ISLAMABAD : Pakistan's central bank chief believes the country has the capacity and financial cushion to ride out rising external account pressures being driven by a surge in global commodity prices.
He said the surge in global commodity prices over the past few months was being driven by a sharp recovery in demand as economies bounced back from a COVID-induced slump. The current account balance meanwhile turned to a deficit in the current financial year, standing at US$7.1 billion in the first five months compared to a US$1.9 billion surplus over the same period last year.
"Our flexible exchange rate system is one of the institutional reforms that has happened in Pakistan that, in turn, will help to ensure the sustainability of our balance of payments," Baqir said.
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