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ISLAMABAD: Finance Minister Dr Miftah Ismail Wednesday said that the government interventions in foreign exchange (forex) market cannot be made to control the rate of dollar in light of the commitment with the International Monetary Fund (IMF), well-informed sources told Business Recorder.

On Wednesday, the rupee closed at Rs236.02 against US dollar in interbank market as political uncertainty continues in the country.

Sharing his views on rising USD exchange rate and the consequent pressure on forex reserves at a high-level meeting, Miftah said that finalization of modalities to rationalize electricity tariff has led to a delay in the first tranche from the IMF.

He maintained that pressure on forex is due to demand for payments against the import bill from last month, worth $7.5 billion, adding that 2 billion litres of diesel is available with the country and the import bill for diesel is expected to be much lower next month. Similarly, there is no shortage of furnace oil for the current and next month, and therefore, energy related import pressures would be significantly lower in the coming months.

New IMF precondition

On current appreciation spree of dollar verses Pakistani rupee, he said that the government interventions in forex market cannot be made to control the rate of dollar in the light of commitment with the IMF, however, all other regulatory enforcement measures with the banks and currency exchange companies were being ensured.

He further stated that there had been an improvement in the tax returns during the last three months, adding that measures for agriculture sector with tax breaks would lead to improvement in agricultural produce. It was assured that the issue of US dollar rate and pressure on forex reserves will be alleviated and the exchange rate expected to stabilize from August onwards.

Copyright Business Recorder, 2022

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NoJustice Jul 28, 2022 05:50am
And this commitment was made by PTI when it amended SBP act last year despite protests of most experts.
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Bilal Shaikh Jul 28, 2022 12:07pm
Supreme court should take suo moto notice against negligence and mismanagement of Coccomo ministry and SBP . Transparency and equal opportunity is not insured in this serious crisis.
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Waleed Jul 28, 2022 04:53pm
@NoJustice, Come on my friend. these are not commitments but important structural milestones.
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Hussain Naqvi Jul 29, 2022 01:43pm
AslamoAlikum: Business Recorder is widely read by the financial professionals. My humble request to all the experts to think on "Pkr Pigged". Regards
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Muftah Jul 30, 2022 09:35am
These 12 parties looters know only to destroy country. They are not able to run the country.
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Hassan Jul 30, 2022 12:53pm
یہ صورتحال کی حماقت ہے: - آئى إم ایف (IMF) کا قرضہ 6 یا 8 ارب دالر ہےصرف امپورٹس کے لیے - کوکنگ ائل پر 3.6 ارب امریکی ڈالر خرچ گئے گے ہیں ہر سال - 3.3 ارب امپورٹ گاڑیوں کےلئے - چائے، کافی، کریمر، اور کوکو ( چاکلیٹ) کی پر 1 ارب - چینی، تمباکو پر 0.5 ارب (اس حقیقت کے باوجود پاکستان مقامی طور پر فی کس 21 چمچ چینی روزانہ پیدا کرتا ہے، پھر بھی ہم مزید چاہتے ہیں) سالن کا ڑوب کےلئے تیل، سافٹ ڈرنکس، مٹھائی، کرک چائے، کریمی موکا کافی، چاکلیٹ، سگریٹ، بی ایم ڈبلیو (BMW) گاڑی کی خاطر ہم آنے والی نسلوں کو مقروض کر رہے ہیں اور ملک کا دیوالیہ کر رہے ہیں. صرف سیاستدانوں پر الزام مینگائ کا نا لگائیں، اپنے عادات اور خرچ بدلیں۔ امپورٹ والے اشیاء کم خریدیں!!
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