There is no economic crisis in Pakistan, says Asad Umar

December 4, 2018

Finance Minister Asad Umar remarked on Tuesday that Pakistan is not facing any economic crisis.  

He remarked that the government has successfully overcome it with the help of friendly countries.

The remarks come a day after the dollar went through a roller coaster ride. It fell sharply by Rs2.5 on Monday morning, only a day after recording its largest intraday gain of Rs9.5.

Related: Left to market forces, the dollar takes a roller coaster ride and falls to Rs137.5

One dollar was trading at Rs137.5 in the opening hours of the interbank market compared to Friday when it peaked at an all-time high of Rs143.5 before settling down at Rs140.3 at the close of market.

On Friday, the State Bank raised its benchmark interest rate to 10%, its highest level in five years. This is the rate on which SBP gives loans to other banks.

Spreading rumours about the national economy would not do any service to the country, Umar remarked.

He said that all the fundamental economic indicators are now improving with exports witnessing an upward trend, while the imports are decreasing.

Related: JW Forland to start producing vehicles in Pakistan

Umar stressed that there will be no compromise on the autonomy of the State Bank. “Pakistan is emerging as a vibrant economy and offers immense opportunities for investment,” he said.

 
 

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