KARACHI: Finance Minister Asad Umar on Friday said there is no reason for any further devaluation in the rupee.
Addressing a ceremony at Pakistan Stock Exchange in Karachi by video link from Islamabad, 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 clarified.
Umar said, “The government has taken various difficult decisions in the larger interest of the country. We want to work according to the system worldwide and change should be introduced stage-wise.”
“Work on National Finance Commission has also been started,” he further said.
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 such an alarmingly high level that the country is near bankruptcy.