SBP meets bank CEOs to discuss FX

November 19, 2021 (MLN): The State Bank of Pakistan (SBP) met the CEOs of different banks to discuss the position of foreign exchange reserves, and the positive developments in this matter, said a press release issued yesterday.

“The current account was negatively affected by the recent increase in imports. Also, the outflow of dollars due to the Afghanistan issue was also responsible for declining FX reserves. The relationship with IMF is also getting better and positive news on the matter is expected shortly,” it added.

However, SBP has taken outstanding measures to counter these problems and build a positive perception about the currency's stability. With regards to the Pakistani rupee, it was said that PKR’s position will be better once the Saudi funds arrive and Oil Facility comes through.

In this regard, it was suggested that undue currency positions are to be avoided. The internal staff and customers, need to be given clear communication about the stability of the environment and that it is moving in the positive direction, it noted.

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