Ishaq Dar Says that He Had 58 Meetings in 4 Days in USA
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VCheng
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Let us give him the courtesy of some time to deliver results first, even though I might agree with you.
ghazi52
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Okay...
The local currency appreciated by almost Rs22, or 10.1pc, against the greenback in those 13 sessions. However, since the reversal of the trend, the PKR has lost Rs1.92, or 0.88pc, in the last five sessions.
Head of Research at Tresmark, Komal Mansoor, attributed the rupee’s decline to a “continuous erosion” of the country’s foreign reserves, which fell to a three-year-low in the week ending Oct 7.
“Foreign exchange swaps are also in negative territory and depict thin dollar liquidity in the interbank market. Pakistan CDS (Credit Default Swaps) are also on the rise,” she added.
Mansoor said that while a decrease in the trade deficit and Dar’s comments on the rupee being undervalued made a case for the local currency’s support, there was still a strong appetite for dollars both in the interbank and open market which would keep the rupee under pressure.
Exchange Companies Association of Pakistan (Ecap) General Secretary Zafar Paracha also shared a similar view. There was a severe shortage of dollars in the open market, he said.
He said the grey market was offering much higher rates — Rs230-232 per dollar — while rates being offered in Peshawar and Afghanistan were as high as Rs235 and Rs245 per dollar, respectively.
The local currency appreciated by almost Rs22, or 10.1pc, against the greenback in those 13 sessions. However, since the reversal of the trend, the PKR has lost Rs1.92, or 0.88pc, in the last five sessions.
Head of Research at Tresmark, Komal Mansoor, attributed the rupee’s decline to a “continuous erosion” of the country’s foreign reserves, which fell to a three-year-low in the week ending Oct 7.
“Foreign exchange swaps are also in negative territory and depict thin dollar liquidity in the interbank market. Pakistan CDS (Credit Default Swaps) are also on the rise,” she added.
Mansoor said that while a decrease in the trade deficit and Dar’s comments on the rupee being undervalued made a case for the local currency’s support, there was still a strong appetite for dollars both in the interbank and open market which would keep the rupee under pressure.
Exchange Companies Association of Pakistan (Ecap) General Secretary Zafar Paracha also shared a similar view. There was a severe shortage of dollars in the open market, he said.
He said the grey market was offering much higher rates — Rs230-232 per dollar — while rates being offered in Peshawar and Afghanistan were as high as Rs235 and Rs245 per dollar, respectively.
HAIDER
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8 hours working per day, 4 days .. 32 hours and he had 58 meetings .... wonder why no one was not taking him serious, and all fail.
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ziaulislam
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Some of them might have been with hookers the way the govt is doing
CrazyZ
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Swiss banks are not a good place to put your cash. They are being bailed out by federal reserve through currency swaps.....at this very moment.
PradoTLC
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khansaheeb
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It was frifty 8 meetings and no 58 but the poor English got it misunderstood.
Wood
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Smart move. This will allow Pakistan to improve services sector export. This sector requires almost no imports to trouble the CAD. Good high income services export jobs will inturn support other jobs indirectly!
This is strange accounting for an accountant. Where does he think $12 billion will rain down from? IMF took one year to grant $1 billion.
“There is no need to be nervous, Pakistan will not default,” Dar said at a conference in Islamabad.
“The total (borrowing) requirement for the current fiscal year is about $32-34 billion. You will have $22 billion liabilities due to the multilaterals, and roughly $12 billion deficit,” Dar said.
“We can, God willing, manage that,” he said.
“I assure you don’t need to worry. We will get that,” Dar added.
The looks on his face seem to betray his confidence.
“There is no need to be nervous, Pakistan will not default,” Dar said at a conference in Islamabad.
“The total (borrowing) requirement for the current fiscal year is about $32-34 billion. You will have $22 billion liabilities due to the multilaterals, and roughly $12 billion deficit,” Dar said.
“We can, God willing, manage that,” he said.
“I assure you don’t need to worry. We will get that,” Dar added.
The looks on his face seem to betray his confidence.
Dar shrugs off concerns over Pakistan’s 2023 external financing needs
Dar shrugs off concerns over Pakistan's 2023 external financing needs
"There is no need to be nervous, Pakistan will not default," finance minister says.
www.dawn.com
HAIDER
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Need 30 billion loan restructuring of which 23 billion is Chinese CPEC loan taken by Nawaz govt and abused that money to control the dollar. Now Shahbaz in China to renegotiate 23 billion loan from the Chinese govt... But I doubt Chinese will negotiate any terms and conditions because they have to leave within the next few months.This is strange accounting for an accountant. Where does he think $12 billion will rain down from? IMF took one year to grant $1 billion.
“There is no need to be nervous, Pakistan will not default,” Dar said at a conference in Islamabad.
“The total (borrowing) requirement for the current fiscal year is about $32-34 billion. You will have $22 billion liabilities due to the multilaterals, and roughly $12 billion deficit,” Dar said.
“We can, God willing, manage that,” he said.
“I assure you don’t need to worry. We will get that,” Dar added.
The looks on his face seem to betray his confidence.
Dar shrugs off concerns over Pakistan’s 2023 external financing needs
Dar shrugs off concerns over Pakistan's 2023 external financing needs
"There is no need to be nervous, Pakistan will not default," finance minister says.www.dawn.com
But it is fact, our media fail to understand and Finance Minister about economic meltdown all over the world.
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