Efforts of central bank, govt will squeeze those manipulating forex market: SBP chief

• Finance Minister Ishaq Dar meets SBP Governor Jameel Ahmad.
• Ahmad tells Dar that currency market’s sentiments have improved after his arrival.
• Both policymakers discuss measures being undertaken for stabilisation.

KARACHI: State Bank of Pakistan (SBP) Governor Jameel Ahmad Saturday said that with the arrival of Finance Minister Ishaq Dar the currency market’s sentiments have considerably improved as reflected in the appreciation of the rupee.

During their meeting, Ahmad asserted that continuing efforts by the government and the central bank will “further put a squeeze on those who were manipulating the foreign exchange market.”

Meanwhile, Dar shared the fiscal measures being undertaken for economic revival of the country. He stressed that fiscal and monetary policy coordination is imperative for sustainable and effective economic growth.

Both policymakers discussed the measures being undertaken for the stabilisation and growth of the country’s economy.

The SBP governor apprised the finance minister of different macroeconomic policy initiatives in line with the objectives of fiscal policy taken to achieve sustainable growth.

Ahmad reiterated that SBP is fully committed to supporting the process of economic revival as per the policies of the present government and assured the finance minister of his full support.

The newly appointed finance minister also commended the initiatives of the State Bank on introducing digital banking in line with international best practices and Pakistan’s first Instant Payment System — Roast.

He also appreciated the role of the State Bank of Pakistan in the monetary stability and economic growth of the country.