Daily Times

KARACHI: Finance, Revenue and Economic Affairs Adviser to the Prime Minister (PM), Miftah Ismail, on Wednesday stated that Pakistani rupee had been devalued after thorough consideration, thought and precision.

In an interview with a private media channel, Ismail said that with due consideration to the prevalent economic conditions, US dollar’s price had been raised to Rs 115 by devaluing Pakistani rupee. He added that the rate Rs 115 will stay till the market settles down.

Ismail said that it was noted that the money exchange companies have a large margin to fill with the new rate of conversion but the market will settle eventually at the set rate.  He added that there was no need to devalue the currency in near future, hoping that the currency will remain at its current value.

Ismail added that the devaluation step had been applied so that the issue of current accounts settled down with the decrease in imports and increase in exports. He also clarified that Pakistan was not entering any International Monetary Fund (IMF) programs this year or in the near future.

Earlier on Tuesday, Ismail tweeted that the devaluation was step towards success and economic growth that will increase our exports by encouraging domestic production without pressuring prices. He added that rate of economic growth if achieved will be the highest in 10 years and will bring about healthy foreign reserves by the year’s end.