State Bank of Pakistan (SBP) Acting Governor Dr Murtaza Syed has refuted talk that the country was headed towards an economic catastrophe, saying “Pakistan is not vulnerable as [is] being assumed amid burgeoning global inflation”.
Dr Syed made this observation during a podcast conducted by the SBP on Saturday discussing the overall economic situation. This is the second time within a span of 24 hours that the SBP acting governor addressed the economic situation.
Fears have risen about Pakistan’s stuttering economy as the rupee fell nearly eight per cent against the US dollar in the last trading week, while forex reserves stand below $10 billion with inflation at the highest in more than a decade.
Yesterday, he told Reuters that Pakistan’s s $33.5 billion external financing needs were fully met for financial year 2022/23, adding that “unwarranted” market concerns about its financial position will dissipate in weeks.
