Finance Minister Miftah Ismail Thursday said that the government will nominate the new governor of the State Bank of Pakistan (SBP) by the coming week.

Addressing a press conference along with Defence Minister Khawaja Asif, the finance minister assured that the central bank has no role in the recent depreciation of the Pakistani Rupee. The minister added that he expects the rupee to stabilize against the US Dollar in the next month.

The finance minister said that the high import bill during the last month was one of the reasons for the pressure on the rupee. He admitted that the political crisis following PMLN thumping in the recent by-elections also contributed to the pressure on the rupee.

He said that the import bill for July is expected to be much lower due to lower fuel imports which will reduce the pressure on the local currency.

The finance minister claimed that the economy is moving in the right direction and added that the coalition government would sacrifice its political capital for the betterment of the country.

Source: Pro Pakistan