Finance Minister Mikhta Ismail said on Sunday that the Pakistani rupee should see some improvement “in two weeks” after hitting the US dollar in recent weeks.
Ismail held a press conference to discuss Pakistan’s future economic path.
“I don’t like to speculate in the foreign exchange market, but I believe the true value of the rupee is much higher [than it is today],” the finance minister said.
He explained that Pakistan has had to sell “more than $1 billion” in the past two months, putting pressure on the local currency.
Ismail said efforts would be directed toward bringing in more dollars each day and fewer leaving the country next month. “With our efforts to reduce imports and Insha Allah, there will be a surplus [of dollars] with the daily increase in incoming dollars against the decrease in outgoing units,” he said. rice field.
“This should ease the pressure (on the rupee) and slightly depreciate the value of the dollar against the rupee,” he added.
Ismail said he hopes “inshaAllah will get better in the next two weeks.”
However, he cautioned that while this was his view, “speculation and sentiment also play a role” as he believes “fundamentals favor Pakistan”.
When asked what the government was planning to stem rising inflation, the finance minister told Mr Ismail: My first priority has never been to contain inflation or generate growth. My priority was to save Pakistan from default.
To illustrate the dire situation Pakistan may have faced before being ‘saved’, he spoke of Sri Lanka, which had recently declared bankruptcy.
Minister said: The ruler said the PTI-led government had increased the country’s debt by 20 trillion rupees over the past three and a half years