‘Govt to stabilise rupee, FX market’

ISLAMABAD: Finance minister Miftah Ismail on Saturday said the government would take all possible measures to stabilise rupee and foreign currency market.

Ismail presided over a meeting to review and ensure exchange rate stability in the country, with heads of major exchange companies. Deputy Governor State Bank of Pakistan and senior officers also attended the meeting.

The finance minister expressed firm resolve of the government to ensure stability in the foreign currency market. "The government is committed to take all possible measures to keep rupee vis-a-vis the dollar stable without interfering into market mechanism," the minister said.

Exchange companies presented a number of proposals to stablise forex market and to improve the foreign exchange position in Pakistan. "It was proposed that the exchange companies should be facilitated to increase the flow of home remittances to Pakistan," a statement said. "They suggested measures to curb the outflow of foreign exchange from Pakistan through informal channels."

The exchange companies assured that if the measures were implemented, there would be appreciation and stability in the value of rupee.

The finance minister assured the participants that all possible steps would be undertaken to protect and strengthen the economy of the country, which would result in improving the rupee value.