{"id":780,"date":"2023-06-11T09:49:33","date_gmt":"2023-06-11T09:49:33","guid":{"rendered":"https:\/\/nayaujala.com\/english\/?p=780"},"modified":"2023-06-11T09:49:33","modified_gmt":"2023-06-11T09:49:33","slug":"pakistan-unlikely-to-devalue-rupee-as-pressure-eased-fitch-ratings","status":"publish","type":"post","link":"https:\/\/nayaujala.com\/english\/pakistan-unlikely-to-devalue-rupee-as-pressure-eased-fitch-ratings\/","title":{"rendered":"Pakistan unlikely to devalue rupee as pressure eased: Fitch Ratings"},"content":{"rendered":"

Amid negotiations with the International Monetary Fund (IMF) to restart a $6.7 billion bailout programme, Fitch Ratings said that it is unlikely the cash-strapped nation will devalue its currency again as pressure on the rupee has eased.<\/h3>\n

Krisjanis Krustins, a Hong Kong-based director at Fitch, said: \u201cWe currently do not expect a large further devaluation of the Pakistan rupee.\u201d<\/p>\n

\u201cAlthough the currency has been very stable over the past few months, pressure on the\u00a0reserves [held by] the State Bank of Pakistan\u00a0has also been contained, which suggests minimal interventions to support the currency,\u201d Krustins said\u00a0in an emailed response to questions sent by\u00a0Bloomberg.<\/p>\n

The\u00a0multilateral lender\u00a0has said it is working with authorities to fix its currency market and other issues before it resumes the bailout programme, which is set to expire this month.<\/p>\n

READ:Country has successfully overcome phase of economic vulnerability, says Dar<\/a><\/p>\n

The rupee has slumped more than 20% this year after officials devalued the currency in January, making it one of the worst performers globally.<\/p>\n

The nation\u2019s dollar stockpile has remained stable at about $4 billion since late February, after falling more than 50% in the past 12 months. Funds will be crucial to prop up the economy beset by supply shortages and avert a sovereign default, with billions of dollars of debt payments approaching.<\/p>\n

READ:EOBI pension may rise to Rs10,000<\/a><\/p>\n

\u201cWe continue to assume that the IMF and Pakistan will conclude the ongoing programme review, likely after the IMF has clarity on the budget,\u201d Krustins said. \u201cHowever, the window for this is rapidly closing, with the programme originally set to expire in June, and substantive progress unlikely in the immediate run-up to elections due by October.\u201d<\/p>\n

Prime Minister Shehbaz Sharif on Friday also hoped the IMF would resume the stalled bailout programme as the country has already met all prior conditions set by the global lender despite economic hardships.<\/p>\n

“The ninth review will be complete soon,” the prime minister said during his address to the federal cabinet of the coalition government, which presented its second budget.<\/p>\n

Punjab polls case hearing adjourned indefinitely after suo motu review law \u2018comes into effect\u2019<\/a><\/p>\n

Washington-based IMF has said it is collaborating with Pakistani authorities to address concerns related to the country’s currency market and other matters before resuming the ongoing bailout programme, which is scheduled to conclude this month.<\/p>\n

The government moved to put brakes on the outflow of foreign currency from the country and restricted imports to control the outflow of dollars.<\/p>\n","protected":false},"excerpt":{"rendered":"

Amid negotiations with the International Monetary Fund (IMF) to restart a $6.7 billion bailout programme, Fitch Ratings said that it is unlikely the cash-strapped nation will devalue its currency again as pressure on the rupee has eased. Krisjanis Krustins, a Hong Kong-based director at Fitch, said: \u201cWe currently do not expect a large further devaluation […]<\/p>\n","protected":false},"author":3,"featured_media":781,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,13],"tags":[315,327,325,323,258,31,38,37,324,326],"class_list":["post-780","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-latest","tag-budget-2023-24","tag-bussiness","tag-dollar","tag-fitch","tag-ishaq-dar","tag-pakistan","tag-pdm","tag-pti","tag-rating","tag-rupee"],"yoast_head":"\nPakistan unlikely to devalue rupee as pressure eased: Fitch<\/title>\n<meta name=\"description\" content=\"Fitch Ratings said that it is unlikely the cash-strapped nation will devalue its currency again as pressure on the rupee has eased.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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