KARACHI: Finance Minister Miftah Ismail said in a talk on Tuesday that the pressure on the Rupee will vanish in a couple of weeks.
The Pakistani Rupee is in its worst condition of all time. Closing at 231.50 on Tuesday, the Dollar has now increased by Rs6 and now is closing at 237 on Wednesday.
In a one-on-one discussion with Mosharraf Zaidi, CEO of advisory services firm Tabadlab, Miftah Ismail said the inflows of dollars into Pakistan will soon be higher than the outflow, bringing a steady exchange rate. This will help the Rupee in its struggle against the Dollar.
While defending his import policy to downgrade the dollar outflow, Miftah said “Nobody is happy with the surgery, but sometimes it’s necessary,”. He repeatedly said that the fears of a sovereign default were exaggerated and that the policymakers knew “All the balls that have in the air”.
Mr. Ismail said that a policy will be there soon that will help in downgrading our imports gradually and exports will be up organically within three months.
He said that it’s not fun to go to the world, to the IMF, to the Chinese, or to the Saudis, asking for money.
Published by Tech Victims, July 27, 2022.