In Pakistan Foreign exchange inflows to the tune of $3 billion to $3.5 billion are expected to come in the banking system in the short to medium-term, said Dr Shamshad Akhtar, governor State Bank of Pakistan here Friday.
During a meeting with heads of commercial banks at the SBP head office, Dr Akhtar assured the participants that there would be ‘no reversal’ of foreign exchange liberalisation measures seen in the past years.
However, she expressed her concerns over excessive volatility and weakened Exchange Rate and commented that the recent behavior of the exchange market “is totally out of line.”
There is a strong recognition that macro-economic imbalances have to be resurrected and this is the corner stone of Government’s economic policy,
Dr Akhtar informed the meeting that the government has taken steps to mobilise foreign funds and added that some of the inflows which are expected to realize soon include $2.1 billion from Multilateral Banks, $500 million from friendly countries, $200 million for earthquake relief, $100 million from DFID, $700 million from MCB Bank’s stake sale, $100 million from Barclays Bank and the rest through private sector GDRs and other regular sources.
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