The State Bank of Pakistan (SBP) has failed to complete an internal inquiry — which was to ascertain the reasons behind the sudden depreciation in the value of rupee against US dollar by more than 3 per cent on July 5 — within the stipulated time.

Finance Minister Ishaq Dar had held the head of the SBP responsible for the largest single drop in the rupee's value in nine years.

Subsequently, on July 6, the minister had summoned a meeting of presidents of all domestic banks and other high-ups of the ministry. Following the meeting, Dar claimed that: "A communication gap was the reason behind the fall in the rupee."

On July 7, the Finance Division had dismissed then acting SBP president Riaz Riazuddin and appointed former SBP director Tariq Bajwa as the central bank's new governor for the next three years.

Later, on July 9, being chairman of the Monetary and Fiscal Policies Coordination Board, the minister ordered the central bank to conduct a probe into the matter and sought a report within 10 days.

An SBP spokesperson informed DawnNews that the inquiry was still in process and that the final report will be sent to the minister after completion of the probe.