0 3 min 1 yr

2022-02-02 23:55:00

Spokesperson Ministry of Finance Muzzammil Aslam addressing a press convention in Islamabad on February 2. — PID 
  • Muzzammil Aslam says “despite crisis, country’s foreign exchange reserves reached historic high level.”
  • He laments that currencies devalued the world over; “however, in Pakistan the issue was politicised.”
  • Highlights that exports elevated by 18% throughout final yr,

ISLAMABAD: Finance Ministry Spokesperson Muzzammil Aslam on Wednesday mentioned regardless of rising inflation in Pakistan there may be some mild on the finish of the tunnel which was in the type of a surge in exports and historic excessive overseas alternate reserves.

Addressing a press convention, the spokesperson highlighted that exports elevated by 18% throughout final yr, in the meantime imports elevated by 23% this yr as in comparison with final yr.

“Despite the crisis, the country’s foreign exchange reserves reached a historic high level of $23 billion during this period,” Aslam mentioned.

Aslam underlined that inflation in the nation began rising in July 2021 and the development will reverse as the federal government is taking measures to cut back inflation.

He additional highlighted {that a} vital decline in costs of meals gadgets has been noticed since the previous few months, underlining that the worth of flour has stabilised.

“However, the government is facing difficulty in reducing the prices of commodities which are being imported,” the spokesperson mentioned.

Aslam was of the view that international inflation will decline in the approaching days which may also influence cut back inflation in Pakistan.

Shedding mild on the brighter facet, he talked about that value of eggs didn’t register a major enhance as in comparison with final yr, including that month-on-month inflation in December was in adverse numbers.

Aslam highlighted that sugar is out there throughout the nation on the fee of Rs81 per kg, highlighting that value of edible oil has surged world wide and never solely in Pakistan.

“Around 80% of Pakistan’s oil needs are fulfilled from imports,” he reiterated.

Shedding mild on the overseas alternate reserves, he talked about that in the course of the coronavirus interval, Pakistan’s overseas alternate reserves touched a historic-high degree.

“Pakistani rupee is also appreciating against the US dollar,” he mentioned, including that currencies had been devalued the world over; “however, in Pakistan the issue was politicised.”

He added that economies all around the world are elevating their rates of interest however the State Financial institution of Pakistan (SBP) was criticised for its choices.

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