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In a high-profile meeting on Saturday, the Finance Minister of Pakistan, Miftah Ismail affirmed measures to curb the outflow of foreign exchange from Pakistan through informal channels.
This comes as the Pakistani rupee continues to witness a downward streak while the country's economy suffers harshly. Presiding over a meeting of the heads of major exchange companies, Miftah Ismail expressed the firm resolve of the government to ensure stability in the foreign currency market, Geo News reported. "The government is committed to taking all possible measures to keep the rupee vis-a-vis the dollar stable without interfering with the market mechanism," he added. The exchange companies presented a number of proposals to stabilise the forex market and improve the foreign exchange position in Pakistan, the minister stated further. Meanwhile, companies assured that if the measures were implemented, there would be appreciation and stability in the value of the rupee, according to Geo News. The finance minister assured the participants that all possible steps would be undertaken to protect and strengthen the economy of the country, which would result in improving the rupee value. However, in January 2020, inflation had risen to 14.6 per cent in the country, a local media report claimed, adding that the average inflation rate between July 2021 to January 2022 stood at 10.26 per cent. Besides politicians, traders, farmers, businessmen, and people from all walks of life have expressed serious concerns over the growing crisis and price hike in the country, making it difficult for the middle and working classes to survive, Dawn newspaper had reported. (ANI)
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