The inflation rate will be between 11 and 12 percent, according to the IMF. The inflation rate will be 13 percent. The inflation rate will be between 11 and 12 percent, according to the IMF, the inflation rate will be 13 percent. According to media reports, a meeting of the Finance Committee sub-committee was held. Speaking at the meeting, Ayesha Ghaus Pasha, Member of the National Assembly, said what has been the benefit of raising interest rates.
The interest rate was expected to be lower. Deputy Governor's Bank Jamil Ahmed said it was not appropriate to give suggestions on monetary policy. Therefore, Monetary Policy cannot provide any suggestions. The Monetary Policy Committee has the power to make suggestions. Deputy Governor State Bank said the maximum expected rate of dollars in 6 months is Rs 163.
The dollar market rate will decide itself.
The rumors spread as much as people want and the exchange rate will depend on the market. The Deputy Governor's Bank said that the State Bank intervenes when it deems necessary. The State Bank has no default exchange rate. He said that there is no free float exchange rate in the country. Similarly, State Bank officials said that inflation will start to decline in the second half of this year, inflation will be between 11 and 12 percent. According to the IMF, inflation will be 13 percent.
On the other hand, the Institute of Business Administration (IBE) Karachi, in connection with a series of lectures by prominent figures, Dr. Raza Baqir, Governor of State Bank of Pakistan at IBA campus on the topic of economy, economic challenges and prospects of Pakistan. Lecture delivered at the Office of Business Administration (IBE) Karachi. Dr. Baqir divided his lecture into three sections, including the reasons for the current economic challenges facing the economy, the steps of the economic team to tackle these challenges, and the results and scenario of the economy so far.
He cited two fundamental causes of the current economic challenges, the first being the rising account deficit during 2015-2018, which led to a significant decline in the country's reserves in the context of overvalued and relatively fixed exchange rates. There was a growing financial deficit and government debt, which made the country ineligible for debt.
Dr. Baqir said that three types of measures have been taken in these sectors, including the external sector, financial sector and agricultural sector to address the economic challenges. The first step, he said, was to adjust the exchange rate multiple times since the end of 2017 to help reduce the exchange rate appreciation. It ended in May 2019 with a change in the exchange rate system, replaced by a market-based system in which economic authorities would not have to determine the value of the currency.
He clarified that the free market system did not consist of an independent aspect and that the State Bank was allowed to intervene in the market to correct the adverse conditions. These measures led to a significant improvement in the current account and reduced its historical deficit to $ 2 billion a month, he said. He also said that the reduction in imports and the improvement in the volume of exports contributed to the improvement of the current account deficit, though the decline in international unit prices did not lead to higher growth in export prices.
Emphasizing the importance of exports in the economy, Governor SB said that what matters in terms of employment and production is the volume of exports.
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