Trade Deficit To Further Devalue Rupee: SBP Governor
Mahnoor Sheikh (@mahnoorsheikh03) Published December 14, 2018 | 03:21 PM
The exports of the country are recorded at $24 billion against the huge imports of $60 billion, a deficit of $36 billion.
Lahore (UrduPoint / Pakistan Point News – 14th December, 2018) State Bank of Pakistan (SBP) Governor Tariq Bajwa has indicated further devaluation of Pakistani rupee, keeping in view the gap between exports and imports.
Briefing the Senate’s Standing Committee on Finance and Revenue on the recent devaluation of the Currency, SBP Governor Tariq Bajwa claimed that the central banks make adjustment as per demand and supply of Dollar in the market.
“The exports of the country are recorded at $24 billion against the huge imports of $60 billion, a deficit of $36 billion.
If imports are increased, the value of the dollar will subsequently jump in future,” he said, adding that in case the deficits go on in the same pattern, it will be difficult to avoid further devaluation.
Bajwa however said the imports are decreasing in this financial year due to the government’s initiative of imposing regulatory duties.
The imports in the early months of the financial year 2017-18 were increased by 24 per cent, he said.
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