ISLAMABAD: After a week of falling against the dollar, Pakistan’s rupee, Finance Minister Miftah Ismail promised on Saturday that his country would do everything it could to keep the local currency and foreign exchange markets in good order.
Miftah Ismail, who presided over a meeting of the CEOs of key exchange businesses, expressed the government’s resolute determination to maintain stability in the foreign exchange market.
To maintain rupee-to-dollar stability without interfering with market mechanisms, the government is “committed to taking all necessary actions,” he added.
This meeting was also attended by the Deputy Governor of the State Bank of Pakistan (SBP) and other senior SBP officials.
The currency exchanges put out several ideas to help stabilize the foreign exchange market and enhance Pakistan’s overall foreign exchange status.
A statement stated that there had been discussion about making it easier for Pakistanis to send money home. They proposed measures to limit Pakistan’s outflow of foreign currency via informal channels.”
The exchange businesses promised that the rupee’s value would rise and remain stable if the steps were adopted.
He told the audience that every measure necessary would be taken to safeguard and improve the country’s economy, ultimately leading to an increase in the value of the rupee.