Minister for Finance Asad Umar on Friday said that speculations in the local money market had sparked the dollar value against rupee which was further ignited by the fake news being spread in the social media.
Talking to media persons here, the minister said there would be no further devaluation in rupee value as the State Bank of Pakistan had categorically made it clear that the supply and demand of dollar against rupee had reached to its equilibrium level.
The minister said that there was no condition by the International Monetary Fund (IMF) for the exchange rate or to devalue the rupee.
A currency should be aligned with the fundamentals, he said adding, the real effective exchange rate in
The minister said the statements of
He warned that all such speculators to stop spreading such rumors otherwise the government had the option of taking them to the court and deal with them according to the law.
Umar said the government of Pakistan Tehrik-i-Insaf inherited a fragile economy with deepening fiscal deficit, increasing current account deficit, and declining foreign direct investment, adding that it also inherited
Whereas he said that in
The minister admitted that there was a rise in inflation but it was still at the lower level when compared with the first eight months governments of Pakistan Peoples Party, and Pakistan Muslim League (N)
Courtesy : APP