AVN 67.05 Increased By ▲ 1.85 (2.84%)
BAFL 31.05 Increased By ▲ 0.31 (1.01%)
BOP 4.88 Increased By ▲ 0.08 (1.67%)
CNERGY 3.78 Increased By ▲ 0.07 (1.89%)
DFML 14.49 Increased By ▲ 0.28 (1.97%)
DGKC 41.61 Increased By ▲ 0.56 (1.36%)
EPCL 46.22 Decreased By ▼ -0.23 (-0.5%)
FCCL 11.63 Increased By ▲ 0.23 (2.02%)
FFL 5.11 Increased By ▲ 0.06 (1.19%)
FLYNG 5.80 No Change ▼ 0.00 (0%)
GGL 10.40 Increased By ▲ 0.07 (0.68%)
HUBC 67.54 Increased By ▲ 0.67 (1%)
HUMNL 5.77 Increased By ▲ 0.06 (1.05%)
KAPCO 28.00 Increased By ▲ 0.24 (0.86%)
KEL 2.29 Increased By ▲ 0.09 (4.09%)
LOTCHEM 25.06 Increased By ▲ 0.16 (0.64%)
MLCF 21.67 Increased By ▲ 0.23 (1.07%)
NETSOL 86.06 Increased By ▲ 2.46 (2.94%)
OGDC 92.38 Increased By ▲ 6.48 (7.54%)
PAEL 11.06 Increased By ▲ 0.05 (0.45%)
PIBTL 4.23 Increased By ▲ 0.01 (0.24%)
PPL 80.15 Increased By ▲ 5.67 (7.61%)
PRL 13.64 Increased By ▲ 0.21 (1.56%)
SILK 0.89 Decreased By ▼ -0.03 (-3.26%)
SNGP 43.47 Increased By ▲ 3.07 (7.6%)
TELE 5.93 Increased By ▲ 0.07 (1.19%)
TPLP 15.82 Increased By ▲ 0.42 (2.73%)
TRG 114.88 Increased By ▲ 3.47 (3.11%)
UNITY 13.76 Increased By ▲ 0.01 (0.07%)
WTL 1.16 Increased By ▲ 0.02 (1.75%)
BR100 4,124 Increased By 87 (2.16%)
BR30 14,930 Increased By 518.1 (3.59%)
KSE100 41,191 Increased By 719.6 (1.78%)
KSE30 15,494 Increased By 331.4 (2.19%)
Follow us

ISLAMABAD: Federal Minister for Finance and Revenue, Senator Muhammad Ishaq Dar Wednesday said the market intervention for the sake of the country is not a bad thing but the approach should be realistic.

Talking to the media on arrival at the Finance Ministry along with Interior Minister Rana Sanaullah, Dar said that the country faced deep challenges but the government would try its best to overcome them.

“Central banks all over the world including the United States and England intervene. They have a band and intervene if their currency goes up or down of that,” Dar said, adding that he is not saying that the exchange rate would not be market-based.

“We believe in the market economy but no one would be allowed to play with the local currency. The speculators or Hundiwalas do not understand that depreciating local currency by Re1, results in piling up debt by Rs110 billion,” Dar said, adding that the PTI spent more than them on market intervention.

He rejected the impression that the PML-N government in its tenure between 2013 and 2018 injected dollars in the market to keep the rupee overvalued. He said we rather took the foreign exchange reserves to a record level of 23 billion dollars. Dar said the country is facing difficult challenges but these will be tackled as was done in the past.

Dar will arrest PKR slide: FEBR

Replying to a question, the minister said that there are some inappropriate things in the State Bank of Pakistan (SBP) law and they would be corrected at the right time. “After my article, the PTI government itself made several changes in the SBP law and did not present the initial draft.”

Dar said that the country would be put back on the growth path as the Pakistan Muslim League (N) had a history of correcting the economy during crises.

“As a nation we had challenges, we have faced them with success in the past,” he said, while citing the examples of economic restriction following the nuclear tests of 1998 and declared macroeconomic instability of 2013.

He said that when the PML-N left the government in 2018, the Consumer Price Index (CPI)-based inflation was four percent, food inflation two percent, highest growth rate of 6.3 percent, highest reserves, interest rate at 6.25 percent, and stable exchange rate of Rs104.50 against the dollar.

Copyright Business Recorder, 2022

Comments

Comments are closed.

Speculators won’t be allowed to play with PKR: Dar

Rupee up 0.46%, ends day at 275.30 against US dollar

KSE-100 jumps over 700 points amid return of positive sentiment

Second hike in two weeks: Honda Atlas jacks up car prices by up to Rs550,000

PM Shehbaz announces aid for quake-hit Turkiye

India opens its largest helicopter factory in new defence push

Govt projection of achieving $3bn current account surplus in FY23 ‘unrealistic’: PBC

PTI ready to set aside differences for peace in country: Asad Qaiser

IHC bars Sindh, Balochistan police from taking action against Sheikh Rashid

Govt schedules All Parties Conference for February 9

Kohinoor Textile board recommends buyback of 30 million ordinary shares