ISLAMABAD, July 21(ABC): Finance Minister Miftah Ismail announced on Thursday that the government will nominate a new governor of the State Bank of Pakistan — a post that has remained vacant for more than two months — in the next week.
Addressing a press conference along with Defence Minister Khawaja Asif, the finance czar of the country said that the new governor will be nominated next week.
While talking about the depreciating rupee, Miftah also assured the reporters that Acting SBP Governor Murtaza Syed had no hand in the depreciation of the rupee.
He added that the local currency would stabilise against the greenback next month.
“Due to import payments of $7.5 billion, pressure is coming on the rupee,” said the finance minister, adding that the rupee had also come under pressure due to the political crisis that resulted following PML-N’s thrashing in the July 17 by-polls.
“The demand for dollars in banks will decrease. Last month, there were imports of $7.5 billion and this month’s imports are less than last year,” said Miftah.
He further stated that the government was focusing on minimising imports and increasing exports.
The finance minister also stated that there has been a significant decrease in the import of diesel and furnace oil, adding that the country has a couple of months of furnace oil in its reserve.