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MANCHESTER: Some people suffer losses due to a hike in the exchange rate, but others benefit as well, said State Bank of Pakistan (SBP) Governor Reza Baqir.
The SBP governor was speaking at a press conference on Wednesday, where he said the currency devaluation was helping overseas Pakistanis and their families as they now send more money back to their loved ones than ‘previously.
“Money sent by our brothers and sisters, Pakistanis Overseas who send their hard-earned money as remittances, is increasing in quantity due to the exchange rate [fluctuation],” he said.
“Some people suffer losses when the exchange rate rises, but others benefit as well,†he explained.
He said this “extra money” is being sent to Pakistanis in the country, reiterating that every economic policy of the government is beneficial for some, but not for others.
“So when we talk about some people being disadvantaged [due to economic policies], we must not forget those who also benefit from it, â€he noted.
Speaking about Pakistan’s likely deal with the International Monetary Fund (IMF), Baqir said the government would not sign any deal with the international money lender that will hurt Pakistan’s economy.
Insisting that the deal will be transparent, he said authorities would reveal IMF details for everyone to inspect.
He spoke of Pakistan’s compliance with the Financial Action Task Force (FATF) targets, adding that Pakistan had fulfilled 26 of its 27 conditions.
“Pakistan will soon be off the gray list,” he said.
He said Pakistan had almost recorded a GDP growth rate of 4%, adding that a real GDP growth rate of 4% meant that people’s incomes had also quadrupled.
