[GEO.TV] With continuous fall in the exchange rate, Pak authorities have been left with no other option but to request the International Monetary Fund (IMF) to review the Fund’s condition of keeping the difference between interbank and open market dollar rates not more than 1.25%, it emerged on Tuesday.
Amid massive fluctuations in the currency market in recent days, the Ministry of Finance and the State Bank of Pakistain (SBP) were silent over the depreciation of the rupee against the dollar.
However,
if you can't say something nice about a person some juicy gossip will go well...
many official sources claimed that the newly-appointed Minister for Finance Dr Shamshad Akhtar is currently busy getting briefings from different ministries before finalising a prescription to fix the economic ills.
The caretaker prime minister has selected two economic experts, Dr Shamshad Akhtar and Adviser on Finance Dr Waqar Masood, to deal with the economic challenges.
The IMF’s Standby Arrangement (SBA) programme of $3 billion placed a continuous structural benchmark under which the average premium between the interbank and open market rate will be no more than 1.25% during any consecutive five business-day period.
"This flawed structural benchmark has changed dynamics of the currency market as the open market rates will start driving the exchange rate against the earlier practice that interbank used to be the driving force behind the exchange rate fluctuations," top official sources confirmed while talking to The News.
Now the open market has witnessed a nosedive in rupee value against the dollar and the rate hovered around Rs310 to Rs315 depending upon those who possessed valid traveling documents, including passport, visa and air tickets and those who are just buying dollars owing to speculations.
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