Finance Minister Miftah Ismail stressed on Saturday both the State Bank of Pakistan nor himself had “personally intervened” to lower the value of the dollar, citing market dynamics as the cause.
He told the Karachi Chamber of Industry and Commerce that he disagreed with a KCCI member’s claim that he was responsible for the dollar’s decline. “Neither the State Bank nor I have intervened personally” (to bring the dollar down). “It comes down to supply and demand,” he explained.
In the interbank market, the rupee has gained Rs16.26 against the US dollar since July 29.During his speech, Ismail reiterated the government’s intention to restrict shipments for the upcoming three months, claiming that this was an necessity.
“We have put a prohibition on CPU automobiles, mobile phones, and home appliances that will remain in effect until September.” “The restrictions on [import of commodities with H S Codes beginning with] 84 and 85 are justified,” he explained.
However, the minister stated that authorities were seeking to identify goods used by exporters to manufacture products and that their shipment would not be halted.
He promised that the government had not suspended payments on any credit lines already opened and would not do so in the futur