SBP governor thanks banks for ‘stabilising’ rupee

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THE NATION, KARACHI, 01st OCTOBER 2013:- State Bank of Pakistan Governor Yaseen Anwar has thanked the private banks for giving SBP support in stabilizing the rupee against dollar.
He stated this in his meeting with representatives of private banks on Monday. On the occasion, he thanked the banks which supported the central bank to stabilise rupee at a reasonable level a few days back. The governor also warned banks regarding speculation in the market and asked banks to react positively especially at a time when currency market is volatile.
Last week, the weaker position of rupee against dollar brought panic in the market where it touched the new height. After the interference of central bank, dollar settled at around Rs 106 in inter-bank and Rs 108 in open market.
It is pertinent to mention here that on the advice of Ministry of Finance the consortium of banks arranged dollars for the government from their principal offices but they took that from local market which brought the panic in market.
In a meeting held recently, State Bank of Pakistan (SBP) Governor Yaseen Anwar said that the central bank was monitoring dollar transactions and was fully aware of falling rupee, which was only due to the market forces, not the loan package approved by the International Monetary Fund (IMF).
He said that we were expecting stability in the exchange rate as the first tranche of the $6.64 billion IMF loan was received by Pakistan, and it will be receiving the second one soon.
State Bank of Pakistan Governor Yaseen Anwar also told the participants of the meeting that the country had received $133 million from the Islamic Development Bank and was expecting to secure more finances from other institutions.
“This will boost our reserves, hence providing the rupee with some stability,” State Bank of Pakistan Governor Yaseen Anwar added.

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