Pakistan to receive US$2.1 billion from China on Monday
In a tweet, Adviser and Spokesman for Ministry of Finance, Dr Khaqan Najeeb said that the funds would be deposited in the State Bank of Pakistan and it would also strengthen foreign exchange reserves position.
Ministry of #Finance has completed all procedural formalities with #Chinese counterpart for facility of RMB 15 Billion equivalent to $ 2.1 Billion. The funds will be deposited in the SBP account by Monday 25th March. Will further strengthen FX #reserves and ensure #BOP stability.— Dr. Khaqan Hassan Najeeb (@KhaqanNajeeb) March 21, 2019
Dr Khaqan, however, clarified that the discussions with international partners do not entail any target level of exchange rate.
Discussions with international #partners do not entail any target level of #exchange rate. Focus is on further strengthening the exchange rate regime, aligning it and keeping it consistent with the evolving #macro economic fundamentals of the #economy. (2/2)— Dr. Khaqan Hassan Najeeb (@KhaqanNajeeb) March 22, 2019
He said that focus was on further strengthening the exchange rate regime and keeping it consistent with the evolving macroeconomic fundamentals of the economy.
He termed the news regarding fixing the exchange rate target as baseless and unfounded.
Clearly no target PKR/USD exchange rate is envisaged. Speculation baseless & unfounded. SBP Economic models point to the Real Effective #Exchange Rate at equilibrium value. #BOP stability ensured with a fall in C/A & more than adequate foreign financing availability. (1/2)— Dr. Khaqan Hassan Najeeb (@KhaqanNajeeb) March 22, 2019
The spokesman said that State Bank of Pakistan’s economic models points to the real effective exchange rate at equilibrium value.
Adding stability in the balance of payment was ensured with a fall in current account deficit and more than adequate foreign financing availability, he added.
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