ISLAMABAD, May 6: Governor of the State Bank, Dr Shamshad Akhtar on Saturday ruled out devaluation of currency and said it is not appropriate under the present circumstances.
“We are watching the currency parity and appropriate decisions are being taken in the larger interest of the country. We should maintain consistency in the exchange rate to keep economic growth rate moving upward,” she maintained.
She stated this during a presentation before the Senate Standing Committee of Finance, Revenue & Economic Affairs and Statistics which met here at Parliament House with Senator Ahmed Ali in chair.
She said the State Bank would play a proactive role to improve the economic conditions in the country. The central bank would continue to focus on reforms process as we need to improve the overall system, she added.
She said the growth rate in Pakistan is driven by consumption and not by the rate of interests and higher level of interests provide rational base for growth.
“There are strong indications that real GDP growth would fall in the range of 6.3 to 6.8 per cent during the financial year 2005-06”.—APP
