Dar, State Bank governor green-signal crackdown on money speculators

Both agree on action against those responsible for artificial appreciation of US dollar in country: Minister emphasizes on harmony between monetary and fiscal policies for economic stability

By: News Desk
Published: 04:12 PM, 1 Oct, 2022
Dar, State Bank governor green-signal crackdown on money speculators
Caption: Finance Minister Ishaq Dar in a meeting with State Bank Governor Jameel Ahmad.
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The government has decided to launch a crackdown against those speculators who are responsible for the artificial appreciation of the value of US dollar in the market, reported 24NewsHD TV channel.

The decision was taken during a meeting held between Finance Minister Ishaq Dar and State Bank Governor Jameel Ahmad at the Finance Division, Islamabad on Saturday. 

Both the finance gurus decided to take action against those elements who were behind the artificial appreciation of the US currency.

The finance minister was of the view that a harmony between the monetary and fiscal policies were of paramount importance for the economic stability in the country. 

On this occasion, the SBP governor acknowledged that a positive message reached the market with the arrival of Dar at the finance ministry. He said it was reflected through the fact that the position of rupee had been strengthening in the market. 

The governor said that positive results would be achieved if the government and banks launched a crackdown against the speculators. 

Finance Minister Dar appreciated the efforts of central bank regarding introduction of digital banking across the country. 

Finance Minister Ishaq Dar who has previously served three times at the same post is known for his strong-arming of the State Bank. During his previous tenure as the finance minister, he managed to keep the dollar-rupee parity within reasonable bounds. 

Soon after his installation as finance minister this week, the rupee which earlier was experiencing a freefall against the US dollar has become a bit steady. During the last six trading sessions, the value of the dollar has decreased by more than Rs10 in the interbank. 

Even the differential between the open market and the interbank rates has also been narrowed down.

Reporter Waqas Azeem