SBP clashes with government on exchange rate drop
Pakistan’s finance minister expresses “deep concern” over sudden drop in currency
Pakistan’s central bank has publicly clashed with the minister of finance over a sudden drop in the rupee that appears to be a deliberate devaluation.
Having spent nearly two years at around 105 rupees to the dollar, the currency suddenly plunged on July 5, falling 3.1% to 108. Today (July 6) it reversed part of the movement, rising to 107 to the dollar.
Without directly claiming responsibility, in a statement on July 5 the State Bank of Pakistan (SBP) said it believed the new exchange rate
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