The Pakistani Rupee will depreciate in the next six-month period against the US dollar. Also, Pakistan is quite confident that the steps it has taken on money laundering and terror-financing will help it in getting removed from the grey list of the Financial Action Task Force (FATF)
State Bank of Pakistan (SBP) in its annual Financial Stability Review (FSR) 2018 said, “Over the next six months, foreign exchange rate risk, the balance of payment pressures, widening the fiscal deficit and increase in domestic inflation was reported as key risks.”
Adding, “The likelihood of occurrence of a high-risk event in Pakistan’s financial system over the short-term is slightly higher than the medium-term.”
Compared to the last fiscal year’s closing at Rs160.05, the local currency has recovered slightly by 2.3% to reach Rs156.38 against the US dollar.
In the third annual survey, 92 people participated. They were a commercial bank, insurance companies, exchange companies executives, financial journalists, and academia members along with SECP officials and think tanks.
The survey added, “Risk of political uncertainty has subsided after general elections.”
Adding, “Pakistan is working to implement the action plan by September 2019 to negotiate an exit from the ‘grey-list’.”