ISLAMABAD:- Finance Minister Miftah Ismail has said that the government will appoint permanent Governor State Bank next week.

While addressing press conference along with Minister of Defence Khawaja Asif, Miftah Ismail said that the government will appoint governor State Bank next week while the Board of Directors of the SBP will be announced today.

It is important to mention here that Reza Baqir had completed its three year term on May 04, 2022 as Governor State Bank of Pakistan. The new government has appointed Murtaza Syed as acting Governor State Bank on 6th May 2022.  

On a query, he said that the local currency is depreciating against US dollar due to political turmoil. He anticipated that the local currency will appreciate in coming days due to reduction in import bill and demand for dollar.

He categorically said that the government will not impose any restrictions in exchange market. “We can’t cap the value of US dollar as we are in international conventions including IMF and World Trade Organization (WTO).

On the occasion, Defence Minister said that the PKR was depreciated 21/22 percent against US$ during last three months. Out of total currency fluctuation, US Dollar appreciation against PKR contributed 12 percent while local currency devaluation was recorded around 10 percent during the period. So, this is not freefall devolution of local currency, he said.

Some internal and external factors are contributing in the depreciation of local currency including Ukraine war, he further told.

Khawaja said that Some Gulf countries including Saudi Arabia, Qatar, UAE and others are showing interest in some government owned entities. The Govt of Pakistan has finalised some required legislations to assist Government to Government (G to G) transactions in this regards. Through this plan, the friend countries will invest in government owned listed companies in coming days, Khawaja said.

He further said that there are some entities which are in privatization list from some decades but the government could not make in progress to sell out them so far. Government companies and sovereign funds of some Gulf countries have expressed to invest in these entities. “We will soon make transactions under the new proposed law”, Defence Minister said.

On a query regarding import of coal from Afghanistan, he said that the government has made good progress in this regard. Pakistani delegation visited Afghanistan in this regard. Pakistan is already importing coal from Afghanistan and it is being used in Cement factories while the import of coal to be started very soon for use of power plants, he said.   

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