Need of synergy between finance ministry, SBP on exchange rate: Malik Bostan

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KARACHI: There is need of synergy between the finance ministry and State Bank of Pakistan (SBP) for declaring exchange rate on high demand of the foreign currency.

Malik Bostan, President, Forex Association (FAP) stated this and explained that in case there was mounting demand for the greenback the finance ministry and the central bank should declare the figures.

He suggested the government that instead further devaluation of Pak Rupee the government should focus on creating conducive environment for foreign and domestic investment.

Bostan said that the rupee depreciation caused immense burden on the public debt as well as resulted in inflationary pressure.
He said that the government should conduct an inquiry into the latest spike in rupee value, which had fallen to record low on Friday November 30.

The rupee hit record low on Friday November 30, 2018 to reach Rs139.05 to the dollar in interbank foreign exchange market.
Pak Rupee is on the lowest among Asian countries.

Bostan suggested Prime minister Imran Khan to re-negotiate with China and Qatar for the financial inflow to bring Pakistan out of economic crises.

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