Governor of the State Bank of Pakistan (SBP) Jameel Ahmed has told Finance Minister Ishaq Dar that the exchange rate has been stabilized after the measures that were taken by authorities.
Governor SBP met with the Finance Minister at the Finance Division on Monday, according to a statement from the Ministry of Finance. Both had discussed measures for economic stability, recovery and development of Pakistan.
Coordination between fiscal and monetary policy was also discussed between the two, read the statement.
Governor SBP told the Finance Minister that because of the government’s continuous efforts and SBP’s policy measures the value of the local currency has been stabilized while the volatility of the exchange rate was curbed.
The rupee has gained by Rs0.26 to reach on 221.66 against the US dollar in the interbank market. The local currency has been showing back-to-back gains on Monday after 0.12 percent appreciation in the interbank market.
Overall, the rupee remained largely stable in the previous week during which it had appreciated by 0.25 percent. The recovery in the value has been attributed to the $1.5 billion from the Asian Development Bank (ADB) coupled with the narrowed trade deficit.
The Finance Minister expressed satisfaction with the steps taken for economic development. Dar said that sustainable growth and stability could only be achieved by syncing the monetary policy with the financial policy.