Rupee will appreciate in next few months: SBP & finance ministry
By Muhammad JuniadPublished On 06 Jan 2023
The State Bank of Pakistan (SBP) and the Ministry of Finance have issued a joint statement stating important facts pertaining to the country’s economy and strategy for navigating FY23.
In a joint press release during the wee hours of Monday, the SBP and finance ministry termed the nation’s problems as temporary that are being addressed “forcefully.”
They assured that the country’s financing needs “will be more than fully met” under the International Monetary Fund program.
It maintained that important measures have been taken to contain the current account deficit.
SBP and finance ministry said the “rupee has overshot temporarily” but “is expected to appreciate in line with fundamentals over the next few months.
The statement also highlighted how measures are taken are working and the “import bill fell significantly” in July as energy imports have declined and non-energy imports continued to moderate.
1/3 #SBP and MoF has issued a joint press release stating 5 important facts about Pakistan's Strategy for Navigating FY23. 1) Pakistan’s problems are temporary and are being forcefully addressed. 2) Pakistan’s gross financing needs will be more than fully met under IMF program.
— SBP (@StateBank_Pak) July 31, 2022
