RAWALPINDI: The Government of Pakistan has directed all banks in the country to remain closed on Nov 20 and 21. The decision was taken following the devaluation of the pound sterling.

Meanwhile, a high-level meeting was held here this evening [Nov 19] at the residence of the Finance Minister, Mr N.M. Uquaili, to examine the likely effects of the devaluation of the pound sterling on Pakistan’s economy. The meeting, presided over by the Finance Minister, was attended by the Industries Minister, Mr Altaf Husain, Commerce Minister Nawabzada Abdul Ghafoor Khan of Hoti, the Deputy Chairman of the Planning Commission, Mr M.M. Ahmed, the State Bank Governor, Mr M. Raschid and the Secretaries of the Ministries of Commerce and Finance.

Earlier in the morning, senior officials of the Ministries of Commerce and Finance, the State Bank and the Planning Commission spent long hours together calculating the possible effects of the pound devaluation on Pakistan’s external trade and rupee.

A meeting of the Central Cabinet is likely to be held tomorrow or the day after to examine the problems that might follow the pound devaluation, in the light of the conclusions reached at today’s high-level meeting.

The Government of Pakistan was warned of the pound devaluation by the British Government many hours before it was announced in London on Saturday. A meeting of the senior officials of the concerned Ministries and departments was convened soon after. The meeting recommended to the Government that pending a final decision all banks in the country be ordered to remain closed for two days — Monday and Tuesday.

Though no official comment was available here today, the consensus among the official circles appears to be that the Pakistan rupee might not have to be devalued.

Published in Dawn, November 20th, 2017