Pakistan rupee drops in likely devaluation after IMF bailout

Currency: Pakistan rupee drops in likely devaluation after IMF bailout - Bloomberg

16.5.2019

Currency: Pakistan rupee drops in likely devaluation after IMF bailout - Bloomberg

KARACHI (May 16): Pakistan’s rupee weakened to a record in an apparent devaluation, four days after the South Asian nation secured a bailout from the International Monetary Fund that investors speculate includes tough conditions to reform the economy.The rupee dropped 3.6%, the most in more than five months, to 146.52 a dollar at close on Thursday, according to central bank data. The currency has plunged more than 20% in the past year, making it the worst performer in a

The rupee level reflects demand and supply conditions in the foreign exchange market, Pakistan’s central bank spokesman Abid Qamar said in a statement Thursday, adding that it will help in “correcting market imbalances.” The nation had previously said the IMF had not sought to set a level for the currency.

Pakistan clinched the IMF loan after almost a six-month delay that prompted rating companies to downgrade the nation’s credit score earlier this year. In the process, Prime Minister Imran Khan fired key members of his economic team, including the finance minister and central bank governor, and pledged to carry out deep structural reforms.

“International investors are cautiously optimistic that, under the current economic leadership, this time could be different,” said Bilal Khan, senior economist at Standard Chartered Bank in Dubai.

Read more: The Edge Malaysia
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Pakistan to get US$6 bil from IMF over the next three yearsNegotiations between Pakistan and the International Monetary Fund results in the Islamic country securing a US$6 billion bailout for its cash-strapped economy. pakistan

Pakistan to get US$6 bil from IMF over the next three yearsNegotiations between Pakistan and the International Monetary Fund results in the Islamic country securing a US$6 billion bailout for its cash-strapped economy. pakistan

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