Like Bangladesh, the govt and State Bank of Pakistan should also identify banks involved in dollar’s manipulation for their vested interests.
Economy
ISLAMABAD: Finance Minister Miftah Ismail said the government has successfully averted Sri Lanka-like situation in the country. He also said…
The central bank of Bangladesh said that the treasury chiefs inflated the greenback rate by preserving dollars more than the regulatory requirement.
The value of dollar is constantly falling for the 5th consecutive day and in open market, the greenback value crashed because of rush of sellers. Thus, in the past five days, dollar’s value in the open market has dropped by 34 rupees, from 250 to 218 on Friday.
News about IMF board meeting in August, rescheduling of Chinese debt and increase in Saudi oil supply on deferred payment have made the stock market bullish and encouraged rupee to regain its lost value against the US dollar gradually.
He said the government was facing a very difficult task of ending oil and power subsidies as the country needed the financial support of the International Monetary Fund
Chinese authorities have extended Pakistan’s $2 billion loan in State Administration Foreign Exchange (SAFE) deposits for a year, according to…
SBP has also started conducting mystery shopping exercise throughout Pakistan to investigate the apprehensions that some ECs are not selling foreign currency to their customers.