is taking measures to reduce inflation.

He further highlighted that a significant decline in prices of food items has been observed since the last few months, underlining that the price of flour has stabilised.

“However, the government is facing difficulty in reducing the prices of commodities which are being imported,” the spokesperson said.

Aslam was of the view that global inflation will decline in the coming days which will also impact reduce inflation in Pakistan.

Shedding light on the brighter side, he mentioned that price of eggs did not register a significant increase as compared to last year, adding that month-on-month inflation in December was in negative numbers.

Aslam highlighted that sugar is available across the country at the rate of Rs81 per kg, highlighting that price of edible oil has surged around the world and not only in Pakistan.

“Around 80% of Pakistan’s oil needs are fulfilled from imports,” he reiterated.

Shedding light on the foreign exchange reserves, he mentioned that during the coronavirus period, Pakistan's foreign exchange reserves touched a historic-high level.

“Pakistani rupee is also appreciating against the US dollar,” he said, adding that currencies were devalued across the world; “however, in Pakistan the issue was politicised.”

He added that economies all over the world are raising their interest rates but the State Bank of Pakistan (SBP) was criticised for its decisions.