Finance Minister hints acting SBP governor behind surge in dollar’s value

ISLAMABAD: Finance Minister Ishaq Dar on Thursday hinted that acting governor State Bank of Pakistan was behind sudden steep fall in value of the Pakistani rupee who while acting alone directed the banks to let the local currency depreciate against greenback.

Finance Minister Ishaq Dar has attributed the sudden surge in US dollar to “miscommunication between certain people” and assured that the market would adjust itself back to stability.

Addressing media after chairing a meeting of bank CEOs to discuss the recent development, Dar said the surge in the dollar’s value was “surprising” and “artificial”.

“The hike in the dollar was artificial and happened as a result of miscommunication between certain people. A transparent investigation into the matter would be conducted and we will gather all the facts, including who profited and who bore losses from this hike,” he asserted.

Dar said a permanent Governor of the State Bank of Pakistan would be appointed once Prime Minister Nawaz Sharif returns from his official visit to Tajikistan.

“The inquiry into the dollar spike would be carried out after the governor is appointed,” he remarked.

Dar said that no person, including himself, has any authority to artificially adjust the dollar’s value.

“The market will adjust and stabilize on its own,” he said, adding that he has faith in the open market.