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Friday May 9, 10:05 PMPakistan c.bank expects forex inflows of $3.5 blnKARACHI, May 9 (Reuters) - Pakistýn should expect foreign inflows of up to $3.5 billion in the short to medium term which would help stabilize the rupee, said the central bank chief said on Friday after the currency fell 3.5 percent."We aren't in a crisis like situation... several measures are in place to remove macro-economic imbalances," State Bank of Pakistan Governor Shamshad Akhtar said in a statement. The statement came after the rupee slumped to an all time closing low of 69.40/60 to the dollar, compared to a previous low of 67.08/20 set on Thursday. In a meeting with the heads of commercial banks, the governor assured them there would be no reversal of foreign exchange liberalization measures, and said the currency market's behaviour "is totally out of line". Governor Shamshad Akhtar said the government is taking measures to control inflation and the central bank will continue to remain in a monetary tightening phase. She said the central bank is vigilant, will take necessary steps as the situation warrants. Some of the inflows that are expected include $2.1 billion from multilateral banks, $500 million from friendly countries, $200 million from earthquake relief, $100 million from Britain, $700 million from MCB Bank's stake sale to a Malaysian bank, $100 million investment by Barclays Bank and the rest through private sector GDRs (global depository receipts) and other regular sources, the statement said. The pressure on the rupee is a largely a result of Pakistan's ballooning oil import bill and fears that the country was mired in political and economic instability. (Reporting by Sahar Ahmed; editing by Simon Cameron-Moore) |
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