No discussion with IMF regarding exchange rate level: Asad Umar

No discussion with IMF regarding exchange rate level: Asad Umar

KARACHI: Finance Minister Asad Umar on Friday said there is no likelihood of further rupee devaluation.
Addressing a gathering after the listing of Interloop Limited at the Pakistan Stock Exchange, Umar said, “Rupee’s value is in tune with the market and the State Bank of Pakistan has also said that is in equilibrium. In the past, rupee was kept artificially high.”
The finance minister urged, “Rumours should not be spread and don’t waste money by buying dollars.”
“We have not spoken to the International Monetary Fund regarding the exchange rate level,” he added.
Umar said, “The government has taken very difficult decisions. We want to work according to the system worldwide and change should be introduced stage-wise.”
Pakistan Muslim League-Nawaz (PML-N) leader Saad Rafique on Thursday asked Umar to apologise and resign over his remarks that Pakistan is “near bankruptcy”. On Wednesday, Umar had said Pakistan’s basic debts have reached alarmingly on such a high level that the country is near bankruptcy.

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