Karachi February 9 2023: Pakistani Rupee gains PKR 5.32 against the dollar in Interbank as talk with IMF for the revival of IMF program are in finalization stage and Taliban ban bringing in foreign currency.
“We are very close to the finalisation,” said Minister of State for Finance and Revenue Aisha Ghaus Pasha while talking to journalists.
She said the Memorandum of Economic and Fiscal Policies (MEFP) would be handed over to Pakistan by the IMF once all issues are finally settled. She said a lot of things had been settled and they required clarity on some of them that the government team was trying to address.
The Taliban also reiterated that bringing in foreign currency is “prohibited,” without specifying how much and under what circumstances. Before the report’s publication, the Afghan Finance Ministry had said that it encourages individuals to bring in any value of foreign currency.
Bloomberg reported Tuesday that traders and smugglers are bringing as much as $5 million into Afghanistan from across the border with Pakistan, providing some support for the country’s squeezed economy after the US and Europe denied the Taliban regime access to more than $9 billion in foreign reserves.
Pakistan Rupee gains PKR 5.32 or 2.0 percent in Interbank to trade at PKR 268.01 on Thursday at PST 13:00. Rupee has recovered 3.2 percent or PKR 8.57 against the dollar in Interbank from low of PKR 276.58 hit on 3rd February 2023.
However, in open market dollar is trading at PKR 271.9 at PST 13:00 on Thursday.
Bloomberg calculations show the free-floating rupee should stabilize at 266 to the dollar.
Related Posts