Govt Committed to Ensure Stability in Forex Market: Miftah

Federal Minister for Finance and Revenue Miftah Ismail Saturday presided over a high-level meeting to review and ensure exchange rate stability in the country. The meeting was attended by heads of all the major exchange companies in Pakistan, the Deputy Governor State Bank of Pakistan, and senior officers from the Finance Division. The minister expressed the firm resolve of the government to ensure stability in the forex market. He said that the government is committed to taking all possible measures to keep the rupee vis-à-vis the US Dollar stable without interfering with the market mechanism. Various proposals were presented by the heads of exchange companies in this regard. It was proposed that the exchange companies should be facilitated to increase the flow of home remittances to Pakistan. A number of measures were also suggested to curb the outflow of foreign exchange from Pakistan through informal channels. Some other concrete proposals were submitted by the exchange companies to improve the foreign exchange position in Pakistan. The exchange companies assured that if these measures are implemented, there will be appreciation and stability in the value of the rupee. The finance minister assured the participants that all possible steps would be undertaken to protect and strengthen the economy which would result in improving the value of the rupee.