Senate asks SBP, Ministry Finance for July Depreciation Inquiry Report to be made public

Senate Standing Committee on Finance takes notice of Rupee depreciation since the last 4 days, questioning the timing. Senate has summoned the State Bank and Ministry of Finance representatives.

Officials of Ministry of Finance, Governor State Bank, and Deputy State Bank have been summoned for the session that is expected to be held on 19^th of December. The session will investigate the sudden depreciation in the Rupee.

Saleem Mandviwalla, Senate Committee member has asked, who controls the rate of Dollar? Who is responsible for intervention; State Bank or Ministry of Finance? Is the Rupee being depreciated on the directions of IMF? Has the rate been adjusted as per the market dynamics?

Mentioning the lack of leadership at Ministry of Finance, he said that the Ministry is currently without any decision maker which has affected the performance of the overall economy. Furthermore, he asked the Government to clarify why did Ishaq Dar, the then Minister of Finance interrupt after Exchange Rate fluctuations in July.

He also asked for the details of Inquiry Committee setup by Ishaq Dar after the Rupee Depreciation in July. He also asked for the results of the said inquiry and why it hasn’t been made public yet.

He also questioned the timing of the depreciation citing Mr. Ishq Dar’s absence from the country.