ISLAMABAD: Clarifying the statement attributed to the State Bank of Pakistan governor, Minister of State for Revenue Hammad Azhar said on Friday that the Pakistani rupee would not depreciate further.
Responding to a calling attention notice raised by Senator Sherry Rehman regarding the record devaluation of Pak Rupee against US Dollar, he said the price of the dollar against rupee had been maintained artificially in the past through expenditure of $8 billion from foreign reserves.
The minister said the government inherited the worst economic situation and was making consorted efforts to put it on the right track.
Giving details, he said, “In December 2017, the rate of rupee against the dollar was Rs104, while it touched Rs124 in May 2018. In June 2018, the currency further devalued to Rs129.”
The minister, however, could not complete his answer due to lack of quorum pointed out by opposition Senator Ashok Kumar. Later, the House was adjourned to meet again on Monday at 2pm.
Meanwhile, as many as two reports of the standing committee on National Health Services, Regulations and Coordination regarding getting of World Health Organisation (WHO) certification of Drug Regulatory Authority of Pakistan and the Transplantation of Human Organs and Tissues (Amendment) Bill, 2018, were presented before the House.
Standing Committee Chairman Mian Muhammad Ateeq Shaikh presented both the reports.