IMF Says Pakistan's Currency Overvalued by as Much as 20%
- Government missed its revenue, budget deficit targets
- Pakistan due for $502 million IMF loan tranche in December
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Pakistan’s rupee, Asia’s best performing currency over the past two years, is overvalued between 5 percent to 20 percent, the International Monetary Fund estimated on Friday.
"If the exchange rate is going to depreciate by that amount then that would be in line with fundamentals," Harald Finger, the IMF’s Pakistan mission chief, told reporters in Islamabad. The rupee has been relatively stable against the U.S. dollar over the past two or three years despite the greenback’s appreciation against other currencies, he said.