Capping price of dollar didn't cause loss of $3b in remittances, exports SBP.
ISLAMABAD -- There has been a narration in print and electronic media that suggests that capping the price of dollar caused loss of $3 billion in remittances and exports. The State Bank of Pakistan (SBP) would like to respond to this view, which is incorrect due to a number of factors.
First, exports of goods have been facing headwinds due to moderating demand in international markets as most of our major trading partners are going through a period of monetary tightening. For instance, US Federal Funds rate has surged from 0.25 percent in March 2022 to 4.5 percent to date, suggesting a noticeable global monetary tightening. Meanwhile, inflation has been significantly higher in developed world, eating into the purchasing power of consumers. These, together with domestic factors like devastating floods and ensuing supply disruptions, have negatively impacted exports. In this backdrop, linking decline in exports to relatively stable exchange rate is not...
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