Rupee Depreciation Has Benefitted Overseas Pakistanis: SBP Governor

State Bank Governor Raza Baqir has said that the depreciation of the rupee has benefited overseas Pakistanis.

Addressing a press conference in Manchester, the SBP governor said Pakistan’s agreement with IMF would soon be made public and that no deal would be made that could further damage the economy. He added that 26 out of 27 FATF conditions would soon be fulfilled and Pakistan would be removed from the gray list.

The SBP governor also said that agreements like CPEC were also on the cards with other countries.

Commenting on the value of the dollar and the rupee, Baqir said that the devaluation of the rupee had benefited overseas Pakistanis.

“Overseas Pakistanis who are sending remittances home are benefitting. The amount they are sending home is increasing. Some people have of course suffered losses, but we should also keep in mind those who are benefitting. In every economic policy, some benefit, some lose,” he said.

He added that the GDP growth in the last financial year was about four percent. “This means that income of the people has also risen by four percent as compared to inflation.”

The SBP governor claimed that the inflation in Pakistan was artificial and will be under control soon.

He said that the country's foreign exchange reserves are at the highest level in history.