SBP prepares report on rupee devaluation, Iran to soon nominate names to open branches in Pakistan

Tariq Bajwa, Governor State Bank of Pakistan said that report on rupee has been prepared and submitted to the Ministry of Finance, it was prepared following a sharp decline in the value of currency against dollar.

Tariq Bajwa met the members of the Karachi Chamber of Commerce and said that the report on rupee’s decline has been prepared and submitted to the Ministry of Finance and now it is the will of the government whether to release or not or after reviewing the report issued orders to formulate new plan.

Regarding Habib Bank issue, the US regulator has contacted the central bank and shared the information related to happenings of its foreign branch.

Following the HBL issue, nothing will happen to local banking industry, but it has been dampener for the Pakistani bank’s name. The government or the central bank devised ways to permit Pakistanis to trade overseas.

The economic numbers have been faring well and economic target set for the current fiscal year could be achieved comfortably. Inflation rate has been on the lower side similarly the interest rate.
State Bank has signed agreement with Iranian counterpart Bank Mili Iran and special rules and regulations have been in vogue to resume trade with Iran.

Both the central banks would nominate two names each to open branches in Pakistan and Iran to give ease and boost bilateral trade.