No agreement with IMF on exchange rates: SBP

[webnise]

• Exchange Rate is market determined, says SBP on Friday.
• Back in July last year, IMF tweeted about the inclusion of exchange rate assumption in its published Staff Report on Pakistan.

The State Bank of Pakistan (SBP) refuted on Friday false speculations, maintaining that there was no agreement on exchange rate target under the International Monetary Fund (IMF) program.
“Under the IMF-supported program there is no agreed target level for exchange rate. Exchange Rate is market determined," said SBP in a series on tweets.The central bank explained the mechanism of exchange rate saying, “Exchange rate is determined by market forces of demand and supply and is a reflection of existing BOP (Balance of Payment) position. Forward exchange rates are determined by the existing spot rates and Interest rate differentials of the relevant period i.e. time value of money".
“Forward exchange rates (ER) are not a forecast of future exchange rates. IMF Report on Pakistan includes ER assumptions which are not predictions."

Back in July last year, IMF tweeted about the inclusion of exchange rate assumption in its published Staff Report on Pakistan. “The published Staff Report on Pakistan includes exchange rate assumptions which are not predictions. Under the IMF-supported program there is not agreed target level for the exchange rate," tweeted IMF.

Source

 

[islamabadi]

For the last 4 months the rate is practically unchanged at 155 to the dollar. Why is this LAANTI govenrment keeping the rate unchanged if it is determined by market forces. They are keeping rate FIXED exactly as the previous government did after getting a rude awakening. Previous ko critisize bhi karna hai aur karna bhi wohi hai jo pehle waley kar rahey thay.....this govenrment is a CURSE upon us...

 

[Will_Bite]

For the last 4 months the rate is practically unchanged at 155 to the dollar. Why is this LAANTI govenrment keeping the rate unchanged if it is determined by market forces. They are keeping rate FIXED exactly as the previous government did after getting a rude awakening. Previous ko critisize bhi karna hai aur karna bhi wohi hai jo pehle waley kar rahey thay.....this govenrment is a CURSE upon us...

Many a finance experts came on these forums before you, and pretended to be Phd in economics just by way of reading headlines in their favorite papers, or on their favored twitter accounts. Doesnt work that way.

 

[asifA1]

This is totally horrific & unacceptable and Pml N should be killed or assassinated for their actions on making every man, women & child suffer there after. Man how can you let him breath oxygen after this ????