Connect with us

Hi, what are you looking for?

Online Business Success

Some people also benefit when exchange rate increases, says SBP governor


  • Money sent by overseas Pakistanis to their families increasing in quantity due to [increase in] exchange rate, says SBP governor.
  • “Some people suffer losses when exchange rate goes up, but others also benefit from it,” he says.
  • Pakistan will soon be out of FATF’s grey list, says Reza Baqir.

MANCHESTER: Some people suffer losses due to a rise in the exchange rate, but some also benefit from it, says State Bank of Pakistan (SBP) Governor Reza Baqir.

The SBP governor was speaking on Wednesday at a press conference, where he said that the devaluation of currency helped overseas Pakistanis and their families as they were now sending back home more money to their loved ones compared to before.

“The money sent by our brothers and sisters, the overseas Pakistanis who send their hard-earned money in the form of remittances, is increasing in quantity due to the exchange rate [fluctuation],” he said.

“Some people suffer losses when the exchange rate goes up, but others also benefit from it,” he explained.

He said this “additional money” is being sent to Pakistanis in the country, reiterating that every economic policy of the government proves to be beneficial for some, while not for others.

“So when we talk of some people being at a disadvantage [due to economic policies], we should not forget the ones who benefit from them as well,” he noted.

Speaking about Pakistan’s probable deal with the International Monetary Fund (IMF), Baqir said the government will not sign any agreement with the international money lender that will harm Pakistan’s economy.

Insisting that the deal will be a transparent one, he said authorities will reveal details of the IMF detail for everyone to inspect.

Advertisement. Scroll to continue reading.

He spoke about Pakistan’s compliance with the Financial Action Task Force’s (FATF) targets, adding that Pakistan had fulfilled 26 out of its 27 conditions.

“Pakistan will soon come out of the grey list,” he said.

He said Pakistan had almost recorded a GDP growth rate of 4%, adding that a 4% real GDP growth rate meant the earnings of people also increased by four-fold.



Source link

Click to comment

Leave a Reply

Advertisement

Latest

Top Stories

Bitcoin and most major altcoins are struggling to find bullish momentum, a possible signal that prices could continue to erode. Source link

Top Stories

Investment funds from major U.S. investment bank Morgan Stanley have increased their exposure to Bitcoin through purchases of shares of Grayscale Bitcoin Trust. According...

Online Business Success

The IEA chief seeks to help bring oil prices down to reasonable levels. File photo The IEA chief urges OPEC to bring oil prices...

Top Stories

In a Twitter post published Wednesday, blockchain research firm CryptoRank revealed that over 1 million Ether (ETH) (worth $4.24 billion) had been burned since...

Top Stories

Sherrod Brown, the chair of the Senate Committee on Banking, Housing and Urban Affairs, has called on several crypto firms to release information related...

Technology

In letter: Apple has reportedly tapped Taiwan Semiconductor Manufacturing Co. (TSMC) to build 5G modems for future iPhones. It’s unclear exactly when the new...

Top Stories

Blockchain data provider Nansen has announced the upcoming integration of the Arbitrum network to enable its global users, both retail and institutional-grade, the ability...

Online Business Success

— Reuters/File Headline inflation eased during the fiscal year 2020-21. Growth in agriculture was slightly lower than in FY20. Public debt-to-GDP ratio declined to...

Advertisement

You May Also Like

SEO Guide

How to index website on Google? Do you want to drive more organic traffic to your new website? I am sure your answer is...

SEO Guide

There are all kinds of pictures of the world on the internet, but to find one of these specific pictures that you want to...

Blogging

In this post, I will discuss the top ten profitable blogging niches ideas for Adsense approval and high traffic. whether you use Blogger or...

SEO Guide

Want to rank in Google image search? Images that you use as a featured images when writing a post actually appear on Google Images...

Advertisement