The Finance Minister says imports to July 18 have been $2.6b, 20% below last year.
ISLAMABAD: (UrduPoint/Pakistan Point News-July 20th, 2022) Finance Minister Miftah Ismail has expressed government's resolve to keep imports and Current Account Deficit under control.
Taking to Twitter, Miftah Ismail wrote, “Imports to July 18 have been $2.6b, 20% below last year. We will end the month at $5.5b. The runaway imports from last year have come under control this month thanks to SBP measures. Will continue with these measures in the near term to ensure imports & CAD remain under control,”.
The reaction of the finance minister came at the moment when rupee has touched historic low of Rs225 against the US Dollar.
the greenback spiked sharply by Rs3.01 in the interbank market to settle at Rs 225. The USD is trading at Rs226-227 in the open bank market.
The State Bank of Pakistan (SBP) attributed the 11-rupee change in the exchange rate in just two days to the “market-determined exchange rate system”.
The political uncertainity is the major reason behind the sharp downfall of rupee.
According to SBP, a “better measure” of the rupee’s strength is the real effective exchange rate, which took into account the currencies in which Pakistan trades in inflation-adjusted terms.
The SBP also said that the upward trajectory of the US is a global phenomenon and it is not just about the rupee.
