Artificial drop in rupee value unacceptable, SBP told

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ISLAMABAD: Acting Secretary Finance, Rana Asad Amin Wednesday asserted that any artificial decline in rupee value was acceptable, Geo News reported.

Talking to Geo News here, Rana Asad Amin termed as fairly stable the level of foreign exchange reserves currently maintained by Pakistan, adding the artificial decrease in rupee value was directly affecting the government as this has raised the country's debt by Rs150 billion.

He said the government would easily repay the foreign debt including that of International Monetary Fund (IMF).

The State Bank of Pakistan (SBP) has been directed by the government through a written communication to carry out a 2004-like operation to stabilize the rupee value, sources said.

The SBP was told to increase circulation of dollar in the currency market according to the requirement.