SBP governor destroyed Egypt’s financial system, now it’s Pakistan’s flip: Asif

Pakistan Muslim League Nawaz (PML-N) chief Khawaja Asif on Friday threw down the gauntlet to State Bank of Pakistan (SBP) Governor Reza Baqir over his newest remarks by which he defended the persistent devaluation of rupee towards the US greenback.

Asif , whereas addressing the National Assembly session, stated Baqir had made a political assertion by saying that the historic fall in native forex’s worth had benefited abroad Pakistanis.

“He [Baqir] is not a political figure and in charge of country’s monetary policy so he is not authorised to make such political remarks,” he maintained.

The PML-N lawmaker was referring to the central financial institution chief’s newest assertion throughout a ceremony in London whereby he had stated that households of abroad Pakistan had benefited from the rupee devaluation as a result of the amount of their remittances have been growing on account of alternate fee.

“What will happen to the 220 million Pakistanis living in the country? Baqir is a representative of IMF [International Monetary Fund] who will return abroad after the job is done,” stated Asif.

Also learn: Rupee continues to weaken

The PML-N chief stated Baqir, who was a serving IMF official earlier than being appointed as Pakistan’s SBP chief in 2019, “destroyed Egypt’s economy first and now it is Pakistan’s turn”.

Another PML-N lawmaker Murtaza Javed Abbasi slammed the federal government over the forex devaluation, saying the ruling PTI used to criticise PML-N’s finance minister Ishaq Dar for retaining the US greenback steady by way of “synthetic means”.

“I challenge the government to bring the US dollar to Rs100, even temporarily,” he stated, alluding to the report depreciation in worth of Pakistani rupee towards the US greenback.

Responding to Abbasi, Economic Affairs Minister Omar Ayub Khan stated that the PML-N borrowed loans to the tune of $23.6 billion to maintain the rupee steady. “The government is still paying $9.9 billion interest on these loans,” he added.

On Thursday, the Pakistani rupee continued its downtrend because the forex dipped 0.28%, or Rs0.49, towards the US greenback within the inter-bank market, touching a recent all-time low of Rs173.96.

Experts attributed the depreciation of the rupee to fears of harsh measures that could be taken earlier than the resumption of the IMF mortgage programme.

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