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The SBP and the government did not intervene directly to lower the value of the dollar: MiftahOUS News

SBP, the government did not intervene directly to lower the dollar: Miftah

Finance Minister Miftah Ismail stressed on Saturday that he and the State Bank of Pakistan had only “personally intervened” to depress the value of the dollar, citing market dynamics as the cause.

He told the Karachi Chamber of Commerce and Industry that he disagreed with a KCCI member’s claim that he was responsible for the dollar’s decline. “Neither the State Bank nor I personally intervened” (to lower the dollar). “It depends on supply and demand,” he explained.

In the interbank market, the rupee has gained 16.26 rupees against the US dollar since July 29. During his speech, Ismail reiterated the government’s intention to restrict shipments for the next three months, saying it was a necessity.

“We have put a ban on processor-powered automobiles, cell phones and household appliances that will remain in effect until September.” “The restrictions on [import of commodities with H S Codes beginning with] 84 and 85 are justified,” he explained.

However, the minister said authorities were looking to identify the goods used by exporters to make products and their shipment would not be halted.

He promised that the government had not suspended payments on any line of credit already opened and would not do so in the future.

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