State Bank Governor’s nomination due next week: Miftah

• The government will name the new governor of the State Bank of Pakistan (SBP) by the upcoming week.
• Finance Minister Miftah Ismail said the SBP was not responsible for the recent depreciation of the Pakistani Rupee.
• He acknowledged that the pressure on the rupee was also a result of the political crisis.

The government will name the new governor of the State Bank of Pakistan (SBP) by the upcoming week, according to Finance Minister Miftah Ismail’s remarks on Thursday.

The finance minister informed reporters during a news conference that the central bank was not responsible for the recent depreciation of the Pakistani Rupee. He was joined by Defense Minister Khawaja Asif.

The minister continued by predicting that in the upcoming month, the value of the rupee relative to the US dollar will stabilize.

The large import bill from the previous month, according to the finance minister, was one of the factors holding back the rupee.

He acknowledged that the pressure on the rupee was also a result of the political crisis that followed the PMLN’s crushing defeat in the most recent by-elections.

He stated that fewer fuel imports are anticipated for July, which will ease pressure on the local currency and result in a substantially lower import bill.

The coalition administration would forgo its political capital for the benefit of the nation, the finance minister said, adding that the economy is headed in the right direction.

Also Read

State Bank governor launches Asaan Mobile Account

KARACHI: State Bank of Pakistan (SBP) Governor on Monday launched the Asaan...