ISLAMABAD: Minister for Finance and Revenue Miftah Ismail has said that government will introduce string of policy measures in coming days, which would stabilise currency market, refraining from disclosing actions that would be taken. He admitted that there is a shortage of dollars in market. “Earlier in August, dollar rates offered at kerb market were lower than in inter-bank.

However, a rise in demand for dollars from Afghanistan has driven up rates. Thus, greenback inflow coming from kerb into inter-bank market has dwindled,” he said. Miftah said government would adopt measures to bring dollar rate downwards and unlike previous government would not resort to any knee-jerk or populist decisions. He without naming banks in question said certain institutions have taken advantage of ongoing market volatility and are involved in selling dollars at higher rates. “Prime Minister has taken notice of this and has demanded a report from central bank governor.

State Bank of Pakistan has also issued show-cause notices to eight banks. After due process, these banks will be penalised. We will hurt these banks.” On curbing speculation in currency market, Miftah said that there is a need to take both administrative and market-based measures. Miftah said government is taking measures to revitalise economy. “After floods, we need to redouble our efforts.–Agencies

Published in The Daily National Courier, September, 14 2022

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