Pakistan Is Default The High Risk Has Reached Dangerous

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Pakistan Muslim League Nawaz (PMLM) leader and former finance minister Miftah Ismail Sunday said

that Pakistan is default risk has climbed up again and reached dangerous levels. However, the former finance czar said it was the breaking of the International Monetary Fund (IMF) agreement by the previous government that set in motion the upward trend in the country’s default risk.

He noted that as the finance minister he let the markets decide the rupee-dollar parity adding that yesterday there is a large and persistent difference between the open market and the interbank exchange rates.

He said that the difference suggests that the central bank is informally guiding banks on the exchange rate.

The PMLN leader added that the large difference between the open market and the interbank exchange rates is detrimental to Pakistan’s exports and remittances and is encouraging imports.

The governor said that the repayment amount is around $1.08 billion and funding against this repayment has been arranged.
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