State Bank of Pakistan or SBP Governor Tariq Bajwa revealed that the Saudi oil facility will assist to stop the Pakistani rupee devaluation.
Rupee devaluation will reduce after Pakistan will get the $ 3 billion Saudi oil facility, as said by SBP Governor. Tariq Bajwa said that when the oil facility becomes available and US dollar become flowing, the rupee will definitely get a relief.
Recently, the USD to PKR ratio has seen the great pressure due to the Pakistan’s dwindling foreign exchange reserves. On December 7, they fell to about $ 7 billion despite the Saudi cash desposit of $ 1 billion. However, Saudi Arabia later gave $ 1 billion more and another $1bn installment is expected in January 2019.
SBP Governor said that the Pakistani rupee devaluation was discussed with Asad Umar before the depreciation of currency. He further added that Asad Umar himself clarified that the decision to devalue the rupee was in his knowledge as it was discussed with him beforehand.