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Fifth devaluation spurs Pakistan to mull new currency management

Section: Daily Dispatches

By Kamran Haider and Faseeh Mangi
Bloomberg News
Monday, December 3, 2018

Pakistan's government is considering setting up a new mechanism that will help the nation's central bank smooth volatility in exchange rate movements after the currency was devalued for a fifth time this year.

The government will be looking into "contours and scope" of how the central bank manages the currency as the existing way is not working well and needs a review, Noor Ahmed, the secretary at the economic affairs division, said by phone from Islamabad. The central bank should intervene in the currency in case of an abnormal fluctuation, he said.

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Pakistan is not alone in witnessing friction between its monetary policy makers and the government. U.S. President Donald Trump has repeatedly criticized the Federal Reserve for raising interest rates, while in India the government wants a larger share of the central bank's capital. The latest move in Pakistan, which is negotiating a bailout package with the International Monetary Fund, comes after the central bank devalued the currency and raised borrowing costs on the same day. ...

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